Changes in sovereign debt dynamics in Central and Eastern Europe
No 16-10, Working Papers from Asociación Española de Economía y Finanzas Internacionales
The aim of this paper is to shed some light on the degree of fiscal debt sustainability for a group of Central and Eastern European countries. We apply a battery of time series econometrics methods to show how the financial crisis has affected the debt-to-GDP ratio and how it has behaved recently. The results provide us with important insights into the way governments in Central and Eastern Europe have reacted to debt accumulation. We distinguish two groups of countries; one group where the sovereign debt stock stabilises after the crisis, and another group where debt has been accumulated more quickly in recent years. The results provide important policy lessons for the authorities responsible.
Keywords: debt; Central and Eastern Europe; structural breaks; European integration (search for similar items in EconPapers)
JEL-codes: C22 F15 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:aee:wpaper:1610
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