摘要:We focus on the response of primary fiscal balance to interest payments and borrowing costs on Serbian public debt before,during and in the aftermath of the global financial crisis.Our analysis reveals:i)policy makers financed up to 50% of each percentage point increase in interest payments to GDP ratio with new public debt issuance;ii)the government has responded to rising interest payments and borrowing costs by reducing primary fiscal balance from the onset of the global financial crisis;iii)the response of primary fiscal balance to interest payments mimics the response of primary fiscal balance to the costs of borrowing;iv)fiscal austerity measures adopted after the breach of fiscal rule for public debt have been insufficient to stabilize fiscal policy stance in Serbia.
其他摘要:U ovom radu fokusiramo se na reakciju primarnog fiskalnog bilansa na troškove kamata i zaduživanja na srpski javni dug pre,tokom i nakon izbijanja globalne finansijske krize.Naša analiza otkriva:i)kreatori ekonomske politike su finansirali i do 50% ukupnog rasta troškova kamata emisijom novog javnog duga;ii)nakon izbijanja globalne finansijske krize vlada smanjuje primarni fiskalni bilans uprkos rastu troškova kamata i zaduživanja;iii)reakcija primarnog fiskalnog bilansa na troškove kamataoponaša reakciju primarnog fiskalnog bilansa na troškove zaduživanja;iv) mere štednje usvojene nakon kršenja fiskalnih pravila za gornju granicu javnog duga su se pokazale kao nedovoljne za stabilizaciju javnih finansija u Srbiji.