slugRelation between Fiscal Rule and Select Economic Indicator of PIIGS Countries of Europe
Journal Title: International Journal for Research in Applied Science and Engineering Technology (IJRASET) - Year 2014, Vol 2, Issue 2
Abstract
The current European financial crisis is global in nature. Europe has its own special brand of institutional arrangements that are being tested in the extreme and which have exacerbated the financial crisis. The Europe fiscal rules were introduced at the supra-national level in 1992 in Maastricht treaty. These rules provide a permanent constraint on fiscal policy expressed in terms of a summary indicator of fiscal performance. Numerical fiscal rules specify numerical targets for key budgetary aggregates such as annual budget balance, expenditure, revenue, or debt. This paper adds to the literature through analysis of existence and nature of relationship between Fiscal Rule and Select Economic Indicator of PIIGS Countries of Europe using correlation analysis and regression analysis. It is now established that origin of Euro debt crises is in the Article 104c of the Maastricht Treaty (1992) regarding certain relaxation in convergence criteria. Most of the principle incorporated convergence criteriai.e.the “reference values” of 3 percent general government annual deficit limi t and 60 percent general government gross debt limit for the membership of the Eurozone has not been followed. The study shows that during last year debt to GDP ratio and current account to GDP ratio has been increasing. Further it is found that Portugal, Greece and Italy are very weak in comparison to Ireland and Spain.
Authors and Affiliations
Khujan Singh, Poonam Rani
Keywords
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