Deficit and Debt Transition - The Political Economy of by István Benczes

By István Benczes

The adjustment difficulties of public finance in East-Central ecu nations are frequently misunderstood and misinterpreted by way of western students. This ebook contributes to the bridging of the space among what's being suggestion by means of exterior observers and what the particular public finance truth is, as defined via efficient neighborhood students. well known political economic climate study has remained biased in the direction of complicated nations and has missed constructing and/or transition economies. even if there were guides on CEE international locations' public funds, those appear to be reluctant to use the conceptual and analytical framework of normal political economic climate to CEE international locations a result of assumption that CEE economies are diversified from their Western friends. yet is that this quite the case? Are CEE economies loads varied that not one of the recognized "Western" political financial system concepts/models should be utilized to the research of financial functionality within the quarter? the foremost speculation of the current e-book is this isn't the case. It demonstrates that versions and ideas constructed in "Western" educational circles could be accurately utilized within the context of CEE economies besides; that's, there's no have to strengthen a separate or particular concept designed for the examine and realizing of (one-time) transition economies.

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Third, for the period between 2006 and 2012 economic freedom appears (on balance) to have stagnated in the entire CEE region. In some countries economic freedom has even declined since 2006; however, the magnitude of the regression is not very pronounced. Fourth, compared to Western European countries the evolution of economic freedom within the CEE region must be seen as highly favorable. The data illustrates that economic freedom in the Western European countries has more or less been stagnant since 1995.

Source: IEF (2012). Note: The last column of the table shows the 2011 general government gross debt levels as percentage of the GDP (based on Eurostat); the regional average applies to the EU27. 11 The region “Europe,” as defined by the IEF, includes 43 countries (the EU27 plus Switzerland, Russia, Turkey, and others). 08. 11:52 Economic Freedom and Public Debt in Central and Eastern Europe 23 Keeping in mind not to draw simplistic conclusions, the table still allows the formulation of some intriguing observations.

The main argument is, therefore, that policymakers should carefully assess whether their policy choices threaten to curb economic freedom. 2 Theoretical background: Defining economic freedom Providing a concise definition of a complex concept such as economic freedom is far from trivial. In the context of the 2012 Index of Economic Freedom (IEF), published by the Heritage Foundation, Miller and Kim (2012: 13–4) provide the following description: Economic freedom is a condition […] in which individuals can act with autonomy while in the pursuit of livelihood.

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