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The Fiscal Risk: An Indicator Of The Financial System'S Stability

Author

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  • Aneliya Radulova

    (D Tsenov Academy of Economics - Svishtov, Svishtov, Bulgaria)

Abstract

Fiscal sustainability is strongly related to the concept of fiscal risks. The indicators used for measuring fiscal sustainability within the European Union until the financial crisis made it possible to assess risk in the long term, but subsequent events have revealed that this is insufficient. Thus, there is a necessity of a multidimensional approach that integrates long-term sustainability assessment with the assessment of more pressing issues and risks in the short- and medium-term. This study outlines the main parameters, specific indicators and indicators for identifying fiscal risks with different time horizons applied by the European Commission. The dynamics of medium-term risks in the EU Member States for the period 2015-2019 are examined and the main challenges to fiscal sustainability within the European area are outlined in this paper.

Suggested Citation

  • Aneliya Radulova, 2020. "The Fiscal Risk: An Indicator Of The Financial System'S Stability," Economic Science, education and the real economy: Development and interactions in the digital age, Publishing house Science and Economics Varna, issue 1, pages 70-79.
    • Handle: RePEc:vrn:cfdide:y:2020:i:1:p:70-79
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    More about this item

    Keywords

    Debt; debt sustainability analysis; fiscal sustainability; fiscal risk;
    All these keywords.

    JEL classification:

    • H - Public Economics
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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