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Wysocki Maciej (Warsaw School of Economics, Poland)
Sustainability of Public Debt Stock in Transition Economies in Central and Eastern Europe Countries in Terms of Solvency
Stabilność długu publicznego w państwach Europy Środkowej i Wschodniej
Studia Ekonomiczne / Polska Akademia Nauk. Instytut Nauk Ekonomicznych, 2017, nr 1 (92), s. 61-83, bibliogr. 37 poz.
Economic Studies
Słowa kluczowe
Dług publiczny, Szeregi czasowe, Przekształcenia systemowe w gospodarce
Public debt, Time-series, Systemic transformations in the economy
Klasyfikacja JEL: C22, E60, H63
streszcz., summ.
Europa Środkowo-Wschodnia
Central and Eastern Europe
W artykule zbadano stabilność długu publicznego w kategoriach wypłacalności w państwach Europy Środkowej i Wschodniej, wykorzystując algorytm autorstwa Ata Ozkaya; algorytm ten został zmodyfikowany przez wprowadzenie testu Zivota-Andrewsa do ustalania stopnia integracji szeregów czasowych. Takie podejście umożliwiło wykrycie złamań strukturalnych, które pojawiły się po globalnym kryzysie finansowym od czwartego kwartału 2008 roku. Ponadto okazało się, że - mimo przejściowych problemów fiskalnych w czasach kryzysu - we wszystkich państwach w Europie Środkowej i Wschodniej udało się ustabilizować politykę fiskalną.(abstrakt oryginalny)

In this article we examine the sustainability of public debt stock in terms of solvency in CEE countries using Ata Ozkaya's Stepwise Algorithm modified by Zivot-Andrews test to establish the level of integration variables. Such an approach allows us to examine the presence of structural breaks which occurred since the global financial crisis in the fourth quarter of 2008. We find that despite temporal fiscal turbulences during the crisis, all countries of Central and Eastern Europe have stabilised their fiscal policies. (original abstract)
Pełny tekst
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