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The interplay of supply and demand shocks: measuring potential output in the COVID-19 pandemic 供需冲击的相互作用：衡量新冠肺炎大流行的潜在产出
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.4
Lovorka Grgurić, Ozana Nadoveza Jelić, Nina Pavić
{"title":"The interplay of supply and demand shocks: measuring potential output in the COVID-19 pandemic","authors":"Lovorka Grgurić, Ozana Nadoveza Jelić, Nina Pavić","doi":"10.3326/pse.45.4.4","DOIUrl":"https://doi.org/10.3326/pse.45.4.4","url":null,"abstract":"The coronavirus triggered a record fall of GDP in Croatia, 8.1% in 2020, one of the largest declines in the EU. The large macroeconomic shock stemming from the pandemic has affected both supply and demand. On the one hand, government measures have imposed unprecedented supply-side restrictions. On the other hand, growing uncertainty affected domestic and foreign demand. Croatia was particularly affected by a plunge in international tourism demand. Such a major macroeconomic shock poses a challenge for estimating potential GDP, which is difficult to estimate even in stable economic conditions. When estimating potential GDP in the context of the corona crisis, the main issue is the breakdown of the shock into a permanent and a temporary part (supply and demand shock). In this paper, we try to give the most logical breakdown of Croatian data and describe possible methodological approaches to the estimation of potential GDP during the pandemic. © 2021. All Rights Reserved.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49660395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Fiscal (un)sustainability of the Croatian healthcare system: additional impact of the COVID-19 crisis 克罗地亚医疗保健系统的财政（联合国）可持续性：新冠肺炎危机的额外影响
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.5
Hrvoje Šimović, Maja Mihelja Žaja, Marko Primorac
{"title":"Fiscal (un)sustainability of the Croatian healthcare system: additional impact of the COVID-19 crisis","authors":"Hrvoje Šimović, Maja Mihelja Žaja, Marko Primorac","doi":"10.3326/pse.45.4.5","DOIUrl":"https://doi.org/10.3326/pse.45.4.5","url":null,"abstract":"The main goal of this policy paper is to provide an overview of the basic problems that have impact on healthcare in Croatia and tend to make it unsustainable. The paper points out that the COVID-19 crisis has deepened and exacerbated the already existing problems of financing the health system. The analysis shows that Croatia swept under the rug systemic problems in financing healthcare and ultimately paid the price through frequent financial bailouts. Thus, in the period from 1994-2021, a total of HRK 23.9 billion was spent on bailing out the health service. On the other hand, the COVID-19 crisis can be seen as a chance to start solving the problem and implement certain reforms, both on the revenue and expenditure side of the health system. © 2021. All Rights Reserved.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49642760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Macro and micro effects of fiscal policy - experience from the COVID-19 pandemic: introduction to the thematic issue of Public Sector Economics 财政政策的宏观和微观效应——新冠肺炎疫情的经验——公共部门经济学专题介绍
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.1
Milan Deskar-Škrbić, D. Milutinovic
{"title":"Macro and micro effects of fiscal policy - experience from the COVID-19 pandemic: introduction to the thematic issue of Public Sector Economics","authors":"Milan Deskar-Škrbić, D. Milutinovic","doi":"10.3326/pse.45.4.1","DOIUrl":"https://doi.org/10.3326/pse.45.4.1","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43102531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Interactions between fiscal and monetary policies: a brief history of a long relationship 财政和货币政策之间的相互作用:一种长期关系的简史
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.2
D. Mihaljek
{"title":"Interactions between fiscal and monetary policies: a brief history of a long relationship","authors":"D. Mihaljek","doi":"10.3326/pse.45.4.2","DOIUrl":"https://doi.org/10.3326/pse.45.4.2","url":null,"abstract":"* The views expressed are those of the author and not necessarily those of the Bank for International Settlements, Basel, Switzerland. The author thanks Frederic Boissay, Cheng Gong, Paul Wachtel and participants of the 27th Dubrovnik Economic Conference (July 2021) for helpful discussions, and Alberto Americo and Emese Kuruc for research assistance as well as two anonymous referees for their useful comments and suggestions. ** Received: October 15, 2021 Accepted: October 31, 2021","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41824477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of the COVID-19 crisis on income distribution under different protection schemes: the case of Spain 新冠肺炎危机对不同保护计划下收入分配的影响：以西班牙为例
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.6
Gonzalo Gómez Bengoechea
{"title":"The impact of the COVID-19 crisis on income distribution under different protection schemes: the case of Spain","authors":"Gonzalo Gómez Bengoechea","doi":"10.3326/pse.45.4.6","DOIUrl":"https://doi.org/10.3326/pse.45.4.6","url":null,"abstract":"I use household survey data to microsimulate the impact of the COVID-19 crisis on income distribution in Spain. I estimate the cost of potential lockdowns under three different low-income public protection schemes. Results show that although the COVID-19 shock has reduced income for all deciles of the income distribution, the losses are not uniformly distributed. The worst economic effects of the pandemic are not on the poorest, but on individuals in the middle and wealthy groups of the ex-ante income distribution. Low-income benefits help to moderate income losses and to curb poverty and inequality at various levels. It might be necessary to raise taxes and to resort to expenditure reducing policies to maintain protection in the context of contraction and lower government revenues. © 2021. All Rights Reserved.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45963509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Characteristics of fiscal policy in Croatia: does it depend on the phase of the business cycle? 克罗地亚财政政策的特点：它取决于商业周期的阶段吗？
