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Factors Determining the Macroeconomic Impact of the Fiscal Policy: Theoretical Analysis


  • Nikolay Velichkov

    () (University of National and World Economy, Sofia, Bulgaria)

  • Kristina Stefanova

    () (University of National and World Economy, Sofia, Bulgaria)


This paper studies and interprets the impact of the fiscal policy on the real economy within the framework of various theoretical concepts that allow for different strength of that impact. This strength depends on the power and the scope of the factors that can limit the fiscal policy macroeconomic effects. In this respect, the aim of the paper is to analyze the role of these factors in the actual manifestation of the interaction between fiscal policy and macroeconomic activity.

Suggested Citation

  • Nikolay Velichkov & Kristina Stefanova, 2019. "Factors Determining the Macroeconomic Impact of the Fiscal Policy: Theoretical Analysis," Nauchni trudove, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 95-110, November.
  • Handle: RePEc:nwe:natrud:y:2019:i:3:p:95-110

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    fiscal policy; crowding out effect; fiscal sustainability;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General


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