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Article

Open Access

Macroeconomic Imbalances in the Economies of Former Communist Countries During the European Integration

Author(s)

Anna Moździerz

Full-Text PDF Download XML 1323 Views

DOI:10.17265/1548-6591/2015.12.004

Affiliation(s)

Cracow University of Economics, Cracow, Poland

ABSTRACT

In 2011, the European Union (EU) introduced the new economic governance aimed at reducing the build-up of macroeconomic imbalances. A procedure to prevent excessive macroeconomic imbalances is an important element of this supervision. The theoretical part of this paper reviews the approach of different schools of economics to the macroeconomic balance—internal and external—as well as to the sources of its instability. The main purpose of this paper is to recognise the scale and sources of macroeconomic imbalances in the post-communist countries during the European integration. The following countries were surveyed: Poland, the Czech Republic, Slovakia, Hungary, Slovenia, Bulgaria and Romania, and the survey covered the 2004-2013 period. These analyses allowed the author to find many common features, typical for countries in economic transition, catching up to the developed countries of the EU. The results reinforce the arguments that the EU’s economic governance should take into account the different economic situation of particular countries.

KEYWORDS

macroeconomic equilibrium, economic governance, public finance, Macroeconomic Imbalance Procedure (MIP)

Cite this paper

Journal of US-China Public Administration, December 2015, Vol. 12, No. 12, 936-956

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