Oditor, No. 03/2012
THE APPEARANCE OF PUBLIC DEBT AND STATE DEFICIT IN SERBIA – A Historical Aspect
Assistant professor PhD Snežana Krstić, Assistant professor PhD Slobodan Andžić
The main characteristic of the period we observe in the work of the National Bank (1884, 1914). The state budget deficit and public debt phenomena. The excess of expenses over revenues was administered in two ways: foreign credits and loans in the country (through borrowing from the National Bank and the announcement of public loans). Borrowing Serbia, as a rule, achieved under favorable conditions. Have contributed to strong involvement of the State and National Bank, which is supposed to provide the necessary guarantees, ie. cover debt repayment. Historical facts indicate that the Serbian state very early resorted deficient financing its expenditure.
Key words: public debt, government deficit, spending, the National Bank.
Snežana Krstić, Ph.D., Assistant professor, University of Defense, Military Academy, Generala Pavla Jurišića Šturma no. 33,
Slobodan Andžić, Ph.D., Assistant professor, Belgrade Business School, Higher education institution of applied studies, Kraljice Marije no. 73, Belgrade, Serbia