The main consideration of public debt in the Republic of Macedonia

The book presents the findings from the research of the public debt in the Republic of Macedonia. The basic hypothesis is that the increase in public debt and its sustainability is a complex problem that negatively affects the overall economic activity and the long-term fiscal sustainability. According to the comprehensive and theoretical analysis of global and regional practices, as well as empirical studies, we concluded that the level of public debt in the Macedonia, is not high. But the trend of borrowing, as well as the purpose of debt, its structure, cost of borrowing, economic and fiscal arrangement in the country and the inadequate debt management are worrying. Structural changes of public finances and improving the debt management are obligatory. Special attention should be paid to fiscal consolidation and the application of appropriate measures to stimulate the economic activity for achieving higher growth rates, which will ensure the sustainability of the debt. The research is expected to be of particular interest for policy makers, also provides valuable information for researches and students seeking to better understand the public debt.