public debt sustainability in serbia before and during the global financial crisis
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ID: 250462
2016
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Abstract
We have analyzed the behaviour of primary fiscal balance and public debt in
Serbia before and in the aftermath of the global financial crisis. The
results of our analysis are: i) public debt to GDP ratioexhibits (near) unit
root behaviour with an overall upward time trend; ii) the response of primary
fiscal balance to public debt has been insufficient to mean revert the upward
trend in government debt; iii) the efforts of the Serbian government to repay
the debt principal after the fiscal rule breach have not been persistent,
providing empirical support to the fiscal fatigue hypothesis; iv) the
government budget constraint has deteriorated since the beginning of the
global financial crisis; v) the response of primary fiscal balance to public
debt from the onset of the global financial crisis has dropped more severely
in comparison to other European economies.
| Reference Key |
vladimir2016ekonomskipublic
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|---|---|
| Authors | ;Andrić Vladimir;Arsić Milojko;Nojković Aleksandra |
| Journal | Aesthetic plastic surgery |
| Year | 2016 |
| DOI |
10.2298/EKA1610047A
|
| URL | |
| Keywords |
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