Determinants of Fiscal Consolidation Success in V4 Countries

The crisis of public finance negatively affected the overall economic development in all EU Member States, and therefore issues related to the regulatory mechanism not only of the financial sector, but the economy as a whole, are more than justified. The focus of fiscal consolidation is to a certain extent a "stumbling block" among the indebted countries. Issues aimed at defining the type of fiscal consolidation, the determination of the specific components of one sided oriented consolidation, and not least the determinants of individual components come into the spotlight. All these issues are important in order to help reduce public debt and to support persistent long-term fiscal balance in the EU. This chapter focuses on the identification and comparison of revenue and expenditure based consolidation, which would substantially contribute to the reduction of public debt in the V4 countries for the period 1996 to 2014.