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CHAPTER1.PRACTICALDIMENSIONOFRESEARCHONPUBLICFINANCES
buyersaretaxpayers0Inthissituation–accordingtoR0Barro–thewaytofinance
thedeficitisneutralforpublicdebt020
Themostimportant,presentedhereinaconciseway,differentapproachestofis-
calpolicymeasuresdrawnfromvariouseconomicschoolshadtobeconsideredwhen
analysingthephenomenonofdiscipliningpublicfinancesintheEuropeanUnioncoun-
tries0EspeciallyinterestingarethedifferencesbetweenKeynesianandnon-Keynesian
effectsoffiscalpolicy0Inthetimeoffinancialcrisis,someeconomistsadvocatedthe
useoffiscaltightening,orcutsinbudgetaryexpenses(austeritypolicy)andreaching
thebudgetbalance0Theseissuesarestillthesubjectoftheoreticalcontroversies,and
theresultsofempiricalresearchconductedintheworldarenotthelessunambiguous0
Theseissueswillbediscussedlaterinthiswork(Chapter4),andasyntheticpresen-
tationofourfindingswillbepresentedinthismatterinthelastchapterofthework0
4.6.MethodfortestingtheeconomicpotentialofEUcountries
Asthemostcommonlyusedmeasurestoassesstheconvergenceleveltheclassicin-
come-per-capitaratio(GDPpercapita)isused0Itgivesanimportantbutinsufficient
basisfortheanalysisandassessmentofsocio-economicconvergenceprocessesin
EuropeanUnioncountries0Inthepresentresearch,theoriginaleconometricmodel
willbeusedtodeterminetheeconomicandsocialpotentialofindividualcountries
aswellaschangesinthisrespectintheobservedyears0
Themeasurementoftheeconomicandsocialpotentialofthemembercountries
istheresultantof:
•
criticalmass,
•
economicpotential,
•
publicexpenditureonhealthcare,education,socialcare,
•
publicexpenditureonadministration,internalsecurityandnationaldefence0
Thecriticalmassisdeterminedbythepopulationofagivencountry,itsarea,and
energyproductioninconversiontoatonofcrudeoil0
Theeconomicpotentialofagivencountryismeasuredbytheshareofagiven
country’sGDPintheEU-28GDP
,theshareofcountry’sinvestmentsinEU-28invest-
mentsandtheshareofcountry’sexportsinEU-28exports0
Withoutgoingintothedetailedcharacteristicsoftheanalysisandtheresultsob-
tained,asthiswillbethesubjectoffurtherconsiderations(Chapter10),hereandnowwe
statethattheappliedmethodissupposedtoenableamoreaccuratemeasurementand
20A.Schick,GPost-CrisisFiscalRules:StabilizingPublicFinancewhileRespondingtoEconomic
Aftershocks”,OECDJournalonBudgeting,vol02,2010,pp02–170
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