Naslov
Fiscal risks and public debt growth in the region of Former SFR Yugoslavia

Autori
Bajo, Anto ; Primorac, Marko

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
4th International Scientific Conference “Economy of Integration” (ICEI 2015) : “Challenges of Economy in Environment Under Crisis” : Conference Proceedings / Kozarević, Emira ; Okičić, Jasmina - Tuzla : Ekonomski fakultet Sveučilišta u Zagrebu, 2016, 152-170

Skup
International Scientific Conference “Economy of Integration” : “Challenges of Economy in Environment Under Crisis” (4 ; 2015)

Mjesto i datum
Tuzla, Bosna i Hercegovina, 03.12.2015. - 05.12.2015

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
public debt; government guarantees; fiscal risks; SFR Yugoslavia

Sažetak
The main objective of the paper is to analyse fiscal risks and their impact on public debt and deficit of former Yugoslav countries (Slovenia, Croatia, Serbia, Bosnia and Herzegovina, Montenegro, Macedonia and Kosovo).The former Yugoslav region as a whole is not over indebted but certain countries are under the significant fiscal pressure and transform number of potential liabilities into direct debt. Since the beginning of the financial crisis in 2007, most of the countries have seen an increasing trend in budget deficit and debt, seriously threatening the long term financial sustainability. Some countries (Slovenia, Croatia and Serbia) individually have greater public debt than Former Yugoslavia had at the end of 1990. Due to the lack of transparency in debt statistics (government arrears, guarantees, etc.), undeveloped bond market (smallest countries rely on short to medium term credit borrowing) and the lack of public debt management strategy (Croatia and Bosnia and Herzegovina), countries mostly rely on external borrowing with constantly increasing borrowing costs (yields on government bonds and interest payments). Some countries still do not have long term projections of the total public debt and debt servicing costs.

Izvorni jezik
Engleski

Napomena
Rad je objavljen i u Knjizi sažetaka ; Emira Kozarević, Senija Nuhanović, Meldina Kokorović Jukan (ur.) ; 2015. ; str. 25-25.

POVEZANOST RADA