Zadłużenie publiczne we współczesnych gospodarkach rynkowych
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Wydział Prawa i Administracji UAM
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Public debt in contemporary market economies
Abstract
The operation of the public sector and its specific character bring about certain consequences
for the market orientated economy. The impact of this sector on the real sphere (the allocationredistributive
function) and the regulation sphere (the stabilisation function) determines the amount
of public expenditure, which is related with the activities of the public sector agencies. In
consequence of the state's need for resources designated to cover the needs of this sector the public
budget deficit appears on the scene.
The public debt policy depends on the model of market economy of a given state and its
specific economic and social conditions. These differences can be perceived while analysing empirical
data which determine: the amount of public debt, budget deficit and costs of its servicing. The situation of budgetary disequilibrium tends to make the government agencies to look for
additional sources of budget revenue. One of principal means used to reduce the negative budget
balance is the drawing of public loans (producing the so-called public debt). There is a close relationship
between the public debt and the budget deficit, this relationship directly determines the
level of government revenue and spending.
The highly developed countries start to perceive the need to limit both the public debt and the
budget deficit. An example confirming the above question are the stipulations of the Maastricht
Treaty concerning the countries of the European Union which intend to develop the common monetary
system. According to those stipulations the public debt should not exceed 60% of the GDP
and the budget deficit 3% of the GDP. In spite of observable disproportions in the scope of public
loans among particular OECD countries, a continuous growth m public debt and costs of its servicing
has to be noted.
Public debt tends to positively influence the level of general business activity in the short run
only. The results of research concerning the relationship between the level of public spending
(determined indirectly by the level of public debt) and economic growth tend to suggest that m the
whole economy of particular countries long term, negative outcomes resulting from growing public
spending become more and more visible. Among the principal dangers, that the public debt may
engender either directly or indirectly it is possible to list the following: the crowding out effect,
instability of public finance, unemployment, shifting of the burden of repayment of public debt to
later periods with all its consequences (the possibility of an increase in tax charges), the danger of
drawing loans intended for repayment of liabilities resulting from "former" indebtedness.
According to the former considerations, the economic policy should be confined to the reduction
of public debt and budget deficit. Basic activities, which could regulate the above problem
could be boiled down to the following elements: limitation of the role of the state in economy,
reduction of public spending, reduction of public administration, determination of the acceptable
limits of government deficit and public indebtedness (which do not bring about negative impact on
the economy - the Maastricht Treaty).
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Digitalizacja i deponowanie archiwalnych zeszytów RPEiS sfinansowane przez MNiSW w ramach realizacji umowy nr 541/P-DUN/2016
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny, 59, 1997, z. 2, s. 93-109.