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Public Debt Service, Interest Rates and Fiscal Variables in Transition Countries

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  • Vratislav Izák
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    Abstract

    The prevailing view in the literature is that the cost of debt servicing depends on the variables that determine the debt dynamics: primary balance, outstanding debt, economic growth and inflation. Several papers devoted to advanced market economies show that a stronger primary balance is associated with a lower cost of debt servicing. The interest cost of servicing the public debt is key both to its sustainability and to the burden it places on the public finances and the economy. A panel of four transition economies: the Czech Republic, Hungary, Poland and Slovakia in the time period 1994 -2002 has been analyzed. The question is if also in these countries much of the variation in the costs of servicing public debt can be explained in terms of fundamentals that determine the debt dynamics. Last but not least country-specific effects are discussed.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Prague Economic Papers.

    Volume (Year): 2004 (2004)
    Issue (Month): 1 ()
    Pages: 3-15

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    Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:1:id:227:p:3-15

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    Related research

    Keywords: public debt; interest rates; fiscal variables;

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    References

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    1. Silvia Ardagna & Francesco Caselli & Timothy Lane, 2004. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," NBER Working Papers 10788, National Bureau of Economic Research, Inc.
    2. Olivier Jean Blanchard, 1990. "Suggestions for a New Set of Fiscal Indicators," OECD Economics Department Working Papers 79, OECD Publishing.
    3. Andrew Burns & Kwang-Yeol Yoo, 2002. "Public Expenditure Management in Poland," OECD Economics Department Working Papers 346, OECD Publishing.
    4. Willi Leibfritz & Deborah Roseveare & Paul van den Noord, 1994. "Fiscal Policy, Government Debt and Economic Performance," OECD Economics Department Working Papers 144, OECD Publishing.
    5. Jaromir Cekota & Rauf Gönenç & Kwang-Yeol Yoo, 2002. "Strengthening the Management of Public Spending in Hungary," OECD Economics Department Working Papers 336, OECD Publishing.
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