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1

TREND BRAKES IN THE PUBLIC DEBT MANAGEMENT IN SLOVENIA

100%
Dolenc P.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 1
95-103
EN
Public debt management is one of the basic fiscal functions the government performs. Public debt usually comprises a large share of nation's gross domestic product and is therefore an important instrument of fiscal policy. The purpose of this paper is to shed light on public debt management in Slovenia. Our goal was to estimate and present effects of debt management transactions performed by Slovenian Debt management office from year 2002 onwards. We found that these transactions had significant and positive effects on costs of public debt and also on its dynamics: they caused the turn in interest payments' trend and lowered the dynamics of upward-sloping trend of public debt.
2

Budget sustainability

70%
Papa L., Valentinyi A.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 5
395-426
EN
Government deficit and level of public debt are among the economic fundamentals. The basic question to ask about fiscal policy is whether it is sustainable. This paper first studies the theoretical problem of sustainability. One implication of the theory is that fiscal sustainability is determined by future fiscal policies. Hence, it is not possible to measure sustainability in the narrow theoretical sense. The authors propose a definition of sustainability that can be used in empirical applications. Next, building on their theoretical analysis, they review the empirical literature on fiscal sustainability, with particular attention to the theoretical criteria of sustainability and the indicators used in the empirical studies. Finally, they present two simple indicators of fiscal sustainability that they use to study the sustainability of fiscal policy in Brazil and Hungary.
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