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The main aim of this paper is to investigate the impact of fiscal imbalances of EMU countries on government bond yields of an individual EMU member country in period 2002-2018. In comparison to theoretical and empirical research already carried out, this paper represents a step forward in the existing literature by analyzing this impact using spatial econometric techniques that allow for spatial dependence between countries while also allowing the examination of the most significant transmission channels. The main assumption in this paper is that government bond yields of an EMU member country are not only affected by its own fiscal imbalances but also by fiscal imbalances of its neighboring member states. The analysis confirmed authors̀ expectations and carried out the following findings: authors find positive and significant impact of public debt and primary deficit on government bond yields; the most significant transmission channel is geographical channel; 49% of the overall impact can be attributed to indirect/spillover effects.

UTJECAJ JAVNOG DUGA NA PRINOSE DRŽAVNIH OBVEZNICA U EMU