"Macroeconomic Shocks and the Fiscal Stance within the EU: A Panel Regression Analysis"@en . "Karvin\u00E1" . "Macroeconomic Shocks and the Fiscal Stance within the EU: A Panel Regression Analysis" . "Meleck\u00FD, Martin" . "The recent global financial crisis has had a diverse effect on countries\u2019 fiscal stance, especially throughout the EU. This paper examines the impact of macroeconomic shocks, including those to government revenues and expenditures, on EU countries\u2019 fiscal stance, on aggregate, and within the EU\u2019s sub-regions as defined by the length of countries\u2019 membership in the EU and their level of indebtedness. The fiscal stance is measured by means of the government deficit, and the impact of macroeconomic shocks is examined using impulse responses from a structural vector autoregression (SVAR) model estimated on annual panel data. The analyzed system of macroeconomic variables includes, government revenues and expenditures, GDP growth, CPI inflation, the interest rate, the terms of trade, and the real effective exchange rate. The paper discusses the policy implications and the challenges for the EU and its sub-regions concerning the fiscal policy setting and balanced fiscal stance." . . . "Macroeconomic Shocks and the Fiscal Stance within the EU: A Panel Regression Analysis"@en . . "The recent global financial crisis has had a diverse effect on countries\u2019 fiscal stance, especially throughout the EU. This paper examines the impact of macroeconomic shocks, including those to government revenues and expenditures, on EU countries\u2019 fiscal stance, on aggregate, and within the EU\u2019s sub-regions as defined by the length of countries\u2019 membership in the EU and their level of indebtedness. The fiscal stance is measured by means of the government deficit, and the impact of macroeconomic shocks is examined using impulse responses from a structural vector autoregression (SVAR) model estimated on annual panel data. The analyzed system of macroeconomic variables includes, government revenues and expenditures, GDP growth, CPI inflation, the interest rate, the terms of trade, and the real effective exchange rate. The paper discusses the policy implications and the challenges for the EU and its sub-regions concerning the fiscal policy setting and balanced fiscal stance."@en . "[323B5A577481]" . "10"^^ . "Macroeconomic shocks, Fiscal Stance, European Union, Panel Data Analysis, Structural Vector Autoregression Models"@en . "Silesian University, School of Business Administration" . "RIV/61989100:27510/12:86078901!RIV13-GA0-27510___" . . . "Proceedings of the 13th International Conference on Finance and Banking : 12-13 October 2011, Ostrava, Czech Republic" . . . . "000309369700008" . . "Macroeconomic Shocks and the Fiscal Stance within the EU: A Panel Regression Analysis" . "Ostrava" . "1"^^ . . "978-80-7248-753-0" . "Dybczak, Kamil" . . . . "147695" . . . "27510" . . "P(GAP402/10/1046)" . "RIV/61989100:27510/12:86078901" . "2"^^ . . "2011-10-12+02:00"^^ . . .