Fiscal reaction to interest payments: The case of Serbia

Andric, Vladimir; Arsić, Milojko; Nojković, Aleksandra

doi:10.5937/industrija44-12031

Cited by 2 publications

(4 citation statements)

References 16 publications

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“…with the findings of Andric et al (2016aAndric et al ( , 2016b who detect the sharp decline of primary fiscal balance response to public debt accumulation, interest payments and implied effective interest rate on Serbian government bonds after the Great Recession hit Serbian economy. The estimated coefficient before the crisis equals -1.75% of GDP, while the estimated coefficient after the crisis equals +1.82% of GDP.…”

Section: Table 1 Unit Root Tests 2004q4-2014q4supporting

confidence: 55%

“…The empirical estimates build on the previous contributions of Arsic et al (2013) and Andric et al (2016aAndric et al ( , 2016b which are concerned with the sustainability of fiscal policy in Serbia after the year 2000. The baseline estimates, which are obtained for the period 2004Q4-2014Q4, consist of two sets of results.…”

Section: Baseline Estimatesmentioning

confidence: 99%

“…V.Andrić / SJM 13 (2) (2018) 251 -262 4 For details, seeArsic et al (2013) andAndric et al (2016aAndric et al ( , 2016b.…”

mentioning

confidence: 99%

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Public debt growth, great recession and fiscal consolidation: The Serbian episode

Andric¹,

Minović²

2018

Serb J Management

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This paper investigates the dynamics of public debt growth in Serbia between 2004Q4 and 2017Q4. The overall public indebtedness in Serbia exhibited one of the fastest increases among emerging European economies from the onset of the Great Recession (Andric et al., 2016a). In particular, public debt-to-GDP ratio declined sharply before the crisis, since the government accompanied debt write-offs by Paris and London club of creditors with the use of privatization proceeds for deficit financing (Andric et al., 2016b). After the crisis hit Serbian economy in the second half of 2008, narrowing output gap and absorption gap reduced the share of government revenues in GDP. Consequently, fiscal deficit widened, and the growth of public debt accelerated (Arsic et al., 2013). Between 2008Q4 and 2014Q4, public debtto-GDP ratio increased for approximately 40 percentage points: in 2008Q4, public debt stood at around 30% of GDP, while in 2014Q4 it consumed approximately 70% of GDP (Andric et al., 2016b). In 2012Q1, public debt breached its upper limit of 45%

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Section: Table 1 Unit Root Tests 2004q4-2014q4supporting

confidence: 55%

Section: Baseline Estimatesmentioning

confidence: 99%

See 1 more Smart Citation

Public debt growth, great recession and fiscal consolidation: The Serbian episode

Andric¹,

Minović²

2018

Serb J Management

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“…Health reform in Serbia started in 2003 and still is undergoing. This reform should focus on bringing health system to the optimal functionality, so it can deliver the highest positive effect on health status of the population, equity in using and financing the health care system and constant improvement in financial sustainability of the system (62,63).…”

Section: Plausible Causes and Recommended Policiesmentioning

confidence: 99%