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- Title
FISCAL SPACE IN SMALL AND OPEN DEVELOPING ECONOMIES.
- Authors
POPOVSKI, Nikola
- Abstract
The paper researches and analysis the models and use of fiscal space in small and open developing economies. The small economies usually built a fiscal space during periods of strong growth of the economy and then used it for stimulus during the crises and recessions. There is an overall trend in the last two decades, especially after the financial and economic global crisis where the fiscal space was connected with the counter-cyclical or pro-cyclical fiscal policy due to a vulnerability of the small and open developing economies to economic environment. As it was heavily used in the post crises period the fiscal space itself has contracted a lot and has not returned to pre-crisis levels although it improves significantly. Lately, as the global economy, the small developing economies also faces downside risks to growth and contributing financing problems which challenge the need of active stimulus on the side of the fiscal policy as well which may need additional fiscal space again.
- Subjects
FREE trade; FISCAL policy; OPEN spaces; INTERNATIONAL competition; FISCAL year
- Publication
Vizione, 2019, Issue 33, p383
- ISSN
1409-8962
- Publication type
Article