International Conference on Eurasian Economies
1-3 July 2014 – Skopje, MACEDONIA
Paper detail
Paper ID : 951
Status : Paper published
Language : Turkish
Topic : Finance and Financial Crises
Presenter: Dr. Servet Akyol
Session : 2D Finans
Financial Crisis and Fiscal Policy: An Assessment of the EU-Member Balkan States
Finansal Kriz ve Maliye Politikası: AB Üyesi Balkan Ülkeleri Üzerine Bir Değerlendirme
- Dr. Servet Akyol (Akdeniz University, Türkiye)
Abstract
The objective of this paper is to study the economic and social results of the post-crisis fiscal policies concerning the Balkan States that are members of the EU. The global crisis, which broke out in the US in 2008, had a deep effect on both developed and developing countries. Until today different policies have been put on the agenda in order to eliminate or alleviate the impacts of the crisis. In this context, bailout and stimulus packages were firstly implemented. Stimulus packages were replaced by austerity policies because of the increasing public debt and budget deficit after 2010. Fiscal policy focused on reducing the debts instead of supporting the economic activities. This study is based on historical and descriptive method. It examines the development of post-crisis fiscal policies in the Balkan States that are members of the EU. In this study, public expenditure, public debt, public deficit and unemployment rate are used as the main indicators. The effects of fiscal policy will be compared between countries. This study also suggests that although the crisis resulted from financial sector, burden of crisis was transferred to public sector. Moreover, in many countries, because of its increasing deficit and debt burden, public sector became depended on financial sector that was rescued before. After the crisis, fiscal policies has led to significant economic and social costs in the Balkan States that are members of the EU.
JEL codes: E62, H12, O52
Akyol, Servet (2014). "Financial Crisis and Fiscal Policy: An Assessment of the EU-Member Balkan States" in Proceedings of International Conference of Eurasian Economies 2014, pp.726-737, Skopje, MACEDONIA.
DOI: https://doi.org/10.36880/C05.00951
