Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain
The global financial crisis which began in 2007-2008 had a negative effect on the economy of the European Union, mainly in selected countries of the euro area: Greece, Ireland, Portugal and Spain. These peripheral euro zone countries come out of recession and the financial crisis largely due to the...
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| Format: | Article |
| Language: | English |
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Lodz University Press
2014-10-01
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| Series: | Comparative Economic Research |
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| Online Access: | https://czasopisma.uni.lodz.pl/CER/article/view/7020 |
| _version_ | 1818882656500187136 |
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| author | Anna Krajewska |
| author_facet | Anna Krajewska |
| author_sort | Anna Krajewska |
| collection | DOAJ |
| description | The global financial crisis which began in 2007-2008 had a negative effect on the economy of the European Union, mainly in selected countries of the euro area: Greece, Ireland, Portugal and Spain. These peripheral euro zone countries come out of recession and the financial crisis largely due to the great financial support of the international institutions. Hundreds of billions of euro were spent to save these economies. At the same time, however, these countries were characterized by the lowest level of fiscal policy - measured by share of taxes in GDP - among the countries of the euro area. In this paper I will try to answer the following questions:
1. What were the causes of the downturn in those countries, and what restructuring actions were taken;
2. What changes were introduced in the tax system under the policy to repair public finances;
3 .How have these changes affected the level and the structure of budget revenues from taxes, and to what extent has the crisis affected the change in the tax burden on consumption, labour, and capital. |
| first_indexed | 2024-12-19T15:21:14Z |
| format | Article |
| id | doaj.art-3d8371e2a76c455c9c5307814f8e7237 |
| institution | Directory Open Access Journal |
| issn | 1508-2008 2082-6737 |
| language | English |
| last_indexed | 2024-12-19T15:21:14Z |
| publishDate | 2014-10-01 |
| publisher | Lodz University Press |
| record_format | Article |
| series | Comparative Economic Research |
| spelling | doaj.art-3d8371e2a76c455c9c5307814f8e72372022-12-21T20:16:00ZengLodz University PressComparative Economic Research1508-20082082-67372014-10-0117352710.2478/cer-2014-00207020Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and SpainAnna Krajewska0University of Łódź, Faculty of Economics and Sociology, Department of MacroeconomicsThe global financial crisis which began in 2007-2008 had a negative effect on the economy of the European Union, mainly in selected countries of the euro area: Greece, Ireland, Portugal and Spain. These peripheral euro zone countries come out of recession and the financial crisis largely due to the great financial support of the international institutions. Hundreds of billions of euro were spent to save these economies. At the same time, however, these countries were characterized by the lowest level of fiscal policy - measured by share of taxes in GDP - among the countries of the euro area. In this paper I will try to answer the following questions: 1. What were the causes of the downturn in those countries, and what restructuring actions were taken; 2. What changes were introduced in the tax system under the policy to repair public finances; 3 .How have these changes affected the level and the structure of budget revenues from taxes, and to what extent has the crisis affected the change in the tax burden on consumption, labour, and capital.https://czasopisma.uni.lodz.pl/CER/article/view/7020taxesfinancial crisisgreeceportugalspainireland |
| spellingShingle | Anna Krajewska Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain Comparative Economic Research taxes financial crisis greece portugal spain ireland |
| title | Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain |
| title_full | Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain |
| title_fullStr | Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain |
| title_full_unstemmed | Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain |
| title_short | Fiscal Policy in the EU Countries Most Affected by the Crisis: Greece, Ireland, Portugal, and Spain |
| title_sort | fiscal policy in the eu countries most affected by the crisis greece ireland portugal and spain |
| topic | taxes financial crisis greece portugal spain ireland |
| url | https://czasopisma.uni.lodz.pl/CER/article/view/7020 |
| work_keys_str_mv | AT annakrajewska fiscalpolicyintheeucountriesmostaffectedbythecrisisgreeceirelandportugalandspain |