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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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Have Public Finances in the OECD Area Been Sustainable?

Abstract

The aim of this article is to test, from an empirical standpoint, the existence of sustainable public finances in the Organisation for Economic Co-operation and Development (OECD) area as a whole, over the most recent period of the world economy, 1973-2016. The research methods include not only standard stationarity tests, but also tests, which allow for a structural break. The relevant results of this research are a stationary public budget balance expressed as a percentage of GDP and a debt to GDP ratio that is stationary in first differences. According to the literature, this means that a “necessary and sufficient” condition is fulfilled for proving the existence of a strong sustainability. We hope this research can make a valuable contribution to the debate regarding public finances in the world economy. To obtain other relevant conclusions, additional tests will need to be performed in the future in order to assess which members are contributing to the fiscal sustainability of the OECD aggregate.

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Study on the fiscal behavior at an international level

., (2013), The Fiscal Policy and the Public Debt - Cause of the Budget Balance, International Journal of Finance and Accounting Franzoni A. L., (2008), Tax compliance, Encyclopedia of Law and Economics. Gyorgy A., (2012), Social contributions in Romania, Romanian Joural of Fiscal Policy, Vol.2. Hofmann E., Hoelzl E., Kirchler E., (2014), Preconditions of Voluntary Tax Compliance: Knowledge and Evaluation of Taxation, Norms, Fairness, and Motivation to Cooperate, Journal of Psychology. Ifo Istitute – Center for economic studies, (2014), Political

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Linkages Between Fiscal Policy and Financial (In)Stability

). Managing Public Debt and Its Financial Stability Implications, IMF Working Paper WP/10/280, December. 11. Dumičić, M., 2015, Financial Stability Indicators - The Case of Croatia, Journal of Central Banking Theory and Practice, Vol. 5, No. 1, 115-142, January. 12. Dumičić, M. & Pečarić, M., 2016, Značaj makroprudencijalne politike u sklopu ekonomske politike, Ekonomija/Economics 22 (2), 265-280. 13. Dumičić, M., 2017, A Brief Introduction to the World of Macroprudential Policy, Journal of Central Banking Theory and Practice, Vol. 6, No. 1, 87

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Determinants of Loan Quality: Lessons from Greek Cooperative Banks

://www.bis.org/repofficepubl/arpresearch201003.07.pdf [Accessed 7.1.2015] 34. Frait, J., and Komárková, Z. (2013), “Loan Loss Provisioning in Selected European Banking Sectors: Do Banks Really Behave in a Procyclical Way?”, Finance a úvěr-Czech Journal of Economics and Finance, Vol. 63, No.4, pp. 308-326. 35. Furceri, D., and Zdzienicka, A. (2010), “The Consequences of Banking Crises for Public Debt”, OECD Economics Department Working Papers 801, Paris: Organisation for Economic Co-operation and Development. 36. Gebhardt, G., and Novotny-Farkas, Z. (2011), “Mandatory IFRS Adoption and

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The Myth of Austerity. Empirical Evidence from the Eurozone Countries

.H. (2012). Econometric Analysis. New York: Pearson Education Limited. Herndorn, T., Ash, M., Pollin, R. (2014). Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38(2), 257–279. Retrieved from: https://doi.org/10.1093/cje/bet075 . Hespanha, P., Portugal, S. (2015). Welfare Cuts and Insecurity under the Rule of Austerity: the Impact of the Crisis on Portuguese Social Services. Oñati Socio-legal Series, 5(4), 1110-1132. Retrieved from: http://ssrn.com/abstract=2683350 . Holtz

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Asymmetric Shocks in the Euro Area: Convergence or Divergence?

), pp. 523–564. Bohn, H., 1998, “The Behavior of U. S. Public Debt and Deficits,” Quarterly Journal of Economics , Vol. 113, No. 3, pp. 949–63. Buti, M., Sapir, A. (1998), Economic policy in EMU , Clarendon Press, Oxford. Buti, M., Turrini, A. (2015), Three waves of convergence. Can Eurozone countries start growing together again?, VOX, CEPR’s Policy Portal, 17 April. Cecchetti, S. G., Mohanty, M. S., Zampolli, F. (2011), The real effects of debt, BIS Working Papers , No. 352, Bank of International Settlements. De Grauwe, P. (2000

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The Political-Budget Cycle in Countries of the European Union

and Partisan Manipulation of Public Debt in Developed Democracies, 1956-90. Retrieved from www.personal.umich.edu/~franzese Freedom House. The Indicator of Freedom of the Press. 2010. Retrieved from www.freedomhouse.org GREGOR, M. (2005). Nová politická ekonomie. Praha: Nakladatelství Karolinum, 315 p. ISBN: 80-246-1066-3. HAGEMANN, R. (1999). The Structural Budget Balance. The IMF's Methodology. Retrieved from www.imf.org HAGEN, T. (2007). Estimating the

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Country’s Development as a Determinant of Early-Stage Entrepreneurial Activity

Our study is built on the dependence of early-stage entrepreneurial activity on GDP per capita, GDP real growth rate, unemployment rate, inflation rate, investments and public debt of different countries. We divide the early-stage entrepreneurial activity into necessity-driven and improvement-driven opportunistic entrepreneurial activity. To establish the dependencies we have conducted the regression analyses. Our three main findings are: (a) early-stage entrepreneurial activity does depend on our predictors; (b) necessity-driven entrepreneurial activity is negatively correlated to country’s development; and (c) improvement-driven opportunistic entrepreneurial activity is positively correlated to country’s development.

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The Canadian Unemployment Insurance Generosity: Reflections from a Comparative Analysis

Abstract

The unemployment compensation system is at the centre of the current economic and political debate in many Western countries which, under the effects of the increase in public debt, must decide the level of their unemployment insurance while taking into account its impact on the performance of the labour market. In this article, we compare the generosity of such public policy in France and in Canada, while focusing on the experience of central and eastern Europe. By building a composite index, we show that the French unemployment insurance is more generous only in pecuniary terms, and not in its qualitative dimension.

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