Fiscal policy in former Yugoslavian countries (2001–2014): stylised facts and budget elasticities

Abstract

The aim of this paper is to analyse fiscal policy in former Yugoslavian countries over the period 2001-2014. The contribution of the paper is threefold; first, we build a homogeneous database to describe the evolution of the main fiscal aggregates in each country using an identical analytical structure. Second, we analyse the composition of national tax revenues to determine whether common patterns are still present, or if they have evolved in different ways over time. Third, we pool data to analyse and compute the elasticity of budget imbalance, taxes and expenditure to the output gap. Our results show that tax revenue composition is still similar and that the economic cycle is very relevant in explaining the dynamics of both deficit and expenditure over Gross Domestic Product, but not revenues. ARTICLE HISTORY

Tourism-led economic growth in Montenegro and Slovenia

“…Montenegro has been widely excluded from empirical researches (Crnogorac & Lago-Peñas, 2019;Tashevska et al, 2020). For example, Mitra (2019) analysed tourism for former Yugoslav republics (Slovenia, Croatia, Bosnia and Herzegovina, Serbia and North Macedonia), but excluded Montenegro.…”

Impacts of Symmetric and Asymmetric Tourism Activities on Economic Development: Evidence from China’s Provinces

“…Secondly, other studies find evidence that economic development is the cause of tourism development (e.g., Işik et al, 2017 ; Mitra, 2019 ; Wu, 2019 ), and that it is called the conservation hypothesis. Thirdly, there is also evidence for feedback causality (e.g., Crnogorac, 2019 ; Wu & Wu, 2019a ), which is named the reciprocal hypothesis. Finally, some studies explore no causality between the variables (Khoshnevis Yazdi, 2019 ; Mitra, 2019 ; Wu & Wu, 2020 ) which are called the neutrality hypothesis.…”