Practical approaches to defining fiscal sustainability in the CEE countries

R. Kopych

Economy and Forecasting, 2011, issue 3, 42-60

Abstract: The author considers theoretical tasks and modern practical approaches to defining fiscal sustainability based on statistical tests and recursive algorithms and provides the results of an empirical testing for the sustainability of fiscal policy in the CEE countries and in Ukraine (with the use of tests for stationarity and cointegration and methods of two-step least squares (2SLS) and vector autoregression with vector error-correction (VAR/VEC)). The main conclusion in that, on the eve of the world financial crisis of 2008-2010, most CEE countries (except Hungary) and Ukraine had the possibilities to raise the budget deficit and the external debt.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eip:journl:y:2011:i:3:p:42-60

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