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Fiscal Sustainability: Conceptual, Institutional, and Policy Issues

Author

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  • Marek Dabrowski

Abstract

The chronic nature of sovereign debt crises has resulted in the growing interest of analysts in finding both their real causes and the mechanisms of cross-country transmission - the so-called contagion effect. In this paper, we will try to answer the frequently asked question: what is the “safe” level of public debt (i.e. what level helps to avoid the risk of sovereign default)? Simultaneously, we will address various conceptual, institutional, and statistical dilemmas related to the definition and measurement of public debt.

Suggested Citation

  • Marek Dabrowski, 2016. "Fiscal Sustainability: Conceptual, Institutional, and Policy Issues," CASE Working Papers 0004, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:worpap:0004
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    More about this item

    Keywords

    public debt; fiscal deficit; fiscal policy; public finance management; general government; fiscal rules;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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