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A Model to Simulate the Dynamics of Public Debt Sustainability in EU

References Albu, L.-L. (2002): “Sustainability Function”, Romanian Jornal for Economic Forecasting , 2, 5-14. Albu, L.-L. (2008): “A Simulation model of public debt sustainability, MPRA Paper 11713, University Library of Munich, Germany. Barro, R. (1988): “The Ricardian Approach to Budget Deficits”, NBER, Working Paper , no. 2685. Blanchard, O. J. (1990): “Suggestion for a New Set of Fiscal Indicators”, OECD Working Paper , 79. Coricelli, F. (1997): “Fiscal Policy a Long Term View”, Economic Policy Initiative , 3, Forum Report

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Public Debt and Its Impact on the Polish Economy and Society

staremu, (19.10.2013). Gazeta Wyborcza (2012b). Człowiek jest zbędny, gdy nie może kupować, (17.08.2013). Hendron, T., Ash, M. and Pollin, R. (2013). Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge Journal of Economics, 23(1), Kalecki, M. (2010). Michal Kalecki, “Political Aspects of Full Employment”, (04.01. 2013). Kobayashi, K. (2013

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


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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Federalism in Germany, Italy, and the European Union: History, Characteristics, and Perspectives

, Edinburgh Europa Paper Series, 2010. Lanzilotta L., Evolution and transformation of the Italian federalism, speech at the European Institute, London School of Economics and Political Science, March 12, 2007. Oates W.E., Fiscal federalism, Harcourt Brace Jovanovich, New York, 1972. Statistisches Bundesamt (Federal Statistical Office), Development of volume and structure of public debt in Germany. Available at: https

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A Certain Seminal Character of Profit which We Commonly Call “Capital”: Peter of John Olivi and the Tractatus de contractibus

: the ecclesiastical controversy over the public debts of Florence, Genua and Venice (1300-1500), Ann Arbor, 1972. Lambertini R., Ökonomische Lehre, In: Brungs A., Mudroch V., Schulthess P. (Eds.), Grundriss der Geschichte der Philosophie. Die Philosophie des Mittelalters, Bd. 4: 13. Jahrhundert, Basel, 1536-1548, 2017. Langholm O., Economics in the medieval schools. Wealth, exchange, value, money and usury according to the Paris theological tradition 1200-1350, Leiden, 1992. Langholm O., The legacy of scholasticism in economic thought. Antecedents

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The Monti di Pietà in the Middle Ages from a Privileged Point of View: the Marches

specificità nell’orizzonte delle coeve fondazioni di Monti Pii, In: Carboni M., Muzzarelli M.G. (Eds.), I Monti di Pietà fra teoria e prassi. Quattro casi esemplari, Bologna, 1-65, 2009. Ghinato A., I Monti di Pietà istituzione francescana, Picenum Seraphicum, 9, 7-62, 1972. Kirshner J., Storm over the “Monte Comune”: genesis of the moral controversy over the public debt of Florence, Arch Fratrum Praedicatorum, 53, 219-276, 1983. Lambertini R., Economia Francescana. Momenti del percorso di un concetto storiografico Divus Thomas, 171-196, 2016

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Röpke and Einaudi: from the Civitas of Persons to the Idea of Europe

Währungsreform, In: Hunold A.,(Ed.), Vollbeschäftigung, Inflation und Planwirtschaft, Zürich, 134-183, 1951. Eucken W., Grundsätze der Wirtschaftspolitik, Tübingen, 1952. Fedeli S., Forte F., Public Debt and unemployment growth: the need of new fiscal-monetary rules. Evidence from OECD countries, Econ Politica, 3, 399-427, 2012. Fedeli S., Forte F., Deficits, tax burden and unemployment, In: Forte F., Mudambi R., Navarra M. (Eds.), Handbook of alternative theories of public economics, Edward Elgar Publishing, Cheltenham, 116-139, 2014. Fedeli S., Forte

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The Debt Overhang Hypothesis: Evidence from Pakistan

. Econometrica , Vol. 55(2) , pp. 251-276. Emma Xiaoqin Fan. (2007). Pakistan Public Debt, PRE Working Paper, series no-1. Government of Pakistan. (2007-2008). Pakistan Economic Survey , Economic Advisor Wing, Finance Division, Islamabad. Government of Pakistan. (2006-2007). Pakistan Economic Survey , Economic Advisor Wing, Finance Division, Islamabad. Johansen, Soren (1991). Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica , vol.59, 1551–1580 . Johansen, S. (1995). Likelihood

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Fraud and Business Cycle: Empirical Evidence from Fraudsters and Fraud Managers in Nigeria

Perspective. Federal Reserve Bank of Minneapolis Quarterly Review, Winter, Vol.23, no.1, pp2-24 Cooley T. and G. Hansen (1995): Money and the Business Cycles, in Frontier of Business Cycle Research , T. Cooley (ed.) Princeton University Press. Cooray, A., Dzhumashev, R. and Schneider, F (In Press): How Does Corruption Affect Public Debt? An Empirical Analysis. World Development, In Press, Corrected Proof, Available online 27 September 2016 http://pii/s0305750x16304673 Dzhumashev, R., (2013): The two-way relationship between government spending and

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