Original scientific paper
https://doi.org/10.1080/1331677X.2019.1583584
Fiscal policy in former Yugoslavian countries (2001–2014): stylised facts and budget elasticities
Marko Crnogorac
orcid.org/0000-0002-5302-2081
; Faculty of Economic & Business Sciences, Governance and Economics Research Network, University of Vigo, Ourense, Spain
Santiago lago Peñas
orcid.org/0000-0003-4601-8655
; Faculty of Economic & Business Sciences, Governance and Economics Research Network, University of Vigo, Ourense, Spain
Abstract
The aim of this paper is to analyse fiscal policy in former
Yugoslavian countries over the period 2001–2014. The contribution of the paper is threefold; first, we build a homogeneous
database to describe the evolution of the main fiscal aggregates
in each country using an identical analytical structure. Second, we
analyse the composition of national tax revenues to determine
whether common patterns are still present, or if they have
evolved in different ways over time. Third, we pool data to analyse and compute the elasticity of budget imbalance, taxes and
expenditure to the output gap. Our results show that tax revenue
composition is still similar and that the economic cycle is very
relevant in explaining the dynamics of both deficit and expenditure over Gross Domestic Product, but not revenues.
Keywords
Fiscal policy; government deficit; business cycle; Yugoslavia
Hrčak ID:
228739
URI
Publication date:
22.1.2019.
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