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Fiscal Policy Response to External Crises the Case of Moldova 1998-2010


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  • Driton Qehaja
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    External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: the Russian crisis of 1998 and the global financial crisis of 2008-2009. The country went through large fiscal adjustments during these crises and launched important fiscal reforms. The paper reviews the crises and reform experience. In particular, it aims to explain the motivation for reforms, describe reform design and implementation, and provide an understanding of their outcomes. The paper also catalogues the form and size of international assistance for Moldova.

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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/82.

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    Length: 33
    Date of creation: 01 Mar 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/82

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    Postal: International Monetary Fund, Washington, DC USA
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    Keywords: External shocks; Fiscal reforms; Global Financial Crisis 2008-2009; Government expenditures; Revenue sources; pension; pension system; tax policy; tax revenue; retirement; tax administration; retirement age; tax system; structural fiscal; tax base; fiscal policy; tax rates; fiscal adjustment; budget support; fiscal affairs; tax incentives; fiscal affairs department; government expenditure; tax revenues; taxation; fiscal balance; public expenditure; fiscal sustainability; old-age pension; taxable income; pensions; fiscal balances; fiscal position; early retirement; debt service; tax rate; pension system reforms; budget balance; government budget; public debt; budget deficit; fiscal imbalances; pensioners; fiscal deficit; general government expenditures; expenditure policy; fiscal situation; budget process; pension benefits; fiscal space; tax policy reform; tax evasion; general government expenditure; national budget; health care; tax burden; fiscal gap; public spending; benefit formula; voluntary pension funds; disability pension; tax bases; pension reform; payroll taxes; pillar pension; fiscal policy development; pension entitlements; minimum pension; fiscal policy response; general budget; contingent liabilities; fiscal tightening; gross wage; contribution rates; informal sector; pension fund; insurance pension; pension funds; fiscal deficits; structural budget balance; fiscal policies; fiscal consolidation; account deficits; net wage; fiscal strategy; pension reforms; composition of government expenditure; early retirement privileges; tax preferences; fiscal expenditure; replacement rates; tax productivity; state budget; fiscal adjustments; quasi-fiscal deficits; tax wedge; benefit rates; voluntary pension; capital expenditure; budget deficits; dependency ratio; fiscal drag; tax wedge on labor; fiscal subsidies; pension system reform; level of expenditures; public finance; tax systems; excess capacity; pension schemes; expenditure cuts; tax treatment; government spending; future pensions; pension benefit; fiscal assumptions; pension contributions; budget revenues; fiscal operations; pension scheme; primary deficit; expenditure composition;

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    1. Dana Hajkova & Giuseppe Nicoletti & Laura Vartia & Kwang-Yeol Yoo, 2006. "Taxation, Business Environment and FDI Location in OECD Countries," OECD Economics Department Working Papers 502, OECD Publishing.
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