{"id":4368,"date":"2025-11-17T12:02:57","date_gmt":"2025-11-17T12:02:57","guid":{"rendered":"https:\/\/aap.umb.sk\/?page_id=4368"},"modified":"2025-11-19T09:41:00","modified_gmt":"2025-11-19T09:41:00","slug":"andrea-tkacova","status":"publish","type":"page","link":"https:\/\/aap.umb.sk\/?page_id=4368","title":{"rendered":"Andrea Tk\u00e1\u010dov\u00e1"},"content":{"rendered":"\n<p class=\"has-text-align-center\"><strong>WHEN RULES ARE NOT ENOUGH: CONSTRUCTION AND TESTING OF THE DEBT BRAKE COMPLIANCE INDEX IN EU COUNTRIES <\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><strong>K<\/strong>e\u010f pravidl\u00e1 nesta\u010dia: Kon\u0161trukcia a testovanie indexu  dodr\u017eiavania dlhovej brzdy v krajin\u00e1ch E\u00da<\/strong><\/p>\n\n\n\n<p><em>Published: 17.11.202<\/em>5<\/p>\n\n\n\n<p class=\"has-text-align-right\"><a href=\"https:\/\/doi.org\/10.24040\/aap.2025.22.2.30-46\">https:\/\/doi.org\/10.24040\/aap.2025.22.2.30-46<\/a><\/p>\n\n\n\n<pre class=\"wp-block-verse\"><strong>Abstract: <\/strong>This article develops the Debt Brake Compliance Index (DBCI), a novel composite indicator designed to measure the quality and credibility of debt brake implementation in 21 EU Member States between 2011 and 2024. The index captures three complementary dimensions of fiscal rule effectiveness\u2014quantitative compliance, institutional capacity, and rule credibility\u2014allowing for systematic cross-country and temporal assessment of compliance behavior. Using a panel dataset of EU countries and fixed-effects regression models, the study examines the relationship between the DBCI and public debt dynamics. The results show that higher-quality debt brake implementation is associated with significantly lower debt growth, particularly when accounting for the delayed effects of fiscal rules. Among the three components, rule credibility exhibits the strongest and most consistent impact. The added value of this study lies in providing the first multidimensional, compliance-oriented indicator that goes beyond design-based assessments used in existing indices (IMF, European Commission). Unlike traditional measures, the DBCI incorporates real-time enforcement, the activation of escape clauses, and the credibility of sanctions, offering a more realistic picture of fiscal governance quality. The findings contribute to the ongoing debate on the reform of EU fiscal rules by highlighting that the effectiveness of fiscal frameworks depends not only on their numerical thresholds but also on institutional enforcement and credibility.<\/pre>\n\n\n\n<p><strong>Keywords:<\/strong> debt brake, public debt, DBCI, panel analysis, institutional capacity, fiscal discipline<\/p>\n\n\n\n<p><strong>Full text article:<\/strong><\/p>\n\n\n\n<div class=\"wp-block-file\"><object class=\"wp-block-file__embed\" data=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2025\/11\/A-Tkacova-finalna-verzia-na-web.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of A-Tkacova-finalna-verzia-na-web.\"><\/object><a id=\"wp-block-file--media-cd5c363a-8d23-47fc-b385-40609f7ec806\" href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2025\/11\/A-Tkacova-finalna-verzia-na-web.pdf\">A-Tkacova-finalna-verzia-na-web<\/a><a href=\"https:\/\/aap.umb.sk\/wp-content\/uploads\/2025\/11\/A-Tkacova-finalna-verzia-na-web.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-cd5c363a-8d23-47fc-b385-40609f7ec806\">Download<\/a><\/div>\n\n\n\n<p><strong>How to cite:<\/strong><\/p>\n\n\n\n<p>TK\u00c1\u010cOV\u00c1, A. <em>When rules are not enough: Construction and testing of the debt brake compliance index in EU countries<\/em>. Acta aerarii publici. Online. vol. 22 (2025), no. 2, pp. 30 \u2013 46.\u00a0Available from: <a href=\"https:\/\/doi.org\/10.24040\/aap.2025.22.2.30-46\">https:\/\/doi.org\/10.24040\/aap.2025.22.2.30-46<\/a> [accessed YYYY-MM-DD].<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WHEN RULES ARE NOT ENOUGH: CONSTRUCTION AND TESTING OF THE DEBT BRAKE COMPLIANCE INDEX IN EU COUNTRIES Ke\u010f pravidl\u00e1 nesta\u010dia: Kon\u0161trukcia a testovanie indexu dodr\u017eiavania dlhovej brzdy v krajin\u00e1ch E\u00da Published: 17.11.2025 https:\/\/doi.org\/10.24040\/aap.2025.22.2.30-46 Abstract: This article develops the Debt Brake Compliance Index (DBCI), a novel composite indicator designed to measure the quality and credibility of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/aap.umb.sk\/?page_id=4368\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Andrea Tk\u00e1\u010dov\u00e1&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"_links":{"self":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4368"}],"collection":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4368"}],"version-history":[{"count":5,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4368\/revisions"}],"predecessor-version":[{"id":4432,"href":"https:\/\/aap.umb.sk\/index.php?rest_route=\/wp\/v2\/pages\/4368\/revisions\/4432"}],"wp:attachment":[{"href":"https:\/\/aap.umb.sk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}