Article metrics

  • citations in SCindeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[=>]
  • visits in previous 30 days:53
  • full-text downloads in 30 days:53
article: 10 from 48  
Back back to result list
Ekonomija: teorija i praksa
2017, vol. 10, iss. 1, pp. 27-43
article language: Serbian
document type: Review Paper
published on: 27/07/2017
doi: 10.5937/etp1701027S
Creative Commons License 4.0
The problem of budgetary deficit in modern economies
Niš

e-mail: mstanulovic@gmail.com

Abstract

A surplus of expenditure over revenues in the government budget is called a budgetary deficit. Budgetary deficit, in itself, is not a negative thing. If the budgetary deficit allows full employment and helps reaching economic policy goals, there is full understanding for having a budgetary deficit. Budgetary deficit of the Republic of Serbia has shown an increasing tendency in the period 2005-2016. After this period, budgetary deficit has started to decrease as a result of fiscal consolidation measures. Besides avoiding the negative consequences of a budgetary deficit, Serbia has to maintain its budgetary deficit at a level below 3% of GDP, because that is a requirement for joining the European Union. This also applies to countries which are already members of the EU, but they have the right to short term deviations during the economic crisis. The European Union uses these rules to maintain fiscal discipline. By comparing budgetary deficits of the developed and developing countries, we can see a big difference in levels of deficits. Developed countries have higher deficits in the first years of economic recession, while the developing countries' budgets show economic crisis consequences in the subsequent years. The reasons for that lie in crisis overflow channels, thanks to which the developed countries were the first to experience crisis, and only later it affected the developing countries, too.

Keywords

References

*** (2017) Zakon o budžetu Republike Srbije za 2005. godinu. Jun 30, Preuzeto sa: http://www.mfin.gov.rs/download/pdf/zakoni/sektor_budzeta/Zakon%20o%20budzetu%20Republike%20Srbije%20za%202005.%20godinu,%2019.11.2004.pdf
*** (2017) Zakon o budžetu Republike Srbije za 2017. godinu. Jun 20, Preuzeto sa:
*** (2017) European commission statistics. Maj 15, Preuzeto sa: http://ec.europa.eu/eurostat/tgm/table.do?tab=table&init=1&language=en&pcode=tec00127&plugin=1
*** (2017) Fiskalna strategija za 2017. godinu, sa projekcijama za 2018. i 2019. godinu. jun 20, Preuzeto sa: http://www.fiskalnisavet.rs/doc/ocene-i-misljenja/2016/Ocene%20budzeta%20za%202017%20i%20Fiskalne%20strategije%20za%20period%202017-2019.pdf
*** (2017) Ocena predloga Zakona o budžetu za 2017. godinu i fiskalne strategije za period 2017-2019. jun 20, Preuzeto sa: http://www.fiskalnisavet.rs/ doc/ocene-i-misljenja/2016/Ocene%20budzeta%20za%202017%20i%20Fiskalne%20strategije%20za%20period%202017-2019.pdf
Bajec, J. (1993) Obaranje hiperinflacije i kontrola budžetskog deficita. in: Ekonomska politika, Beograd
Cvetanović, S. (2012) Makroekonomija. Niš
Đurović-Todorović, J., Đorđević, M. (2010) Javne finansije. Niš: Ekonomski fakultet
Kalkan, G.M. (2013) Fiskalna pravila u Evropskoj uniji i stabilizacija. Financing, 1(13); 1-9
Lovre, I., Jotić, J. (2013) Fiscal system of the Republic of Serbia in the EU accession process. Škola biznisa, vol. , br. 3-4, str. 171-183
Milovanović, S., Lanić, S., Carić, M. (2010) Makroekonomija - elementi privrednog sistema. Novi Sad: Školska knjiga
Petrović, P., Brčerević, D., Minić, S. (2017) Fiskalna konsolidacija i privredni rast 2015-2017 - plan, ostvarenja i pokretači. Preuzeto sa: http://www.fiskalnisavet.rs/doc/istrazivacki-radovi/FS%20radni%20dokument%20-%20KBF%202017%20(SRB).pdf
Tmušić, M. (2011) Mesto budžeta u javnim finansijama Srbije. Godišnjak Fakulteta političkih nauka, vol. 5, br. 5, str. 347-357
Trading economics (2017) Maj 15, Dostupno na: https://tradingeconomics.com
Vuković, M. (2008) Fiskalna pravila Evropske unije kao smernice kreatorima fiskalne politike u Srbiji - kratak osvrt. Škola biznisa, 4(3); 39-42