Budget Constraint Fulfilment in Some EU Candidate Countries

Abstract

One of the crucial fiscal sustainability preconditions is fulfilment of budget constraint. We applied the approach of budget revenue and expenditure cointegration in some EU candidate countries, because of the reliability of this method for the observed countries. This is the first research of this topic in the majority of these countries based on the above-mentioned methodological set. We showed that weak fiscal sustainability is immanent to Serbia. In Albania and Turkey, we could not find budget sustainability evidence. Our results are very important to economic policy makers in these countries, but also are of special concern to EU bodies in the European integration process. This is emphasised because of reported public debt crisis and macroeconomic spillovers in the European Union.

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