STIMULAČNÉ EFEKTY FIŠKÁLNYCH POLITÍK V EURÓPSKYCH KONVERGUJÚCICH EKONOMIKÁCH

European converging economies (ECE) are currently exposed to the large complex of implications of the economic crisis. Poor economic performance (real output downturn, high unemployment) of the ECE caused a negative development in their public finance budgets. Due to this fact the stimulatory effects of fiscal policy comes into the centre of the wide academic discussion. In the paper author analyses the effects of fiscal policies as well as fiscal impulses in ten ECE in period preceding a negative shock from the economic crisis followed by a negative development in the public finance budgets. Fiscal shocks are identified using Cholesky decomposition of the variance-covariance matrix of the VAR model residuals. Impulse-response functions are computed in order to estimate the real output responses to the fiscal shocks in ten ECE. The analysis of the real output fiscal determination in the pre-crisis period helps him to estimate the stimulatory potential of the fiscal policies in the ECE.