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Stock-Flow Adjustment – Only a Residual Value? Evidence from European Union Countries

Part of Public Debt. Emerging Markets Review, 7(3), 228-243. Eichengreen, B., El-Ganainy, A., Esteves, R., Mitchener, K.J. (2019). Public Debt Through the Ages. NBER Working Papers (No. w25494). Massachusetts: National Bureau of Economic Research. Eurostat database ( ). Eurostat (2017). Stock-flow Adjustment (SFA) for the Member States, the Euro Area and the EU28 for the Period 2013-2016, as Reported in the October 2017 EDP notification 2017. Retrieved from:

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Determinants of Public Indebtedness in European Union Countries

-Granados, C. (2012). Reassessing the Fiscal Mix for Successful Debt Reduction. Economic Policy, 27 (71), 365–406. Blundell, R., Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87 , 115-143. Bohn, H. (1998). The Behavior of U.asseS. Public Debt and Deficits. The Quarterly Journal of Economics, 113 (3), 949–963. Bohn, H. (2007). Are Stationarity and Cointegration Restrictions Really Necessary for the Intertemporal Budget Constraint? Journal of Monetary Economics, 54, 1837

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The Sustainability of Public Finances in Republic of Moldova Under EU Fiscal Rules

:// Dăianu, D., Kallai, E. V., and Lungu, L., 2011. Euro Plus Pact Adoption: Implications for Romanian Fiscal Policy. Strategy and policy studies, no.2. Bucharest: European Institute of Romania. Enicov, I., Petroia, A., and Cibotaru, I., 2009. Public debt and budget deficit at present: European Union versus Republic of Moldova. Studia Universitatis, Exact and economic sciences, 2(22), 114-119. European Central Bank, 2012. A Fiscal Compact for a Stronger Economic and Monetary Union. Monthly Bulletin, (5). https

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Analyzing Fiscal Balance Evolution for Developed and Emerging Countries


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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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: . 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: . Holtz

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Sovereign default and the structure of private external debt

1 Introduction ‘Private and public debts cannot be looked at only in isolation’ ( Jordà et al ., 2013 , p. 1); nevertheless, most studies treat sovereign and private external liabilities as distinct phenomena, possibly only loosely linked. In this paper, we want to shed light on the selected aspects of the public and private sector interdependencies in the international financial market. More specifically, we look at the relationship between the level and structure of private external debt and the probability of sovereign default. The theoretical

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Poland’s Economic Performance in Global and Long-term Perspective: Surprises so far and Risks in the Years Ahead

2001–2015, the leaders in economic growth in that part of Europe were Slovakia and Lithuania. Bulgaria, Latvia and Romania also achieved better results than did Poland. A clear outsider was Hungary. With respect to period II, what differentiated Poland most was the absence of a banking crisis. The key reason of that was low level of underperforming bank loans to households and enterprises. But a large increase of public debt in the years 2009–2011 forced the government to adopt a contractionary fiscal policy in the years 2012–2014. Moreover, the government was

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Dynamic Fiscal Solvency with Consumption and Capital Taxes

revenues: capital income and consumption. Consumption is only indirectly linked to capital by its net remuneration. The government budget constraint is complemented with bonds revenue. We analyse the problem of determining the capital-consumption tax mix with the possibility of public debt issuance. It means that the optimisation problem has to be set by the government, not by economic agents. The government’s choice is limited by the fiscal solvency rule and possible income shifting hindering tax collection. We strive to determine some features of the long

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Determinants of Loan Quality: Lessons from Greek Cooperative Banks

:// [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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Bank Business Models and Performance During Crisis in Central and Eastern Europe

gains from nominal devaluation? An empirical assessment of euro-area exports and imports. The World Economy, 38(12), 1966-1989. 6. Díaz-Cassou, J., A. Erce, and J. J. Vázquez-Zamora (2008). Recent episodes of sovereign debt restructurings: a case-study approach. 7. Elmendorf, D. W. and N. G. Mankiw (1999). Government debt, in J. B. Taylor and M. Woodford (eds.), Handbook of Macroeconomics, Vol. 1C, Amsterdam, North-Holland. 8. Koczan, Z. (2015). Fiscal deficit and public debt in the Western Balkans: 15 years of economic transition. 9. Krstevska

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