Public debt sustainability in Serbia before and during the global financial crisis
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...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Faculty of Economics, Belgrade
2016-01-01
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| Series: | Ekonomski Anali |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/0013-3264/2016/0013-32641610047A.pdf |
| _version_ | 1818248425676734464 |
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| author | Andrić Vladimir Arsić Milojko Nojković Aleksandra |
| author_facet | Andrić Vladimir Arsić Milojko Nojković Aleksandra |
| author_sort | Andrić Vladimir |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-12-12T15:20:24Z |
| format | Article |
| id | doaj.art-9b4890a6f2c84d628f5a42e35fa1e60a |
| institution | Directory Open Access Journal |
| issn | 0013-3264 1820-7375 |
| language | English |
| last_indexed | 2024-12-12T15:20:24Z |
| publishDate | 2016-01-01 |
| publisher | Faculty of Economics, Belgrade |
| record_format | Article |
| series | Ekonomski Anali |
| spelling | doaj.art-9b4890a6f2c84d628f5a42e35fa1e60a2022-12-22T00:20:24ZengFaculty of Economics, BelgradeEkonomski Anali0013-32641820-73752016-01-0161210477710.2298/EKA1610047A0013-32641610047APublic debt sustainability in Serbia before and during the global financial crisisAndrić Vladimir0Arsić Milojko1Nojković Aleksandra2Faculty of Economics, Belgrade, PhD CandidateFaculty of Economics, BelgradeFaculty of Economics, BelgradeWe 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.http://www.doiserbia.nb.rs/img/doi/0013-3264/2016/0013-32641610047A.pdfSerbiaunit root testsfiscal reaction functionsglobal financial crisis |
| spellingShingle | Andrić Vladimir Arsić Milojko Nojković Aleksandra Public debt sustainability in Serbia before and during the global financial crisis Ekonomski Anali Serbia unit root tests fiscal reaction functions global financial crisis |
| title | Public debt sustainability in Serbia before and during the global financial crisis |
| title_full | Public debt sustainability in Serbia before and during the global financial crisis |
| title_fullStr | Public debt sustainability in Serbia before and during the global financial crisis |
| title_full_unstemmed | Public debt sustainability in Serbia before and during the global financial crisis |
| title_short | Public debt sustainability in Serbia before and during the global financial crisis |
| title_sort | public debt sustainability in serbia before and during the global financial crisis |
| topic | Serbia unit root tests fiscal reaction functions global financial crisis |
| url | http://www.doiserbia.nb.rs/img/doi/0013-3264/2016/0013-32641610047A.pdf |
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