摘要：This paper analyses the dynamics of public debt growth in Serbia between the fourth quarter of
2004 (2004Q4) and the same quarter of 2017 (2017Q4). The empirical estimates capture the upward
shift in public debt growth from the onset of the Great Recession. The results also show how policy
makers have managed to curb the growth of public indebtedness in Serbia between 2014Q4-2017Q4.
The government should, however, put greater fiscal efforts to reduce the overall share of public debt
in gross domestic product in accordance with the fiscal rules of the Republic of Serbia and the
Maastricht convergence criteria.
关键词：public debt growth; great recession; fiscal consolidation; Serbia
