The fiscal and monetary institutions of CESEE countries
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
|Date of creation:||Feb 2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +32 2 227 4210
Web page: http://www.bruegel.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Petra Geraats, 2009.
"Trends in Monetary Policy Transparency,"
CESifo Working Paper Series
2584, CESifo Group Munich.
- Zsolt Darvas & György Szapáry, 2008.
"Euro Area Enlargement and Euro Adoption Strategies,"
0801, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
- Zsolt Darvas & Gyorgy Szapary, 2008. "Euro Area Enlargement and Euro Adoption Strategies," IEHAS Discussion Papers 0824, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- Zsolt Darvas & Gy�rgy Szap�ry, 2008. "Euro Area Enlargement and Euro Adoption Strategies," European Economy - Economic Papers 304, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- 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.
- Petra M. Geraats, 2008. "ECB Credibility and Transparency," European Economy - Economic Papers 330, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Jean Pisani-Ferry & Pavle Petrovic & Michael A Landesmann & Vladimir Gligorov & Daniel Daianu & TorbjÃ¶rn Becker & Zsolt Darvas & AndrÃ© Sapir & Beatrice Weder di Mauro, .
"Whither growth in central and eastern Europe? Policy lessons for an integrated Europe,"
Bruegel, number 453, 5.
- 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.
- Geraats, P.M, 2005.
"Transparency of Monetary Policy: Theory and Practice,"
Cambridge Working Papers in Economics
0549, Faculty of Economics, University of Cambridge.
- Petra M. Geraats, 2006. "Transparency of Monetary Policy: Theory and Practice," CESifo Economic Studies, CESifo, vol. 52(1), pages 111-152, March.
- Petra Geraats, 2005. "Transparency of Monetary Policy: Theory and Practice," CESifo Working Paper Series 1597, CESifo Group Munich.
- Xavier Debrun & David Hauner & Manmohan S. Kumar, 2009. "Independent Fiscal Agencies," Journal of Economic Surveys, Wiley Blackwell, vol. 23(1), pages 44-81, 02.
- 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.
- 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.
When requesting a correction, please mention this item's handle: RePEc:bre:wpaper:494. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruegel)
If references are entirely missing, you can add them using this form.