Streszczenie
The article investigates the sustainability of fiscal policies of the Visegrad Group
countries (Poland, Czech Republic, Hungary and Slovakia) in the years 1996-
2015 using statistical and econometric analysis methods. Special attention is
given to the identification of subperiods of low sustainability within the
framework of the Markov switching cointegration model. The results of the
research show that the global economic crisis had little effect on the fiscal stance
of the analysed countries, because their expansionary, countercyclical fiscal
policies were promptly replaced by more restrictive policies. However, further
improvements in fiscal discipline are needed to ensure sufficient space for fiscal
reaction in the future