The thesis analyses problems of eurozone after the beginning of financial crisis in 2008, which continuously changed into economic and debt crisis. The thesis considers eurozone in aggregate and closer focuses on so called GIIPS (Greece, Ireland, Italy, Portugal, Spain) countries. Recent eurozone economic situation is compared to Japanese "lost decade" during 1990s, I seek for parallels and differences. Theoretical part shows approaches by economic schools to causes of cycle and to role of policymakers. Main challenges of fiscal and monetary policy are considered, specifically fiscal policy in time of high public indebtedness, monetary policy in liquidity trap etc. Applicative part considers causes of the economic situation at the beginning, more specifically devoted to balance sheets recession. Key part of the practical part it is analysis of applied fiscal and monetary policy, including helping efforts to financial system. Concluding remarks summarizes key understanding from the thesis, proposals are included and it is considered whether eurozone is going to follow Japanese path since 90's or not. It seems highly probable that eurozone is going to follow Japanese in terms of sluggish economic growth, parallels can be seen in weak impact of monetary policy in liquidity trap, but recommendations to fiscal policy from Japanese experience should be taken into account in very cautious way because of both specifics of eurozone and Japanese economy.

This thesis investigates the effects of fiscal consolidations on income inequality. Although fiscal consolidations have become a popular economic research topic, their effects on income inequality, which itself has gained broad popularity lately, are relatively unexplored. Therefore, this thesis econometrically assesses the development of Gini coefficients during and after austerity measures. The paper applies regression analysis with panel data techniques using a sample of 17 high-income countries during the period of 1978 - 2009. It finds that a consolidation, measured by a deliberate improvement of the primary budget balance significantly increases income inequality of the referring country. In detail, an improvement of the primary budget balance about one percent of GDP is associated with an increase in market income inequality of 0.6% and a smaller increase in net income inequality in the year after. Moreover, this thesis explores the discretionary effect of different consolidation compositions. To do so, it introduces a novel approach to differentiate between consolidations that are either exclusively undertaken through spending cuts, tax increases or a combination of both. Thereby, it is found that especially tax-only consolidations tend to be equality-friendly but also rather small in size...

Made available in DSpace on 2016-08-18T18:55:10Z (GMT). No. of bitstreams: 1 VALDENY BARROS.pdf: 474343 bytes, checksum: b3cc0ca508f080a1fba3e1144f70b0fa (MD5) Previous issue date: 2009-07-10 / This work is about the creation and implementation of the Law of Fiscal Responsibility ("LRF", in brazilian portuguese and there forth mentioned as that), inserting it in the context of transformations of the State in Brazil. The aim of this research is the further reflection on this issue, thereby helping to prove the legitimacy of the political elements of fiscal adjustment, which implies no prioritization of social spending and preventing the progress of decentralization and autonomy of national units. Public policies are the States responses for the social issues and also mechanisms of legitimization of state action. These policies are hindered when occurs the LRF implementation. This guarantee's limitation of public or social policies are correlated with determinations of power's exercise and therefore the relations between social classes in capitalist society and its presence in the conduct of state apparatus. This study demonstrates that the State, from the relationship with currency, changes it's organization and will be "reformed", this time assuming a new role, a new legal and policy compliance, with effects on local level, especially in Maranhão sub-national State. The creation of a state legal requirement is a consequence of the restructuring of production, the reaction of work and action of legitimacy of the state when it implements the policy. The reform of the Brazilian State is justified because fiscal crisis that leads to adoption of measures of fiscal adjustment. The formation of republic in Brazil has always shown instable as well as its federal system, and the fiscal adjustment measures are deepening centralization of power in central government. Accordingly, the state of Maranhão, in spite of their economic weakness, is the leader in implementing fiscal adjustment of 90 years, adapting to the advent of the Law of Fiscal Responsibility since 2000. It is showing that there is a prioritization of expenditures with public debt at the expense of implementation of public policies, especially social policies. / O presente trabalho trata da criação e implementação da Lei de Responsabilidade Fiscal (LRF), inserindo-a no contexto das transformações do Estado no Brasil. A pesquisa desenvolvida teve o intuito de aprofundar a reflexão em torno desta questão, ajudando assim a revelar os elementos legitimadores da política de ajuste fiscal, que implica em não priorização dos gastos sociais e impedimento do avanço da descentralização e autonomia das subunidades nacionais. As políticas públicas são respostas do Estado às questões sociais e também mecanismos de legitimação da ação estatal. Estas políticas são obstaculizadas quando ocorre a implementação da LRF. Esta limitação na garantia das políticas públicas, ou políticas sociais, têm correlação com as determinações do exercício do poder e, portanto, com as relações entre as classes sociais na sociedade capitalista e sua presença na condução dos aparelhos estatais. Neste estudo demonstra-se que o Estado, a partir da relação orgânica com o capital, muda a sua organização e passa a ser reformado , momento este que assume um novo papel, uma nova conformação jurídicopolítica, com efeitos no plano local, precisamente na subunidade nacional que é o estado do Maranhão. O surgimento de uma exigência jurídica estatal é conseqüência do processo de reestruturação produtiva, da reação do trabalho e da ação de legitimação do Estado, quando este implementa as políticas públicas. A reforma do Estado brasileiro é justificada em face da crise fiscal que leva a adoção de medidas de ajuste fiscal. Demonstra-se que sempre foi instável a formação da república no Brasil, bem como o seu sistema federativo, e que as medidas de ajuste fiscal aprofundam uma centralização de poder no governo Central. Nesse sentido, o estado do Maranhão, a despeito de sua condição de fragilidade econômica, é protagonista na implementação do ajuste fiscal dos anos 90, adaptando-se ao advento da Lei de Responsabilidade Fiscal a partir do ano 2000. Conclui-se demonstrando que há uma priorização dos gastos com endividamento público em detrimento da execução das políticas públicas, principalmente as políticas sociais.

