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The fiscal and monetary institutions of CESEE countries

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  • Zsolt Darvas
  • Valentina Kostyleva

Abstract

This working paper by Zsolt Darvas and Valentina Kostyleva examines the role of fiscal and monetary institutions in macroeconomic stability and budgetary control in CESEE (central, eastern and south eastern European) countries in comparison to other OECD countries. A new budgetary discipline index suggests that fiscal institutions are weaker in most CESEE countries than in non-CESEE OECD countries. The sizeable debt/GDP ratio declines in CESEE before the crisis was largely the consequence of a very favourable relationship between the economic growth rate and the interest rate, but such a favourable relationship is not expected in the future. Econometric estimations confirm that better monetary institutions reduce macroeconomic volatility and that countries with better budgetary procedures have better fiscal outcomes. A version of this publication was also released on the OECD Journal on Budgeting

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Bibliographic Info

Paper provided by Bruegel in its series Working Papers with number 494.

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Date of creation: Feb 2011
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Handle: RePEc:bre:wpaper:494

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  1. Zsolt Darvas & György Szapáry, 2008. "Euro Area Enlargement and Euro Adoption Strategies," Working Papers 0801, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  2. André Sapir & Jean Pisani-Ferry, 2010. "Whither Growth in Central and Eastern Europe ?Policy Lessons for an Integrated Europe," ULB Institutional Repository 2013/174279, ULB -- Universite Libre de Bruxelles.
  3. Erik Berglof & Yevgeniya Korniyenko & Alexander Plekhanov & Jeromin Zettelmeyer, 2010. "Understanding the Crisis in Emerging Europe," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(6), pages 985-1008, September.
  4. Xavier Debrun & David Hauner & Manmohan S. Kumar, 2009. "Independent Fiscal Agencies," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 44-81, 02.
  5. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
  6. H. Badinger, 2009. "Fiscal rules, discretionary fiscal policy and macroeconomic stability: an empirical assessment for OECD countries," Applied Economics, Taylor & Francis Journals, vol. 41(7), pages 829-847.
  7. Petra M. Geraats, 2009. "Trends in Monetary Policy Transparency," International Finance, Wiley Blackwell, vol. 12(2), pages 235-268, 08.
  8. Geraats, P.M, 2005. "Transparency of Monetary Policy: Theory and Practice," Cambridge Working Papers in Economics 0549, Faculty of Economics, University of Cambridge.
  9. Petra M. Geraats, 2008. "ECB Credibility and Transparency," European Economy - Economic Papers 330, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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Cited by:
  1. Balatoni, András & Tóth G., Csaba, 2012. "Az új magyar adósságszabály értékelése
    [Assessment of the new regulations on debt]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1107-1137.

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