UTICAJ MAKROEKONOMSKIH FAKTORA NA JAVNI DUG REPUBLKE SRBIJE U POSTTRANZICIONOM PERIODU
THE INFLUENCE OF MACROECONOMIC FACTORS ON THE PUBLIC DEBT OF THE REPUBLIC OF SERBIA IN THE POST-TRANSITION PERIOD

Summary/Abstract: The authors considered the public debt of the Republic of Serbia, as well as the factors affecting it, observing it in the post-transition period from 2005 to 2021. Public debt must be seen as part of a large number of macroeconomic variables, where it can appear as a cause or as a consequence in that network of complex interdependence relationships. This paper examines the importance of import and export of goods and services through their direct influence on the amount of public debt in the Republic of Serbia, with the obligatory and significant contribution of the fiscal balance. Therefore, the authors tried to define to what extent the variations in the public debt of the Republic of Serbia can be explained by the variations in the import and export of goods and services, and then the fiscal balance of the Republic of Serbia. By applying the dependency technique, that is, by applying multiple regression analysis, it can be concluded that, in addition to other included variables, the biggest influence on the public debt of the Republic of Serbia is the import and export of goods and services, and then the fiscal balance. The official data of the National Bank of Serbia for the period from 2005 to 2021 were taken into consideration.

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