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Fiscal Policies in Eastern Europe

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  • Budina, Nina
  • van Wijnbergen, Sweder

Abstract

We focus on the role of fiscal policies in macroeconomic stabilization in eastern Europe and assess the sustainability of fiscal policies for the central and eastern European economies in transition. We show the main causes of fiscal imbalances experienced at the beginning of the transition process. Countries that adopted tight fiscal policies were more successful with their inflation stabilization programmes, have experienced a faster recovery of growth, and did not experience a steeper decline in output. Countries with unsustainable fiscal policies all floated their exchange rate, but there are both floating and peg arrangements among the successful stabilizers. In all the successful cases, however, current account convertibility was established. We also discuss the experience of Poland and Romania--two polar cases in terms of fiscal policies and present lessons and policy recommendations for other economies in transition. Copyright 1997 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 13 (1997)
Issue (Month): 2 (Summer)
Pages: 47-64

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Handle: RePEc:oup:oxford:v:13:y:1997:i:2:p:47-64

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Mehrotra, Aaron N. & Peltonen, Tuomas A., 2005. "Socio-economic development and fiscal policy: lessons from the cohesion countries for the new member states," Working Paper Series 0467, European Central Bank.
  2. Orlando Gomes, 2009. "On the stability of endogenous growth models: An evaluation of the agents' response to output fluctuations," Journal of Economic Studies, Emerald Group Publishing, vol. 36(1), pages 17-35, January.
  3. Andrea Silvestrini, 2010. "Testing fiscal sustainability in Poland: a Bayesian analysis of cointegration," Empirical Economics, Springer, vol. 39(1), pages 241-274, August.
  4. Michał Mackiewicz & Piotr Krajewski, 2009. "On the mechanisms of achieving fiscal (un)sustainability: the case of Poland," Empirica, Springer, vol. 36(4), pages 445-460, November.
  5. Karsten Staehr, 2007. "Fiscal policies and business cycles in an enlarged euro area," Bank of Estonia Working Papers 2007-03, Bank of Estonia, revised 08 Mar 2007.
  6. van Wijnbergen, Sweder & Budina, Nina, 2001. "Inflation Stabilization, Fiscal Deficits, and Public Debt Management in Poland," Journal of Comparative Economics, Elsevier, vol. 29(2), pages 293-309, June.
  7. Green, Christopher J. & Holmes, Mark J. & Kowalski, Tadeusz, 2001. "Poland: a successful transition to budget sustainability?," Emerging Markets Review, Elsevier, vol. 2(2), pages 161-183, June.
  8. Nina Budina & Sweder Van Wijnbergen, 2001. "Fiscal deficits, monetary reform and inflation stabilization in romania," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 165-194.
  9. Pirttilä, Jukka, 1999. "Tax Evasion and Economies in Transition: Lessons from Tax Theory," BOFIT Discussion Papers 2/1999, Bank of Finland, Institute for Economies in Transition.

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