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.3
Vladimir Arčabić, Frane Banić
{"title":"Characteristics of fiscal policy in Croatia: does it depend on the phase of the business cycle?","authors":"Vladimir Arčabić, Frane Banić","doi":"10.3326/pse.45.4.3","DOIUrl":"https://doi.org/10.3326/pse.45.4.3","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43407711","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Asymmetric effect of government debt on GDP growth: evidence from Namibia 政府债务对GDP增长的不对称影响:来自纳米比亚的证据
Public Sector Economics Pub Date : 2021-12-06 DOI: 10.3326/pse.45.4.7
T. Mosikari, J. Eita
{"title":"Asymmetric effect of government debt on GDP growth: evidence from Namibia","authors":"T. Mosikari, J. Eita","doi":"10.3326/pse.45.4.7","DOIUrl":"https://doi.org/10.3326/pse.45.4.7","url":null,"abstract":"","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43838730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Assessing the impact of excise duties on a state’s revenues: the case of Greece 评估消费税对国家收入的影响:以希腊为例
Public Sector Economics Pub Date : 2021-09-06 DOI: 10.3326/pse.45.3.4
C. Papageorgiou, Panagiotis Farlekas, Zacharias Dermatis, A. Anastasiou, P. Liargovas
{"title":"Assessing the impact of excise duties on a state’s revenues: the case of Greece","authors":"C. Papageorgiou, Panagiotis Farlekas, Zacharias Dermatis, A. Anastasiou, P. Liargovas","doi":"10.3326/pse.45.3.4","DOIUrl":"https://doi.org/10.3326/pse.45.3.4","url":null,"abstract":"The purpose of this study is to assess the impact of excise duties on tobacco products on state’s revenues. Increasing excise duties on tobacco may act as a means to reduce the consumption of this product and thus to have a positive effect on citizens’ health and prosperity. Our research showed that an increase in consumer income will result in a certain increase in cigarette consumption and an analogous decrease in fine-cut tobacco consumption, while a similar increase in cigarette price results in a small decrease in cigarette consumption and a very large increase in fine-cut tobacco consumption. Additionally, stepping up an anti-smoking campaign results in a decrease in cigarette consumption. Specifically for Greece we found that during 2019 and 2020 there will be a decrease in the state’s revenues from excise duties on tobacco products of €150-€200 million each year.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41653247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Inheritance tax regimes: a comparison 遗产税制度：比较
Public Sector Economics Pub Date : 2021-09-06 DOI: 10.3326/pse.45.3.3
Stefan Jestl
{"title":"Inheritance tax regimes: a comparison","authors":"Stefan Jestl","doi":"10.3326/pse.45.3.3","DOIUrl":"https://doi.org/10.3326/pse.45.3.3","url":null,"abstract":"This paper provides an overview of different inheritance tax regimes in selected European countries and the United States. We identify that in the majority of countries the tax rate is related to the relationship between bequeathing party and the bequeathed as well as the value of the inherited assets. In most countries the transfer of wealth within families is treated preferentially (lower tax rates, tax exemptions and reliefs). This is particularly the case for business assets and family homes. This analysis further discusses the features and effects of inheritance tax regimes based on various criteria. These cover behavioural responses of individuals and different distributional effects of an inheritance tax. Furthermore, the amount of tax revenues varies considerably both between countries and over time. Although the actual revenues of inheritance taxation are quite low in the selected countries (ranging between 0.1% and 0.5% of GDP), some indicators point to higher revenue potentials in the future. Due to an increase in private wealth and its concentration over time, we can expect to observe an increase in inheritance tax revenues, even though countries allow a high tax-free allowance. An appropriate design of inheritance taxation could further help to foster economic growth and decelerate the increase in wealth inequality.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42787950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Public value and public services in the post-virus economy 后病毒经济中的公共价值与公共服务
Public Sector Economics Pub Date : 2021-09-06 DOI: 10.3326/pse.45.3.2
T. Kinder, J. Stenvall
{"title":"Public value and public services in the post-virus economy","authors":"T. Kinder, J. Stenvall","doi":"10.3326/pse.45.3.2","DOIUrl":"https://doi.org/10.3326/pse.45.3.2","url":null,"abstract":"This article explores public value and public management through the lens of economic factors - an unusual stance since public management research mostly features the economy as background rather than foreground. Responding to calls for deeper investigations into public value, it argues that public value is not confined to the formal public sector and should also include use-values created and distributed by households, the third-sector and informal associations. Arguing that economic context is paid insufficient attention in public management research, the paper shows how alternative models are possible based on social reproduction, Regulation Theory, and Modern Monetary Theory as an alternative to traditional Keynesianism - favouring a balanced economy above balanced budget. © 2021. All Rights Reserved.","PeriodicalId":37447,"journal":{"name":"Public Sector Economics","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43385663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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