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New Political Macroeconomics in Modern Macroeconomics and Its Appliance to Transition Processes in Serbia

Author

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  • Miomir Jakšić
  • Aleksandra Praščević

Abstract

This study deals with important issues related to the new political macroeconomics and its appliance to the economic movements in Serbia, which is a country of “new democracy” as well as with transition economy. In political macroeconomics, it is a known fact that the economic policy instruments can be used for political purposes – simulated improvement of economic indicators to win the elections. These options assume specific features in transition economies, such as the Serbian economy. The political instability in Serbia, reflected in frequent elections, as well as in the diversity in political and economic goals of the key political parties leading to increasing political uncertainty in both the pre-election and post-election periods, weakened the economic system. Simultaneously, using the economic policy for political purposes to support the “pro-democratic” and “pro-European” parties proved to be paradoxically justified. Key words: Political macroeconomics, New democracy, Fiscal manipulation, Political instability.JEL: P16, P26, P27, E62.

Suggested Citation

  • Miomir Jakšić & Aleksandra Praščević, 2011. "New Political Macroeconomics in Modern Macroeconomics and Its Appliance to Transition Processes in Serbia," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 545-557.
    • Handle: RePEc:voj:journl:v:58:y:2011:i:4:p:545-557:id:171
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    More about this item

    Keywords

    New democracy; Political macroeconomics; Fiscal manipulation; Political instability;
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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