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Long-term Sustainability Of Public Finance In The Central And Eastern EU Member States / Długoterminowe Zrównoważenie Finansów Publicznych w Krajach Europy Środkowej i Wschodniej Należących Do Ue

References Baglioni A., Cherubini U. (1993), Intertemporal budget constraint and public debt sustainability: the case of Italy, ‘Applied Economics’, Vol. 25, Issue 2. Barro R. J. (1974), Are Government Bonds Net Wealth?, ‘Journal of Political Economy’, Vol. 82, Issue 6. Barro R. J. (1989), The Ricardian Approach to Budget Deficits, ‘Journal of Economic Perspectives, Vol. 3, Issue 2. Cyclical Adjustment of Budget Balances (2013), European Commission, Directorate-General for Economic and Financial

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Irregular Receipts Leading to Budget Deficits in Kosovo

Report (no. 18/31). 1-59. Jacobs, D., Schoeman, N., & Van Heerden, J. (2002). Alternative Definitions of the Budget Deficit and its Impact on the Sustainability of Fiscal Policy in South Africa. The South African Journal of Economics, 70(3), 251-257. https://doi.org/10.1111/j.1813-6982.2002.tb01303.x Koczan, Z. (2015). Fiscal Deficit and Public Debt in the Western Balkans: 15 Years of Economic Transition, IMF Working Papers, 15/172, 1-20. Kosovo’s Agency of Statistics. (2017). Gross National Product 2008-2016, 1

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How Taxes Can Contribute to The Implementation of The Public Governance Strategy? – An Analysis for Eastern European Countries

, Monthly Report, March 2015 , 15-37 8. Dziemianowicz R. (2014), Independent Fiscal Institutions as a Tool of Fiscal Governance, Quarterly Journal of Economics and Economic Policy volume 9 issue 1, 2014 9. European Comission Report, Promoting good governance , 2014 10. Faure P. (2011), Public debt accumulation and institutional quality: can corruption improve welfare?, Ecnomics Bulletin, Volume 31, Issue 1, January 2011 11. Gradstein M. (2004), Governance and Growth, Journal of Development Economics

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Fiscal Constraints In The European Union – When More Is Less?

Abstract

This paper examines the implications of fiscal rules measured through the Fiscal Rules Index and fiscal institutions that supervise fiscal policies on key aspects of fiscal policies such as public debt and budget deficits. Our goal was to identify the specific links between fiscal rules, institutions and fiscal policies, to support any rethinking of public policy matters. Our results confirm that the government’s consolidated debt is influenced by both fiscal rules and institutions. Through this research we have showed that an increased number of institutions and fiscal rules is closely related to an increase in public debt levels. We explained this influence by stating that cause may consist in not having one strong and independent institution, but more institutions more or less independent that divide key responsibilities. Also our results indicate that budget deficits aren’t influenced either by supervising institutions or fiscal rules.

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Analyzing Fiscal Balance Evolution for Developed and Emerging Countries

Abstract

The purpose of our paper is to analyze the main factors which influence fiscal balance’s evolution and thereby identify solutions for configuring a sustainable fiscal policy. We have selected as independent variables some of the main macroeconomic measures, respectively public debt, unemployment rate, economy openness degree, population, consumer goods’ price index, current account balance, direct foreign investments and economic growth rate. Our research method uses two econometric models applied on a sample of 22 countries, respectively 14 developed and 8 emergent. The first model is a multiple regression and studies the connection between the fiscal balance and selected independent variables, whereas the second one uses first order differences and introduces economic freedom as a dummy variable to catch the dynamic influences of selected measures upon fiscal result. The time interval considered was 1999-2013. The results generated using the two models revealed that public debt, current account balance and economic growth significantly influence the fiscal balance. As a consequence, the governments need to plan and implement a fiscal policy which resonates with economy priorities and the phase of the economic cycle, as well as ensure a proper management of the public debt, stimulate sustainable economic growth and employment.

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Economic Growth and Public Indebtedness in the Last Four Decades: Is Portugal different from the other PIIGS’ economies?

Abstract

Portugal is a member of the group known by investors as ‘PIIGS’, countries characterised by having high public debt and weak economic growth. Using an extended time horizon, 1974–2014, this study seeks to empirically explore the relationship between economic growth and public debt in the PIIGS economies, particularly in the case of Portugal. Based on the estimation of linear regression models, it was concluded that in the last four decades there has been a negative relationship between economic growth and public debt in both cases, which is consistent with the literature. The negative relationship was even more pronounced in the case of the PIIGS than it was in the case of Portugal.

