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Cyclically Adjusted Balance of Latvia's General Government Consolidated Budget

  • Sigita Grundiza

    (Bank of Latvia)

  • Dainis Stikuts

    (Bank of Latvia)

  • Olegs Tkacevs

    (Bank of Latvia)

This study estimates cyclically adjusted balances of Latvia's general government consolidated budget using methodologies of the ESCB and OECD and assesses the consistency of the implemented fiscal policy with the EU fiscal policy framework. During the period of rapid economic growth the Latvian government pursued fiscal expansion instead of ensuring budgetary consolidation in cyclically adjusted terms. Fiscal policy of the Latvian government has been inconsistent with the requirements of the Stability and Growth Pact and has exerted an additional pressure on consumer prices and the current account.

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Paper provided by Latvijas Banka in its series Working Papers with number 2005/05.

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Date of creation: 22 Dec 2005
Date of revision:
Handle: RePEc:ltv:wpaper:200505
Contact details of provider: Postal: K. Valdemara iela 2a, LV-1050 Riga
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  1. Marianne Baxter & Robert G. King, 1999. "Measuring Business Cycles: Approximate Band-Pass Filters For Economic Time Series," The Review of Economics and Statistics, MIT Press, vol. 81(4), pages 575-593, November.
  2. Bouthevillain, C. & Van Den Dool, G. & Langenus, G. & Mohr, M. & Momigliano, S. & Tujula, M. & De Cos, P.H. & Cour-Thimann, Philippine, 2001. "Cyclically Adjusted Budget Balances: an Alternative Approach," Papers 77, Quebec a Montreal - Recherche en gestion.
  3. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Rasmus Kattai & Alvar Kangur & Tanel Liiv & Martti Randveer, 2003. "Automatic Fiscal Stabilisers in Estonia," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 4(1), pages 93-115, December.
  5. Paul van den Noord, 2000. "The Size and Role of Automatic Fiscal Stabilizers in the 1990s and Beyond," OECD Economics Department Working Papers 230, OECD Publishing.
  6. Dainis Stikuts, 2003. "Measuring Output Gap in Latvia," Working Papers 2003/02, Latvijas Banka.
  7. Rasmus Kattai & Alvar Kangur & Martti Randveer, 2003. "Automatic fiscal stabilisers in Estonia: the impact of economic fluctatios on general government budget balance," Bank of Estonia Working Papers 2003-11, Bank of Estonia, revised 10 Oct 2003.
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