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Abstract. Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

Abstract. Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

Abstract. Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

Abstract. Purpose – The purpose of the paper is to investigate the level of real business cycles synchronisation between the Baltic and the Nordic countries and between the Baltic countries and the euro area. Research methodology – Wavelet analysis was employed to evaluate the level of synchronisation for different periods and time. Quarterly data from 1995 Q2 to 2019 Q4 was used. Findings – We discover the influence of several essential events in economies of the Baltic countries on the synchronisation: accession to the EU in 2004, the introduction of the euro in the Baltic countries and some external shocks. Research limitation – A lack of reliable long-term data from the Baltic countries does not allow performing calculation for other important financial variables. Practical implications – Results of the research are important for forecasting and implementing flexible economic policies of the Baltic countries. Originality/Value – Business cycles synchronisation between the Baltic countries themselves and between the Baltic countries, the Nordic countries and the euro area countries across time and various frequency dimensions was investigated for the first time.

The steady state of debt in this article means that the stock of government debt does not change over the time. The paper reveals that the rule of the Stability and Growth Pact concerning the ceiling of 3% for the budget deficit is not sufficient to have a steady or non-increasing state of the debt. Great varieties of GDP growth and initial outstanding stock of the debt in the EU countries allow very substantial growth of the debt as well as decrease of the debt for individual country, despite the rule of 3% in place. The conclusions are based on the statistical data and the model of integral presentation form of the debt. The Stability and Growth Pact requirements should be put together with economic indicators of individual country and simulation of the debt development in the future defining the budget deficit and managing country deb

The steady state of debt in this article means that the stock of government debt does not change over the time. The paper reveals that the rule of the Stability and Growth Pact concerning the ceiling of 3% for the budget deficit is not sufficient to have a steady or non-increasing state of the debt. Great varieties of GDP growth and initial outstanding stock of the debt in the EU countries allow very substantial growth of the debt as well as decrease of the debt for individual country, despite the rule of 3% in place. The conclusions are based on the statistical data and the model of integral presentation form of the debt. The Stability and Growth Pact requirements should be put together with economic indicators of individual country and simulation of the debt development in the future defining the budget deficit and managing country deb

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.

The paper deals with some aspects of sustainability of the government debt of Lithuania for a long, medium and short time horizon. The purpose of the study is to investigate the sustainability of the debt with respect to the nominal GDP growth, the interest rate on the debt, and the primary budget deficit. The differential equations calculus technique is used for the analysis of the debt. A scenario approach is used to simulate the sensitivity of the debt to economic shocks. An inequality for a non-increasing debt over a medium term is applied for the possibility to restore the level of the debt to a pre-crisis level. The sensitivity of the debt to a short movement of interest rate, the GDP growth rate and the primary budget deficit is investigated. A rule of debt change in a short run by one percentage point is formulated.