Abstract: |
The aim of this paper is to analyse fiscal policy in former Yugoslavian
countries over the period 2001–2014. The contribution of the paper is
threefold. First, we build a homogenous database to describe the evolution of
main fiscal aggregates in each country, using the same analytical structure.
Second, we analyse national tax structures to find if common patterns are
still present, or if they have evolved in different ways over time. Third, we
pool data to analyse and compute the cyclical sensitivity of budget balance,
taxes and expenditure to the output gap. Our results show that tax structures
are still similar and that economic cycle is very relevant to explain the
dynamics of deficit and expenditure, but not revenues. |