Stabilność fiskalna krajów Grupy Wyszehradzkiej a kryzys gospodarczy lat 2007–2011

The global economic crisis of 2007–2011 led to a significant economic downturn in the Visegrad Group countries (Poland, Czech Republic, Slovakia and Hungary) and to the adoption of stimulating packages based on the expansive fiscal policy. It might have resulted in the serious deterioration of the fiscal stance in those countries. The aim of this article is analysis of impact of the global economic crisis on the fiscal stance of the Visegrad Group countries. The work consists of three parts. In the first of them the definition of fiscal sustainability and its basic theoretical aspects were presented. The second was devoted to the description of major indicators and econometric tests of fiscal sustainability. In the last of them fiscal sustainability of the Visegrad Group was verified empirically. The results show that only in Slovakia we observed the stabilization of fiscal stance in the period of 1995–2011. The situation was getting gradually worse in Czech Republic, Poland and Hungary. The goal of regaining fiscal sustainability will be one of the most important for all of these countries in the closest future.