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Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

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  • W.H. Buiter

Abstract

This paper contains a selective review of some of the key fiscal issues faced by transition economies. The twelve countries that provide the empirical background for this study have all been under Fund programs for at least some of the time since they initiated their transitions from plan to market. The focus of the paper is on medium- and longer-term fiscal issues, such as government solvency and the evaluation of the sustainability of the government's fiscal-financial-monetary program. The purpose of the paper is to assist the design and implementation of the future Fund programs and to improve the quality of the debate about the design and conduct of fiscal policy in transition economic generally. The outline of the paper is as follows. Following the introduction, which contains a brief discussion of the roles of the Fund, Section 2 sets out a framework for evaluating the sustainability if the fiscal -financial-monetary program of the state. Section 3 contains some numerical material on public debt, deficits (including quasi-fiscal deficits) and monetary financing or seigniorage. Section 4 discusses eight specific budgetary issues I consider to be of special relevance to transition economics. Section 5 concludes by summarising the lessons from this study in a number of propositions.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0333.

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Date of creation: Mar 1997
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Handle: RePEc:cep:cepdps:dp0333

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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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  1. Willem H. Buiter & Kenneth M. Kletzer, 1992. "Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt," NBER Working Papers 4076, National Bureau of Economic Research, Inc.
  2. Andrew Abel & Gregory N. Mankiw & Lawrence H. Summers & Richard Zeckhauser, . "Assessing Dynamic Efficiency: Theory and Evidence," Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research 14-88, Wharton School Rodney L. White Center for Financial Research.
  3. Nouriel Roubini & Gian Maria Milesi-Ferrett, 1994. "Optimal Taxation of Human and Physical Capital in Endogenous Capital Models," NBER Working Papers 4882, National Bureau of Economic Research, Inc.
  4. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
  5. Laurence Kotlikoff, 1993. "From deficit delusion to the Fiscal Balance Rule: Looking for an economically meaningful way to assess fiscal policy," Journal of Economics, Springer, Springer, vol. 7(1), pages 17-41, December.
  6. W.H. Buiter & R Lagos & H Rey, 1997. "Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-Making and Performance," CEP Discussion Papers, Centre for Economic Performance, LSE dp0340, Centre for Economic Performance, LSE.
  7. Chadha, Bankim & Coricelli, Fabrizio, 1994. "Fiscal Constraints and the Speed of Transition," CEPR Discussion Papers, C.E.P.R. Discussion Papers 993, C.E.P.R. Discussion Papers.
  8. Guillermo A. Calvo & Manmohan S. Kumar, 1994. "Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies," IMF Staff Papers, Palgrave Macmillan, vol. 41(2), pages 314-349, June.
  9. Vincent Koen & Michael Marrese, 1995. "Stabilization and Structural Change in Russia, 1992-94," IMF Working Papers 95/13, International Monetary Fund.
  10. Zhu, Xiaodong, 1992. "Optimal fiscal policy in a stochastic growth model," Journal of Economic Theory, Elsevier, Elsevier, vol. 58(2), pages 250-289, December.
  11. Anand, Ritu & van Wijnbergen, Sweder, 1989. "Inflation and the Financing of Government Expenditure: An Introductory Analysis with an Application to Turkey," World Bank Economic Review, World Bank Group, World Bank Group, vol. 3(1), pages 17-38, January.
  12. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, Econometric Society, vol. 54(3), pages 607-22, May.
  13. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
  14. Aarle, B. van & Budina, N., 1995. "Currency substitution in Eastern Europe," Discussion Paper, Tilburg University, Center for Economic Research 1995-2, Tilburg University, Center for Economic Research.
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Cited by:
  1. French-German Economic Forum, 1999. "Reduction of Working Time," Working Papers 1999-13, CEPII research center.
  2. Joseph Ntamatungiro, 2004. "Fiscal Sustainability in Heavily Indebted Countries Dependenton Nonrenewable Resources," IMF Working Papers 04/30, International Monetary Fund.
  3. Crivelli, Ernesto, 2013. "Fiscal impact of privatization revisited: The role of tax revenues in transition economies," Economic Systems, Elsevier, Elsevier, vol. 37(2), pages 217-232.
  4. Nouriel Roubini & Paul Wachtel, 1998. "Current Account Sustainability in Transition Economies," NBER Working Papers 6468, National Bureau of Economic Research, Inc.
  5. Marek Dabrowski, 2001. "Currency Crises in Emerging Markets - Selected Comparative Studies," CASE Network Reports 0041, CASE-Center for Social and Economic Research.
  6. Andrea, SILVESTRINI, 2007. "Testing fiscal sustainability in Poland : a Bayesian analysis of cointegration," Discussion Papers (ECON - Département des Sciences Economiques), Université catholique de Louvain, Département des Sciences Economiques 2007040, Université catholique de Louvain, Département des Sciences Economiques.
  7. Sweder van Wijnbergen & Nina Budina, 1999. "Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland," Tinbergen Institute Discussion Papers 99-022/2, Tinbergen Institute.
  8. Milojko Arsic & Zorica Mladenovic & Pavle Petrovic, 2001. "Macroeconomic Stabilization in the FRY," wiiw Balkan Observatory Working Papers, The Vienna Institute for International Economic Studies, wiiw 9, The Vienna Institute for International Economic Studies, wiiw.
  9. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
  10. repec:dgr:uvatin:1999022 is not listed on IDEAS
  11. Joanna Siwinska-Gorzelak, 2000. "Currency Crises and Fiscal Imbalances. The Transition Countries Perspective," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0219, CASE-Center for Social and Economic Research.
  12. Nina Budina & Sweder Van Wijnbergen, 2001. "Fiscal deficits, monetary reform and inflation stabilization in romania," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 4(3), pages 165-194.
  13. Marek Dabrowski, 2002. "Currency Crises in Emerging - Market Economis: Causes, Consequences and Policy Lessons," CASE Network Reports 0051, CASE-Center for Social and Economic Research.
  14. repec:dgr:uvatin:2099022 is not listed on IDEAS
  15. repec:wii:bpaper:bowp:009 is not listed on IDEAS

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