Rezultati fiskalnog odgovora na ekonomsku krizu - komparativni prikaz Srbije i odabranih evropskih zemalja u tranziciji

Abstract

This paper empirically explores the effects of fiscal response to recessionary pressures in selected European transition countries (Latvia, Croatia, Estonia, the Czech Republic, Hungary, Serbia, Bosnia and Herzegovina). The main objective is to compare it the macro-financial conditions and policies before the crisis, and to compare the response of fiscal policy on her, so to stand out, among other things, restrictions fiscal space specific countries. Even though they make joint pre-crisis patterns of strong capital inflows and strong growth, the key difference in the conduct of fiscal policy is that some countries have adopted an expansive (and procyclical) fiscal policy, and other restrictive (and countercyclical) one. Assessment of alternative fiscal instruments: direct and indirect taxes and various programs of public spending (public investment, social transfers, etc.) in this work will be carried out through analyzing the amount of fiscal multipliers for each of the seven countries included in the analysis. As a part of this analysis should confirm or overturn the hypothetical assumption that the increase of the rate of value added tax increases during a recession recessionary tendencies, such as experience of Croatia, Hungary, Lithuania, and now in Serbia.