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Approaches Of Public Finance Sustainability Taking Into Account The Current Economic Context

Author

Listed:
  • ADAM, Alexandra

    (The Bucharest University of Economic Studies, Department of Economics and Economic Policies)

Abstract

The paper aims to emphasize the approaches of public finance sustainability in the new context created as a result of the fiscal pressures exhibited worldwide, both in advanced and emerging economies. The analysis highlights the need to address public debt sustainability both in terms of deterministic analysis that consider alternative scenarios not only in terms of interest rate, exchange rate, primary balance, economic growth shocks, but also contingent liabilities shocks and in terms of stochastic analysis for a better quantification of the economic agents reactions to changes of public debt level.

Suggested Citation

  • ADAM, Alexandra, 2015. "Approaches Of Public Finance Sustainability Taking Into Account The Current Economic Context," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 19(1), pages 93-101.
  • Handle: RePEc:vls:finstu:v:19:y:2015:i:1:p:93-101
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    References listed on IDEAS

    as
    1. Balázs Égert, 2015. "Public debt, economic growth and nonlinear effects: Myth or reality?," Journal of Macroeconomics, Elsevier, vol. 43(C), pages 226-238.
    2. Olivier J. Blanchard & Daniel Leigh, 2013. "Growth Forecast Errors and Fiscal Multipliers," American Economic Review, American Economic Association, vol. 103(3), pages 117-120, May.
    3. Michael Woodford, 2011. "Simple Analytics of the Government Expenditure Multiplier," American Economic Journal: Macroeconomics, American Economic Association, vol. 3(1), pages 1-35, January.
    4. Reda Cherif & Fuad Hasanov, 2018. "Public debt dynamics: the effects of austerity, inflation, and growth shocks," Empirical Economics, Springer, vol. 54(3), pages 1087-1105, May.
    5. Fredj Jawadi & Ricardo M. Sousa, 2013. "Structural breaks and nonlinearity in US and UK public debts," Applied Economics Letters, Taylor & Francis Journals, vol. 20(7), pages 653-657, May.
    6. James McHugh & Iva Petrova & Emanuele Baldacci, 2011. "Measuring Fiscal Vulnerability and Fiscal Stress; A Proposed Set of Indicators," IMF Working Papers 11/94, International Monetary Fund.
    7. Hana Polackova Brixi & Allen Schick, 2002. "Government at Risk : Contingent Liabilities and Fiscal Risk," World Bank Publications, The World Bank, number 15233, June.
    8. Giovanni Callegari & Giovanni Melina & Nicoletta Batini, 2012. "Successful Austerity in the United States, Europe and Japan," IMF Working Papers 12/190, International Monetary Fund.
    9. Cevik, Emrah Ismail & Dibooglu, Sel & Kutan, Ali M., 2014. "Monetary and fiscal policy interactions: Evidence from emerging European economies," Journal of Comparative Economics, Elsevier, vol. 42(4), pages 1079-1091.
    10. David Greenlaw & James D. Hamilton & Peter Hooper & Frederic S. Mishkin, 2013. "Crunch Time: Fiscal Crises and the Role of Monetary Policy," NBER Working Papers 19297, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    public debt; alternative scenarios; shocks; fiscal burden indicators;

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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