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. 5214, Issued in August 1995, NBER Program(s): Monetary Economics, . Baxa, J. and Paulus, M. (2016). New Fiscal Rules for the Czech Republic . Occasional Paper: 1/2016, Brender, A. and Drazen, A. (2004). Political Budget Cycles in New versus Established Democracies , NBER Working Paper No. 10539, Issued in June 2004, Darvas, Z. (2009). The impact of the crisis on budget policy in Central and Eastern Europe . Bruegel Working Paper 2009

Pact: A special report of the CEPS Macroeconomic Policy Group. Centre for European Policy Studies. Brussels. 13. Institute for International and European Affairs. (2012). The Euro Crisis: The „Fiscal Compact“ and Fiscal Policy. Working Paper. 14. Kennedy, Suzanne, Robbins, Janine i Delorme, Francois. (2001). The Role of Fiscal Rules in Determining Fiscal Performance. Fiscal Rules Conference. 15. Kopit, G. i Symansky, S. (1998). Fiscal Policy Rules. IMF Occasional Paper No 162. 16. Morris, R, Ongena, H, and Schuknecht, L. (2006). The Reform and Implementation of the

References Atkinson, Michael M., Haizhen Mou and Peter Bruce. 2016. “Fiscal Rules in the Canadian Provinces: Abject Failure or Qualified Success ?” Canadian Public Administration 59(4), 495 – 515. Badinger, Harald and Wolf Heinrich Reuter. 2017. “Determinants of Fiscal Rules.” Applied Economics Letters 24(3), 154 – 158. Begg, Iain. 2017. “Fiscal and other Rules in EU Economic Governance: Helpful, Largely Irrelevant or Unenforceable ?” National Institute Economic Review 239(1), R3–R13. Bel, Germa, Ringa Raudla, Miguel Rodrigues et al. 2018. “These Rules are

References Act on Public Finance of 27 August 2009 (Journal of Laws No. 157, Item 1240 with amendments). Balduzzi, P., & Grembi, V. (2011). Fiscal rules and window dressing: the case of Italian municipalities. Giornale degli Economisti e Annali di Economia, 70(1), 97-122. Benito, B., Bastida, F., & Vicente, C. (2013)., Creating room for manoeuvre: a strategy to generate political budget cycles under fiscal rules. Kyklos, 66(4), 467-496. doi: 10.1111/kykl.12032 Burret, H. T., & Feld, L. P. (2017a). (Un-)Intended effects of fiscal rules. In press in European

References Alesina, A. & Perotti, R. (1994). The political economy of budget deficits, NBER Working Paper, 4637, p. 1-57. Blejer, M. I., & Cheasty, A. (1991). The measurement of fiscal deficits: analytical and methodological issues, Journal of economic literature, 29(4), 1644-1678. Dur, R. A. J., Peletier, B. D., & Swank, O. H. (2000). The Effect of Fiscal Rules on Public Investment if Budget Deficits Are Politically Motivated. In Dur, R. (Ed.), Political Institutions and Economic Policy Choice, Thela Thesis Publishers, Amsterdam. Eisner, R. (1989). Budget


The aim of this paper is to analyze how public debt is used in Kosovo and to find out if there is a direct link between public debt and public investment that has positive impact on economic growth. Since acquiring independence, Kosovo engaged in public investment on a large scale, mainly in developing road infrastructure. With the cash balance depleted, a growing budget deficit and facing liquidity difficulties due to ongoing large public investments and increasing wage & salary bill and social transfers, the Government of Kosovo had to start borrowing both abroad and domestically. However, public debt had continued to increase even though public investment had experienced a sharp decrease. Since the budget financial statements do not show any deficit composition, we have recalculated a special-purpose deficit, the so-called “regular” budget deficit, considering only regular receipts and outlays. By disaggregating the total public debt based on lenders and by tying the loans to specific capital projects, we came to the conclusion that only a small part of the public debt is directly tied with public investment, while the bulk of it is used to finance the budget deficit that was caused by a high increase in wage & salary bill and social transfers. The analysis confirms that the public debt is being used for unproductive purposes and therefore does not contribute to economic growth. All this was supported by a lack of legal infrastructure or fiscal rules for several years. There is extensive literature on both public debt and public investments as well as their impact on economic growth. The literature review method was adopted for this study, and our research was refined by including the selected papers that contained empirical and theoretical studies on these issues. This is a case study for Kosovo, and the research has been carried out using secondary research data drawn from Kosovo budget annual financial reports and annual bulletins on public debt. The implications of this paper may be of high importance for policymakers as well as for academics, as this happens to be one of the pioneering articles in this field in terms of studies conducted about Kosovo. Herein is presented a unique approach to the issues of public debt and public investment.

, 75 (2), 335-346. doi:10.2307/2336182 Pradhan, R. (2020). Growth maximizing fiscal rule targets in India. The Singapore Economic Review. doi:10.1142/S021759081950067X Rais, I. S., & Anwar, T. (2012). Public debt and economic growth in Pakistan: A time series analysis from 1972 to 2010. Academic Research International , 2 (1), 535-544. Saikkonen, P. (1992). Estimation and testing of cointegrated systems by an autoregressive approximation. Econometric Theory , 8 (1), 1-27. doi:10.1017/S026646660- 0010720 Sanusi, K. A., Hassan, A. S., & Meyer, D. F. (2019). Non

References Albuquerque, B., 2011. Fiscal institutions and public spending volatility in Europe. Economic Modelling, 28(6), 2544-2559. DOI: Beetsma, R. M. W. J., and Debrun, X., 2007. The new stability and growth pact: A first assessment. European Economic Review, 51(2), 453-477. DOI: Bergman, U. M., and Hutchison, M., 2015. Economic stabilization in the post-crisis world: Are fiscal rules the answer? Journal of International Money and Finance, 52, 82-101. DOI: http

References 1. Alesina, A., & Bayoumi, T. (1996). The costs and benefits of fiscal rules: evidence from US states (No. w5614). National bureau of economic research. 2. Alesina, A., Hausmann, R., Hommes, R., & Stein, E. (1999). Budget institutions and fiscal performance in Latin America. Journal of development Economics, 59(2), 253-273. 3. Amato, J. D., & Gerlach, S. (2002). Inflation targeting in emerging market and transition economies: Lessons after a decade. European Economic Review, 46(4), 781-790. 4. Ammer, J., & Freeman, R. T. (1995). Inflation targeting in

. – FELD, L.P. 2018. Vertical Effects of Fiscal Rules: The Swiss Experience. In International Tax and Public Finance, vol. 25, 2018, no. 3, pp. 673–721. ISSN 0927-5940. DOMOKOS, L. et al. 2016. Renewal of Public Management. In Public Finace Quarterly, vol. 61, 2016, no. 2, pp. 178–198. ISSN 0031-496-X. DUVE, T. – DRESCHSLER, W. 2011. Insolvent Local Government: German Approach Prevention. In Central European Public Administration Review, vol. 9, 2011, no. 2, pp. 7–36. ISSN 2591-2240. doi: FOREMNY, D. 2014. Sub-national Deficits in