This paper analyses the dynamics of public debt growth in Serbia between the fourth quarter of 2004 (2004Q4) and the same quarter of 2017 (2017Q4). The empirical estimates capture the upward shift in public debt growth from the onset of the Great Recession. The results also show how policy makers have managed to curb the growth of public indebtedness in Serbia between 2014Q4-2017Q4. The government should, however, put greater fiscal efforts to reduce the overall share of public debt in gross domestic product in accordance with the fiscal rules of the Republic of Serbia and the Maastricht convergence criteria.

中文翻译：

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公共债务增长、大衰退和财政整顿：塞尔维亚事件

本文分析了 2004 年第四季度（2004Q4）和 2017 年同季度（2017Q4）之间塞尔维亚公共债务增长的动态。经验估计反映了自大衰退开始以来公共债务增长的上升趋势。结果还显示了政策制定者如何在 2014 年第四季度至 2017 年第四季度期间设法遏制塞尔维亚公共债务的增长。然而，政府应根据塞尔维亚共和国的财政规则和马斯特里赫特收敛标准，加大财政力度，降低公共债务在国内生产总值中的总体份额。