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Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs

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  • Buiter, Willem H

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 programmes 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 long-term fiscal issues, such as government solvency and the evaluation of the sustainability of the government’s fiscal-financial-monetary programme. The purpose of the paper is to assist the design and implementation of future Fund programmes and to improve the quality of the debate about the design and conduct of fiscal policy in transition economies generally. The outline of the paper is as follows. Following the introduction, which contains a brief discussion of the roles of the Fund, Section II sets out a framework for evaluating the sustainability of the fiscal-financial-monetary programme of the state. Section III contains some numerical material on public debt, deficits (including quasi-fiscal deficits) and monetary financing or seigniorage. Section IV discusses eight specific budgetary issues I consider to be of special relevance to transition economies. Section V concludes by summarizing the lessons from this study in a number of propositions.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1535.

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Date of creation: Dec 1996
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Handle: RePEc:cpr:ceprdp:1535

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Keywords: Fiscal Policy; International Fund; Monetary Policy; Transition Economies;

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References

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  1. Chadha, Bankim & Coricelli, Fabrizio, 1994. "Fiscal Constraints and the Speed of Transition," CEPR Discussion Papers 993, C.E.P.R. Discussion Papers.
  2. W.H. Buiter & R Lagos & H Rey, 1997. "Enterprises in Transition: Macroeconomic Influences on Enterprise Decision-Making and Performance," CEP Discussion Papers dp0340, Centre for Economic Performance, LSE.
  3. Buiter, Willem H, 1996. "Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs," CEPR Discussion Papers 1535, C.E.P.R. Discussion Papers.
  4. 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.
  5. Zhu, Xiaodong, 1992. "Optimal fiscal policy in a stochastic growth model," Journal of Economic Theory, Elsevier, vol. 58(2), pages 250-289, December.
  6. Abel, Andrew B, et al, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Review of Economic Studies, Wiley Blackwell, vol. 56(1), pages 1-19, January.
  7. Vincent Koen & Michael Marrese, 1995. "Stabilization and Structural Change in Russia, 1992-94," IMF Working Papers 95/13, International Monetary Fund.
  8. Laurence J. Kotlikoff, 1989. "From Deficit Delusion to the Fiscal Balance Rule: Looking For an Economically Meaningful Way to Assess Fiscal Policy," NBER Working Papers 2841, National Bureau of Economic Research, Inc.
  9. Manmohan S. Kumar & Guillermo Calvo, 1994. "Money Demand, Bank Credit, and Economic Performance in Former Socialist Economies," IMF Working Papers 94/3, International Monetary Fund.
  10. 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, vol. 3(1), pages 17-38, January.
  11. Buiter, Willem H & Kletzer, Kenneth, 1992. "Government Solvency, Ponzi Finance and the Redundancy and Usefulness of Public Debt," CEPR Discussion Papers 680, C.E.P.R. Discussion Papers.
  12. Lucas, Robert E, Jr, 1990. "Supply-Side Economics: An Analytical Review," Oxford Economic Papers, Oxford University Press, vol. 42(2), pages 293-316, April.
  13. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-22, May.
  14. Aarle, B. van & Budina, N., 1995. "Currency substitution in Eastern Europe," Discussion Paper 1995-2, Tilburg University, Center for Economic Research.
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Citations

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Cited by:
  1. W.H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," CEP Discussion Papers dp0333, Centre for Economic Performance, LSE.
  2. Andrea Silvestrini, 2010. "Testing fiscal sustainability in Poland: a Bayesian analysis of cointegration," Empirical Economics, Springer, vol. 39(1), pages 241-274, August.
  3. Budina, Nina & Van Wijnbergen, Sweder, 2000. "Fiscal deficits, monetary reform, and inflation stabilization in Romania," Policy Research Working Paper Series 2298, The World Bank.
  4. 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.
  5. 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.
  6. Crivelli, Ernesto, 2013. "Fiscal impact of privatization revisited: The role of tax revenues in transition economies," Economic Systems, Elsevier, vol. 37(2), pages 217-232.
  7. Joanna Siwinska-Gorzelak, 2000. "Currency Crises and Fiscal Imbalances. The Transition Countries Perspective," CASE Network Studies and Analyses 0219, CASE-Center for Social and Economic Research.
  8. Marek Dabrowski, 2001. "Currency Crises in Emerging Markets - Selected Comparative Studies," CASE Network Reports 0041, CASE-Center for Social and Economic Research.
  9. French-German Economic Forum, 1999. "Reduction of Working Time," Working Papers 1999-13, CEPII research center.
  10. Milojko Arsic & Zorica Mladenovic & Pavle Petrovic, 2001. "Macroeconomic Stabilization in the FRY," wiiw Balkan Observatory Working Papers 9, The Vienna Institute for International Economic Studies, wiiw.
  11. repec:wii:bpaper:bowp:009 is not listed on IDEAS
  12. Nouriel Roubini & Paul Wachtel, 1998. "Current Account Sustainability in Transition Economies," NBER Working Papers 6468, National Bureau of Economic Research, Inc.
  13. repec:dgr:uvatin:1999022 is not listed on IDEAS
  14. Joseph Ntamatungiro, 2004. "Fiscal Sustainability in Heavily Indebted Countries Dependenton Nonrenewable Resources," IMF Working Papers 04/30, International Monetary Fund.
  15. repec:dgr:uvatin:2099022 is not listed on IDEAS

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