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Economic Dynamics and Sustainable Development – Resources, Factors, Structures and Policies

Proceedings ESPERA 2015 – Part 1 and Part 2

Edited By Luminita Chivu, Constantin Ciutacu, Valeriu Ioan-Franc and Jean-Vasile Andrei

The book is dedicated to the 150th anniversary of the Romanian Academy. It contains the most valuable 100 papers presented at the International Conference «Economic Scientific Research – Theoretical, Empirical and Practical Approaches» (ESPERA 2015). The event is initiated annually by the National Institute for Economic Research «Costin C. Kirițescu» of the Romanian Academy. ESPERA aim to present and evaluate the economic scientific research portfolio as well as to argue and substantiate development strategies, including European and global best practices. ESPERA intend to become a scientific support for the conceptualization and the establishment of policies and strategies and to provide a systematic, permanent, wide and challenging dialogue within the European area of economic and social research.

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Austerity and Growth in the EU Countries (Dan Olteanu)


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Dan Olteanu1

Austerity and Growth in the EU Countries

Abstract: This paper deals with the empirical analysis of how the austerity level and the structure of various “recipes” of fiscal policy adopted by the EU members during the period following the global crisis are correlated with the economic performance, estimated by domestic product dynamics. Studying different combinations of changes in fiscal balance, income, expenditure, and their components we may conclude that the successful policies were mainly based on fiscal consolidations. These policies are correlated to higher economic growth recoveries and stronger declines of public debt to GDP growth, as compared to the EU28 average. Among them, the best performing countries were those showing a more substantial diminution in public expenditure, while public income increased by a smaller extent than in the less performing countries. The most significant decline in expenses was to be found in the public employee salaries and social benefits rather than unemployment-related. On the public income side, companies were stimulated by consistent cuts in social contributions and taxes on income, while households’ social contributions and income taxes increased.

Keywords: Fiscal policy; fiscal consolidation; austerity; economic growth.

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