Fiskalna reakcija u odnosu na troškove kamata-slučaj Srbije
Sažetak
U ovom radu fokusiramo se na reakciju primarnog fiskalnog bilansa na troškove kamata i zaduživanja na srpski javni dug pre, tokom i nakon izbijanja globalne finansijske krize. Naša analiza otkriva: i) kreatori ekonomske politike su finansirali i do 50% ukupnog rasta troškova kamata emisijom novog javnog duga; ii) nakon izbijanja globalne finansijske krize vlada smanjuje primarni fiskalni bilans uprkos rastu troškova kamata i zaduživanja; iii) reakcija primarnog fiskalnog bilansa na troškove kamata oponaša reakciju primarnog fiskalnog bilansa na troškove zaduživanja; iv) mere štednje usvojene nakon kršenja fiskalnih pravila za gornju granicu javnog duga su se pokazale kao nedovoljne za stabilizaciju javnih finansija u Srbiji.
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