Optymalne reguły fiskalne a aktywna polityka inwestycyjna w kraju na średnim poziomie rozwoju
Optimal Fiscal Regulations and Active Investment Policy in an Emerging Economy

Summary/Abstract: The global economic crisis ignited economic and political debate over the systemic mechanisms limiting excessive public sector debt. Regulations reducing the growth of public debt clash with the state’s role in active investment policy. This pertains especially to the European emerging countries with respect to EU Cohesion Policy; Poland, for instance, will be a major beneficiary of the Multiannual Financial Framework 2014–2020. The paper analyses literature related to fiscal regulations, and presents the consequences of sub-optimal international, national, and local fiscal regulations. The analysis revealed that imprecise and suboptimal regulations are not only an ineffective mechanism for limiting the growth of public debt but also lead to more frequent use of creative accounting. The implementation of the new fiscal regulations at the local-government level in Poland will impede local governments from using EU funds to implement active investment policy.

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