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Influence of euro adoption to the public finance in Eurozone member states

Zaloga, Rytis
(2015)

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Zaloga_20971301_2015.pdf
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Zaloga_20971301_2015_Annexes.pdf
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Details

Supervisors
Iania, Leonardo
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion
Abstract
The aim of this thesis is to identify whether public finance in Eurozone member states were influenced by the euro adoption leading to irresponsible public finance decisions. In order to achieve the aim of this thesis, an overview of scientific works, which were investigating peculiarities of Eurozone as monetary system and influence of monetary systems to public finance is provided in the first part of this thesis. Research methodology, economic indicators used in empiric research, criteria for country selection for investigation, and research hypotheses are provided in the second part of this work. Results of empirical research, where selected Eurozone countries are investigated during the period of 1996 -2013 are presented in the final part of this work. Findings of empirical research show, that Eurozone countries were able to control the influence of euro adoption, therefore this event made different impact in different Eurozone member states. Research results show, that euro adoption led to increased government spending levels, but no influence of euro adoption to government debt as percentage of GDP growth was found. Moreover, a positive influence to budget deficit/surplus levels was identified, as euro led to lower budget deficits and higher budget surpluses in 7 out of 12 investigated countries. Not all Eurozone member states were included into the research sample, opening opportunities for future works in this area by expanding the research sample. A method of synthetic counterfactuals was used for this research.