THE FISCAL RISK: AN INDICATOR OF THE FINANCIAL SYSTEM'S STABILITY

Aneliya Radulova ()
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Aneliya Radulova: D Tsenov Academy of Economics - Svishtov, Svishtov, Bulgaria

Economic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 70-79

Abstract: Fiscal sustainability is strongly related to the concept of fiscal risks. The indicators used for measuring fiscal sustainability within the European Union until the financial crisis made it possible to assess risk in the long term, but subsequent events have revealed that this is insufficient. Thus, there is a necessity of a multidimensional approach that integrates long-term sustainability assessment with the assessment of more pressing issues and risks in the short- and medium-term. This study outlines the main parameters, specific indicators and indicators for identifying fiscal risks with different time horizons applied by the European Commission. The dynamics of medium-term risks in the EU Member States for the period 2015-2019 are examined and the main challenges to fiscal sustainability within the European area are outlined in this paper.

Keywords: Debt; debt sustainability analysis; fiscal sustainability; fiscal risk (search for similar items in EconPapers)
JEL-codes: H H3 H6 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrn:cfdide:y:2020:i:1:p:70-79

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