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Fiscal Deficit and Public Debt in the Western Balkans: 15 Years of Economic Transition

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  • Zsoka Koczan

Abstract

In this paper we analyze how Western Balkans public finances adapted to the boom-bust cycle. Large capital inflows into emerging European economies during the mid-2000s resulted in rapid economic growth and convergence to EU income levels. This also resulted in improved fiscal positions of most countries, on the back of strong revenue performance. Yet, since the onset of the global economic crisis, many countries have struggled to adjust to the new situation of lower external financing and lower growth.

Suggested Citation

  • Zsoka Koczan, 2015. "Fiscal Deficit and Public Debt in the Western Balkans: 15 Years of Economic Transition," IMF Working Papers 2015/172, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2015/172
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    Cited by:

    1. Zharku Lutfi, 2018. "(Un)Productive Use of Public Debt in Kosovo," Ekonomika (Economics), Sciendo, vol. 97(2), pages 18-37, December.
    2. Zharku Lutfi, 2018. "Irregular Receipts Leading to Budget Deficits in Kosovo," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 6(1), pages 100-115, August.
    3. Trenovski, Borce & Mijovic-Spasova, Tamara, 2018. ""Public Debt in Southeast Europe” – Why to enable public participation?," MPRA Paper 88381, University Library of Munich, Germany.
    4. Galia Mancheva, 2016. "Monetary Policy in Albania 2006-2015," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 461-474, December.
    5. Yu HSING, 2019. "Is real depreciation or more government deficit expansionary? The case of Macedonia," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(618), S), pages 51-60, Spring.
    6. Vladimir Andrić & Milojko Arsić & Aleksandra Nojković, 2016. "Public Debt Sustainability In Serbia Before And During The Global Financial Crisis," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 61(210), pages 47-78, July - Se.
    7. Torben M. Andersen & Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Branko Uroševic, 2016. "The EEAG Report on the European Economy 2016: What Next?," EEAG Report on the European Economy, CESifo, vol. 0, pages 01-140, February.
    8. repec:agr:journl:v:1(618):y:2019:i:1(618):p:51-60 is not listed on IDEAS
    9. Lutfi Zharku, 2018. "Budget Deficits, Public Debt and Irregular Receipts: Kosovo case," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 14(5), pages 268-285, OCTOBER.
    10. Andric, Vladimir & Arsic, Milojko & Mladenovic, Zorica, 2016. "The Dynamics of Public Debt in Serbia - A Nonlinear Analysis," EconStor Preprints 144713, ZBW - Leibniz Information Centre for Economics.
    11. Andric, Vladimir & Arsic, Milojko & Nojkovic, Aleksandra, 2016. "Public Debt Sustainability in Serbia-Evidence from Transition and the Great Recession," EconStor Preprints 126682, ZBW - Leibniz Information Centre for Economics.
    12. Torben M. Andersen & Giuseppe Bertola & John Driffill & Harold James & Hans-Werner Sinn & Jan-Egbert Sturm & Branko Uroševic, 2016. "Chapter 5: Western Balkans: Coming Together," EEAG Report on the European Economy, CESifo, vol. 0, pages 99-123, February.

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