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The Impact of Standardised fiscal rules index on the Yield on Ten-Year Government Bonds in the Visegrád Group Countries in 2005–2016

Abstract

Purpose: The article analyzes the possible methods of public debt management, which not only aim to meet regulatory requirements but also obtain a market premium in the form of an optimal level of the yield on government bond yields that will be profitable for the issuer. The study analyzes the situation in the public finance sector in the countries that form the Visegrád Group (V4). The authors evaluate the main regulatory requirements of EU law in the area of numerical fiscal rules and their impact on the yield on basic securities such as ten-year government bonds, which directly influences the cost of servicing long-term public debt.

Methodology: The study uses desk research method for theoretical reasoning to verify the research hypothesis. The study seeks to answer the question of whether the application of national and EU fiscal rules in V4 budgetary frameworks contributes to lower yields on ten-year bonds and thereby reduces the cost of public debt. The authors utilize time series and cause-effect analysis as well as quantitative research for the systematization of statistical information and regression analysis for the examination of statistical dependencies.

Findings: The basic parameters subject to financial assessment within the fiscal rules index are (1) the deficit of public finance sector and (2) public debt with its servicing costs. In 2005–2016, the ratio of the public finance sector deficit to GDP was shaped in such a way that most V4 countries required the institution of excessive deficit procedures and further disciplinary regulations. The assessment of the situation in the public finance sector in the area of budget deficit and public debt does not translate into the yield on government bonds of non-Eurozone countries. Model-based testing indicates that the financial markets – when deciding to evaluate or purchase government bonds of non-Eurozone countries – failed to acknowledge the implementation of fiscal rules in these countries and its possible effects.

Originality: The study focuses on a unique comprehensive analysis of national fiscal rules employed in individual V4 countries and their impact on the yield on government bonds throughout the entire EU membership of the V4. What holds the greatest cognitive value in this article is the answer to the question of whether Eurozone membership impacts the valuation of a country’s public debt.

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Macroeconomic effects of the budget deficit in the Republic of Macedonia

economic data . Available at http://nbrm.mk/osnovni_ekonomski_pokazateli-en.nspx [10 May 2018]. 18. Tas, R. (1992). Theoretical and Empirical Aspects of Budget Deficits. Ankara University Faculty of Political Sciences Journal , Vol. 47, No. 3, pp. 327-341. 19. Tešić, A., Ilić, D., Đelić, A. T. (2014). Consequences of Fiscal Deficit and Public Debt in Financing the Public Sector. Economics of Agriculture , Vol. 61, No. 1, pp. 177-194. 20. Trenovski, B., Tashevska, B. (2016). Fiscal Sustainability in Macedonia on its path towards EU. MPRA Paper, No

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Balkan Candidate Countries Running for Fiscal Consolidation: Legal Frameworks vs. Economic Results

., Maskovic, A. (2017), Montenegro Public Debt Analyses , Balkan Monitoring Public Finances. Djurovic-Todorovic, J., Djordjevic, M. (2015), Results of Fiscal Consolidation in Republic of Serbia , Procedia Economics and Finance 19. Durmishi, A., Patonov, N. (2016), Albania’s Fiscal Governance: A Good Example in EU Perspective , “Journal of International Relations”, Faculty of International Relations, University of Economics in Bratislava, Volume XIV, Issue 2. ECB (2000), The Eurosystem and the EU enlargement process , ECB Monthly Bulletin

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Fiscal Stress Analysis in the Republic of Serbia

References Alt J., Dreyer-Lassen D., Wehner J. (2012). Politics and Economics of Fiscal Gimmickry in Europe, https://www.bc.edu/content/dam/files/schools/cas_sites/economics/pdf/Seminars/SemS2012/Alt.pdf Auerbach A., Gale J. W.G. (2009). The Economic Crisis and the Fiscal Crisis: 2009 and Beyond, http://eml.berkeley.edu/~auerbach/fiscal_future2.pdf Baldacci E., Kumar S.M. (2010).Fiscal Deficits, Public Debt, and Sovereign Bond Yields.IMF Working Paper, WP/10/184. Baldacci E., McHugh J., Petrova I

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