La question du développement inclusif dans les pays en développement est au cœur de cette thèse. Cette dernière s'articule autour de quatre chapitres sur les questions de politique fiscale et les questions liées à la croissance inclusive. Le chapitre 1 explore comment la politique fiscale de l’Etat affecte l'inclusivité de la croissance dans les pays en développement. Nous observons que la politique fiscale affecte la croissance inclusive de manière significative si et seulement si les pays ont de fortes qualités institutionnelles. En outre, notre résultat montre qu'il existe un seuil optimal au-delà duquel toute augmentation du taux d'imposition négativement la croissance inclusive. Le chapitre 2 examine les effets des composantes des dépenses publiques sur l'équité et la croissance dans les pays d’Afrique subsaharienne, notamment s'il est possible de concevoir des dépenses publiques en vue de promouvoir une société plus équitable sans sacrifier la croissance économique. Notre étude a permis de montrer que l’investissement en infrastructure a contribué à une croissance plus inclusive en Afrique subsaharienne que d'autres dépenses publiques. Ces résultats suggèrent que des programmes temporaires et bien ciblés devraient être mis en place pour aider ceux qui sont laissés pour compte par le processus de croissance. Le chapitre 3 cherche à savoir si les problèmes d’inégalités de revenus se sont posés ou non dans les périodes d'ajustement budgétaire en Côte d'Ivoire au cours de la période 1980-2014. Nos résultats montrent une amélioration de la performance de croissance après les épisodes de consolidation budgétaire, mais aussi des diminutions de l'écart de revenu dans les périodes suivantes les années d’ajustements budgétaires. Enfin, le chapitre 4 évalue la crédibilité des prévisions budgétaires et leurs effets sur le bien-être social dans les pays de la CEMAC et de l'UEMOA. Nous sommes aboutis aux résultats que l'inefficacité des prévisions budgétaires se produit dans la plupart des cas parce que les erreurs de prévisions sont proportionnelles à la prévision elle-même, mais aussi parce que les erreurs passées sont répétées dans le temps. En outre, une partie des erreurs de prévision des recettes peut s'expliquer par des chocs aléatoires survenus dans l'économie. Par conséquent, ces erreurs dans les prévisions de revenus considérées comme des chocs de politique budgétaire ont un effet négatif sur la croissance inclusive. / The issue of inclusive development in developing countries is at the heart of this thesis. The latter revolves around four chapters on fiscal policy issues and inclusive growth-related matters. Chapter 1 explores how government tax policy affects the inclusiveness of growth in developing countries. Evidence is shown that tax policy affects significantly inclusive growth if and only if the countries have a strong institution quality like low corruption and a good bureaucratic policy. In addition, our result shows that there is an optimal tax beyond which, any increase in the personal income tax rate should have negative impact on inclusive growth. The Chapter 2 examines the effects of government expenditure components on both equity and growth in sub-Saharan countries, especially whether it is possible to design public spending to promote a more equitable society without sacrificing economic growth. We find that investment in infrastructure contributed to more inclusive growth in Sub-sub Saharan African economies than others government spending. These results suggest that temporary and well-targeted programs should be implemented to help those being left out by the growth process. The Chapter 3 investigates whether income inequality matters in the periods of fiscal adjustments in Côte d’Ivoire over the period 1980-2014. The results show an improvement in growth performance after fiscal consolidations episodes, but also income gap decreases in the periods ahead fiscal adjustments. Lastly, Chapter 4 assesses the credibility of fiscal forecasts and their social effects in CEMAC and WAEMU countries. We obtain evidence that the inefficiency of fiscal forecast occurs in most time because the forecast deviation is proportional to the forecast itself, but also because the past errors are repeated in the present. Furthermore, a part of revenue forecast errors can be explained by random shocks to the economy. Therefore, these errors in revenue forecast considered as fiscal policy shocks has a detrimental effect on inclusive growth.