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"Public Debt in Southeast Europe” – Why to enable public participation?

Author

Listed:
  • Trenovski, Borce
  • Mijovic-Spasova, Tamara

Abstract

The objective of the study is to analyze various policies, regulation and legislation regarding public debt and processes of the situation in the public finance field, to recognize key problems, propose solutions and advocate for change, with a special focus on monitoring of public finance. Often debt does not serve the needs of the citizens and puts limitations on democracy in a sense that does not imply involvement of citizens and NGOs in the process of decision making in the area of public finances and at the same time is characterized by a low level of transparency. Hence, the study will identify problems in implementation of the existing legislation or identify lack of necessary legislation. This will be the basis for proposing policy recommendations regarding monitoring of public finance for the covered countries and advocating for them. The study analyzes the recent debt trends in Bosnia and Herzegovina, Bulgaria, Kosovo, Macedonia, Montenegro, Serbia, and Slovenia with the aim of warning about possible problems with long-term debt sustainability. It is very important to detect debt vulnerabilities and to react in a timely manner.

Suggested Citation

  • Trenovski, Borce & Mijovic-Spasova, Tamara, 2018. ""Public Debt in Southeast Europe” – Why to enable public participation?," MPRA Paper 88381, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:88381
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    References listed on IDEAS

    as
    1. Trenovski, Borce & Tashevska, Biljana, 2016. "Fiscal Sustainability of Macedonia on its path towards the EU," MPRA Paper 76321, University Library of Munich, Germany, revised 2016.
    2. Ivailo V. Izvorski & Satu Kahkonen & Ivailo Izvorski, 2008. "Public Expenditure Policies in Southeast Europe," World Bank Publications - Books, The World Bank Group, number 6370, April.
    3. World Bank, 2014. "Bosnia and Herzegovina : Public Expenditure and Financial Accountability Assessment," World Bank Publications - Reports 20768, The World Bank Group.
    4. World Bank, 2015. "FYR of Macedonia," World Bank Publications - Reports 22504, The World Bank Group.
    5. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 1-74.
    6. 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.
    7. Danica Unevska-Andonova & Dijana Janevska-Stefanova, 2015. "Transmission of External Shocks in Assessing Debt Sustainability, the Case of Macedonia," Working Papers 2015-04, National Bank of the Republic of North Macedonia.
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    Keywords

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    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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