We analyse the dynamics of public debt in Serbia between 2004Q3 and 2014Q3. Our results are as follows: i) traditional unit root tests do not reject the unit root hypothesis for public debt; ii) unit root tests robust to sample size and high AR (1) coefficient provide mixed evidence with respect...

Filling the evidence gap on the size and variations of fiscal multipliers in developing countries, and contributing to the debate on the fiscal transmission mechanism, we found that the government spending multipliers in emerging Europe are (i) higher than in developing countries and at lower...

Bosnian Abstract: U radu je data kompleksna analiza funkcionisanja privrede Srbije u uslovima ekonomske blokade i preduzimanja mera usmerenih na prevazilaženje njima izazvanih problema. Razmotrene su specifičnosti tržišta Srbije, uključujući stepen koncentrisanosti raznih grana i stepen...

We analyze public debt sustainability in Serbia between 2004Q3 and 2014Q3. The results of our analysis are: i) public debt to GDP ratio is on unsustainable path, according to the results of unit root tests; ii) the response of primary fiscal balance to public debt accumulation is insufficient to...

We focus on the response of primary fiscal balance to interest payments and borrowing costs on Serbian public debt before and in the aftermath of the global financial crisis. Our analysis reveals: i) policy makers financed up to 50% of each percentage point increase in interest payments to GDP...

During extreme hyper-inflations productivity tends to fall dramatically.  Yet, in models of money demand in hyper-inflation variables such as real income has been given a somewhat passive role, either assuming it exogenous or to have a negligible role.  In this paper we use an empirical...

The focus is on ’explosive root VAR’ modelling of money, prices, wages, and exchange rates applied to the Jugoslav high inflation/hyperinflation transition period from a centrally planned economy to a more market oriented economy. The I(2) model, which has previously been used to estimate...

During extreme hyper-inflations productivity tends to fall dramatically. Yet, in models of money demand in hyper-inflation variables such as real income has been given a somewhat passive role, either assuming it exogenous or to have a negligible role. In this paper we use an empirical...