Dwie wizje europejskiego kryzysu zadłużenia – analiza empiryczna

Abstract

The goal of the article is to explain the causes of the European sovereign debt crisis. The article focuses on presenting two competitive theories: neoclassical and demand side. Author presents the assumptions of both theories, competing solutions to the problem of fiscal crisis and tries to falsify them constructing econometric model. The analysis rejects the neoclassical theory. In this context, author gives recommendation for monetary and fiscal policy, suggesting the need for more expansive macroeconomic policy.