A case for the introduction of numerical fiscal rules in the Serbian Constitution
The recommendation of numerical fiscal rules in Serbia, presented in this paper, is based on the inherent bias of fiscal policy towards expenditure, and consequently continuous fiscal deficit and excessive sovereign debt. It is recommended that simple and straightforward numeric fiscal rule...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Faculty of Economics, Belgrade
2017-01-01
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| Series: | Ekonomski Anali |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/0013-3264/2017/0013-32641712007B.pdf |
| _version_ | 1818276771005464576 |
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| author | Begović Boris Marinković Tanasije Paunović Marko |
| author_facet | Begović Boris Marinković Tanasije Paunović Marko |
| author_sort | Begović Boris |
| collection | DOAJ |
| description | The recommendation of numerical fiscal rules in Serbia, presented in this
paper, is based on the inherent bias of fiscal policy towards expenditure,
and consequently continuous fiscal deficit and excessive sovereign debt. It
is recommended that simple and straightforward numeric fiscal rules should
be introduced into the Serbian Constitution. There should be two cumulative
numerical fiscal rules, the first regarding the ceiling on sovereign debt
and the second regarding the ceiling on net new borrowing. Neither of the
rules may be violated. The ceiling on the debt level should be prescribed by
the Constitution. The ceiling on new net borrowing should depend on the
distance of the sovereign debt from the debt ceiling. An illustrative
example is provided, with a debt ceiling of 60%. However, the Fiscal Council
should specify a specific sovereign debt ceiling as part of the proposed
constitutional amendment. |
| first_indexed | 2024-12-12T22:50:56Z |
| format | Article |
| id | doaj.art-0b289b71d2e44f968ab8b8777a26fb82 |
| institution | Directory Open Access Journal |
| issn | 0013-3264 1820-7375 |
| language | English |
| last_indexed | 2024-12-12T22:50:56Z |
| publishDate | 2017-01-01 |
| publisher | Faculty of Economics, Belgrade |
| record_format | Article |
| series | Ekonomski Anali |
| spelling | doaj.art-0b289b71d2e44f968ab8b8777a26fb822022-12-22T00:09:04ZengFaculty of Economics, BelgradeEkonomski Anali0013-32641820-73752017-01-016221274110.2298/EKA1712007B0013-32641712007BA case for the introduction of numerical fiscal rules in the Serbian ConstitutionBegović Boris0Marinković Tanasije1Paunović Marko2School of Law, Belgrade + Center for Liberal-Democratic Studies, BelgradeSchool of Law, BelgradeCenter for Liberal-Democratic Studies, BelgradeThe recommendation of numerical fiscal rules in Serbia, presented in this paper, is based on the inherent bias of fiscal policy towards expenditure, and consequently continuous fiscal deficit and excessive sovereign debt. It is recommended that simple and straightforward numeric fiscal rules should be introduced into the Serbian Constitution. There should be two cumulative numerical fiscal rules, the first regarding the ceiling on sovereign debt and the second regarding the ceiling on net new borrowing. Neither of the rules may be violated. The ceiling on the debt level should be prescribed by the Constitution. The ceiling on new net borrowing should depend on the distance of the sovereign debt from the debt ceiling. An illustrative example is provided, with a debt ceiling of 60%. However, the Fiscal Council should specify a specific sovereign debt ceiling as part of the proposed constitutional amendment.http://www.doiserbia.nb.rs/img/doi/0013-3264/2017/0013-32641712007B.pdfnumerical fiscal rulesconstitutionpublic debtfiscal deficiteconomic growthConstitutional CourtFiscal Council |
| spellingShingle | Begović Boris Marinković Tanasije Paunović Marko A case for the introduction of numerical fiscal rules in the Serbian Constitution Ekonomski Anali numerical fiscal rules constitution public debt fiscal deficit economic growth Constitutional Court Fiscal Council |
| title | A case for the introduction of numerical fiscal rules in the Serbian Constitution |
| title_full | A case for the introduction of numerical fiscal rules in the Serbian Constitution |
| title_fullStr | A case for the introduction of numerical fiscal rules in the Serbian Constitution |
| title_full_unstemmed | A case for the introduction of numerical fiscal rules in the Serbian Constitution |
| title_short | A case for the introduction of numerical fiscal rules in the Serbian Constitution |
| title_sort | case for the introduction of numerical fiscal rules in the serbian constitution |
| topic | numerical fiscal rules constitution public debt fiscal deficit economic growth Constitutional Court Fiscal Council |
| url | http://www.doiserbia.nb.rs/img/doi/0013-3264/2017/0013-32641712007B.pdf |
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