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Is Public Debt Management in Slovenia Efficient: An Empirical Analysis

References Barro, R.J. 1999. Notes on Optimal Debt Management. Journal of Applied Economics 2(2), pp. 281-289. Carracedo, M.F., and Dattels Peter, 1997. Survey of Public Debt Management Frameworks in Selected Countries. In Sundararajan V., P. Dattels, H.J. Blommestein H.J. (ed.). Coordinating Public Debt and Monetary Management . Washington D.C.: International Monetary Fund: 96-162. Cassard, M., and D. Folkerts-Landau. 1997. Risk Management of Sovereign Assets and Liabilities

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(Un)Productive Use of Public Debt in Kosovo

, p. 1–24 Cullison, William E. (1993). Public Investment and Economic Growth, Federal Reserve Bank of Richmond Economic Quarterly , Vol. 79, No. 4, p. 19-33 Devarajan, S., Swaroop, V., and Zou, H. (1996), The composition of public expenditure and economic growth, Journal of Monetary Economics, No.37, p. 313-344 European Commission (2016), 2016 Economic Reform Programme of Kosovo, Institutional Paper, No. 028, p. 1-23 Égert, Balázs (2012). Public Debt, Economic Growth and Nonlinear Effects: Myth or Reality?, OECD Working Papers, No. 993

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How to stop the snowball growth? A way for sustaining public debt over generations

deficit accounting , No. w3589, National Bureau of Economic Research, pp. 55-110, Chapter in Tax Policy and the Economy, Volume 5, Edited by David Bradford. [5] Balassone, F., Franco, D., & Zotteri, S. (2004). Public Debt: A Survey of Policy Issues, Bank of Italy, Research Department, Public Finance Workshop, 1-3 April 2004, Perugia. [6] Barro T. R. (1979). On the Determination of Public Debt, The Journal of Political Economy , Vol. 87, No. 5, Part 1 (Oct., 1979), pp. 940-971. [7] Blanchard, O.J. (1985). Debt, Deficits and Finite Horizons, Journal

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Fiscal Policy Stance and Debt Sustainability in SEE countries: A Comparative Analysis

References Bank of Greece (2009), Challenges and Prospects of SEE Economies in the wake of the Financial Crisis , Conference jointly organised by the Bank of Greece and the University of Oxford (SEESOX), Athens, 16 October. Barro, R. J. (1979), ‘On the Determination of Public Debt’, Journal of Political Economy , 87, 940-971. Bartolini, L. and A. Lahiri (2006), ‘Twin Deficits: Twenty Years Later’, Current Issues in Economics and Finance , Federal Reserve Bank of New York, 12, 7

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Involuntary Unemployment in a Neoclassical Growth Model with Public Debt and Human Capital

, Cambridge: Cambridge University Press. Diamond P. (1965) National debt in a neoclassical growth model, American Economic Review , 55: 1126-1150. Dixon H. (2000) New Keynesian economics: Theory and evidence, in: Backhouse R., Salanti A. (eds.) Theory and evidence in macroeconomics, Oxford: O. U. P.: 203-214. Farmer, K. (2006) Reducing public debt under dynamic efficiency: Transitional dynamics in Diamond’s OLG model, Atlantic Economic Journal, 34 (2), 195-208. Farmer, K. (2014) Enhancing GDP growth and employment: From unproductive public

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

://www.caseresearch.eu/sites/default/files/publications/CNSA.pdf 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

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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Macroeconomic, Institutional and Bank-Specific Determinants of Non-Performing Loans in Emerging Market Economies: A Dynamic Panel Regression Analysis

Abstract

Banking sector is important for various macroeconomic and microeconomic variables in terms of mobilization of funds, increasing savings, and providing alternative investment instruments suited to the every person by minimizing the risk of adverse selection and moral hazard, allocating funds to most productive projects, risk diversification. Therefore, sound functioning of the banking sector is critical especially for emerging and developing countries. This study explores the macroeconomic, institutional, and bank-specific factors behind nonperforming banking loans as an indicator of banking sector functioning in emerging market economies over the 2000-2013 period by employing the system GMM dynamic panel data estimator. Results of the dynamic panel regression analysis showed that economic growth, inflation, economic freedom (institutional development), return on assets and equity, regulatory capital to risk-weighted assets, and noninterest income to total income affected nonperforming loans negatively, while unemployment, public debt, credit growth, lagged values of nonperforming loans, cost to income ratio and financial crises affected nonperforming loans positively.

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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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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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