Government expenditures and economic growth in euroarea countries and the response to the coronavirus crisis

V magistrskem delu ugotavljamo vpliv vladnih izdatkov na gospodarsko rast. Najprej teoretično preučimo vlogo fiskalne politike, predvsem pri odpravljanju tržnih napak in kako se je vloga fiskalne politike spreminjala skozi čas. S pregledom empiričnih študij sklepamo, da so raziskovalci v večini primerov ugotovili negativno povezavo med vladnimi izdatki in gospodarsko rastjo. Seznanimo se tudi z ocenami multiplikatorja vladnih izdatkov in ugotovimo, da se ta spreminja glede na fazo gospodarskega cikla. Naš model preverjamo na državah evroobmočja, za obdobje med letoma 1995 in 2020. Ugotovimo, da vladni izdatki negativno vplivajo na gospodarsko rast, natančneje, če se delež vladnih izdatkov v BDP poveča za 1 %, se rast BDP na prebivalca zmanjša za 0,509 %. V drugem sklopu magistrskega dela analiziramo kakšno vlogo so odigrali vladni izdatki pri omilitvi gospodarskih posledic, ki jih je povzročila epidemija covid-19. Ugotovimo, da je mogoče zaznati pozitivno povezavo med velikostjo fiskalnih pomoči in strogostjo zaprtja gospodarstev. Ugotovimo tudi, da so se paketi fiskalnih pomoči, ki so zajemali neposredne transferje, davčne olajšave ter garancijske sheme in posojila, razlikovali tako po strukturi kot tudi velikosti med državami evroobmočja.In our master\u27s thesis, we determine the impact of government expenditure on economic growth. First, we theoretically examine the role of fiscal policy, especially in correcting market failures, and how the role of fiscal policy has changed over time. A review of the empirical studies shows that researchers found a negative correlation between government spending and economic growth in most cases. We also examine studies on fiscal multiplier and we found out that it varies according to the phase of the economic cycle. In our model we examine the relationship between government expenditures and economic growth in Euroarea in period between 1995 and 2020. We determine that government expenditure has a negative impact on economic growth, more precisely, if government spending in GDP increases by 1 %, GDP per capita growth decreases by 0.509 %. In the second part we examine the role of government expenditure in mitigating economic consequences caused by Covid-19 epidemic. We find out a positive connection between the size of fiscal support and stringency of lockdown and that fiscal stimulus, which included direct supports, tax deferrals and loans and guarantee packages, also differs in structure and size among Euroarea countries