Baltijos šalių fiskalinė politika sunkmečio sąlygomis: panašumai ir skirtumai

LTRemiantis Baltijos šalių fiskalinės politikos patirtimi sunkmečio sąlygomis, straipsnyje lyginamos Lietuvos, Latvijos ir Estijos vyriausybių fiskalinės politikos priemonės, vertinamas jų tikslingumas. Straipsnyje daroma išvada, kad visų Baltijos valstybių pasirinktas sprendimas 2009–2011 m. laikotarpiu mažinti viešojo sektoriaus išlaidas atitiko optimalios stabilizacinės politikos tikslą. Palyginus Baltijos šalių vykdomos fiskalinės politikos veiksmingumą, straipsnyje daroma išvada, kad Estijoje fiskalinės politikos priemonių poveikis buvo stipresnis negu Latvijoje ir Lietuvoje. [Iš leidinio]Reikšminiai žodžiai: Cikliškumas; Fiskalinė politika; Konsolidacija; Mokestinės pajamos; Valdžios sektoriaus išlaidos; Consolidation; Cycle period; Fiscal policy; Government spending; Tax revenues; The cyclical patern.

ENThe purpose of the article is to assess the fiscal adjustments in the Baltic countries during the economic crises. The evaluation of the effectiveness of the fiscal policy as a stabilizing tool is based on a comparative analysis encompassing individual fiscal policy measures of all the three countries during the crisis periods. Fiscal policy responses in all three Baltic economies exhibited a similar pattern in downturn periods. Lithuania, Latvia, and Estonia responded to the periods of both crises (those of 1999-2000 and 2009-2010) by adopting a pro-cyclical fiscal tightening policy. All three Baltic countries were forced to implement a restrictive fiscal policy stance due to financial constraints. With their stabilising policies in 2009-2010, the Baltic countries can be identified as relatively successful. The countries relatively quickly returned to the positive growth trends even when the restrictive fiscal policy was implemented. Most of the fiscal consolidation measures were associated with the public sector spending cuts, which were effective political options. However, the investment spending cuts had the greatest negative impact on the economy. On the revenue side, the switch from direct to indirect taxations was an effective strategy option due to the rational behaviour of economic agents, who favourably accepted an increase in less distortive taxes. Estonia's fiscal policy has been more effective than in Latvia and Lithuania. Higher efficiency was based not only on a more favorable tax rates (VAT, income tax), but also on a more rational budget expenditure policy. [From the publication]