文章基本信息

标题：Public debt sustainability in Serbia before and during the global financial crisis
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作者：Andrić, Vladimir ; Arsić, Milojko ; Nojković, Aleksandra 等
期刊名称：Economic annals
印刷版ISSN：0013-3264
电子版ISSN：1820-7375
出版年度：2016
卷号：61
期号：210
页码：47-77
DOI：10.2298/EKA1610047A
出版社：Faculty of Economics, Belgrade
摘要：We have analyzed the behaviour of primary fiscal balance and public debt in Serbia before and in the aftermath of the global financial crisis. The results of our analysis are: i) public debt to GDP ratioexhibits (near) unit root behaviour with an overall upward time trend; ii) the response of primary fiscal balance to public debt has been insufficient to mean revert the upward trend in government debt; iii) the efforts of the Serbian government to repay the debt principal after the fiscal rule breach have not been persistent, providing empirical support to the fiscal fatigue hypothesis; iv) the government budget constraint has deteriorated since the beginning of the global financial crisis; v) the response of primary fiscal balance to public debt from the onset of the global financial crisis has dropped more severely in comparison to other European economies.
关键词：Serbia; unit root tests; fiscal reaction functions; global financial crisis