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Fiscal sustainability and fiscal risk in the EU: forecasts and challenges in terms of COVID-19

Author

Listed:
  • Andrey Zahariev

    (D. A. Tsenov Academy of Economics, Bulgaria)

  • Anelia Radulova

    (D. A. Tsenov Academy of Economics, Bulgaria)

  • Aleksandrina Aleksandrova

    (D. A. Tsenov Academy of Economics, Bulgaria)

  • Mariana Petrova

    (St. Cyril and St. Methodius University of Veliko Turnovo, Bulgaria)

Abstract

This study focuses on examining the relationship between fiscal and debt sustainability indicators in EU Member States, based on the multidimensional approach to estimating and forecasting different time horizons applied by the European Commission. The relationship between fiscal sustainability and the numerical fiscal rules applied at national and supranational level in the context of the Stability and Growth Pact has been established. The dynamics of medium-term risks in the Member States of the European Union for the period 2015 - 2019 is traced. The main challenges to fiscal sustainability in the European space in the context of the COVID-19 pandemic are outlined.

Suggested Citation

  • Andrey Zahariev & Anelia Radulova & Aleksandrina Aleksandrova & Mariana Petrova, 2021. "Fiscal sustainability and fiscal risk in the EU: forecasts and challenges in terms of COVID-19," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 618-632, March.
    • Handle: RePEc:ssi:jouesi:v:8:y:2021:i:3:p:618-632
    DOI: 10.9770/jesi.2021.8.3(39)
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    References listed on IDEAS

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    1. Jasper Aerts & Pedro Bizarro, 2020. "The reform of the European Stability Mechanism," Capital Markets Law Journal, Oxford University Press, vol. 15(2), pages 159-174.
    2. Vitor Vieira Vasconcelos, 2021. "Social justice and sustainable regional development: reflections on discourse and practice in public policies and public budget," Insights into Regional Development, VsI Entrepreneurship and Sustainability Center, vol. 3(1), pages 10-28, March.
    3. Vitor Vieira Vasconcelos, 2021. "Social justice and sustainable regional development: reflections on discourse and practice in public policies and public budget," Post-Print hal-03583739, HAL.
    4. Hernán Ricardo Briceño & Javier Perote, 2020. "Determinants of the Public Debt in the Eurozone and Its Sustainability Amid the Covid-19 Pandemic," Sustainability, MDPI, vol. 12(16), pages 1-29, August.
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    Cited by:

    1. Valentina Nikolova-Alexieva & Iordanka Alexieva & Katina Valeva & Mariana Petrova, 2022. "Model of the Factors Affecting the Eco-Innovation Activity of Bulgarian Industrial Enterprises," Risks, MDPI, vol. 10(9), pages 1-23, September.
    2. Lyudmil Naydenov, 2022. "Household Expenditure During A Pandemic: Covid-19 And The Case Of Bulgaria," Business Management, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 4 Year 20, pages 18-34.
    3. Lyubomir Lyubenov & Anelia Lyubenova & Ivailo Hristakov, 2021. "Financial Issues And Funding In The Bulgarian Beekeeping Sector," Economic Archive, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 1 Year 20, pages 45-59.

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    More about this item

    Keywords

    fiscal policy; fiscal rules; debt; fiscal sustainability; fiscal risk; COVID-19;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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