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Author: Mr.Brian Olden
Publisher: International Monetary Fund
ISBN: 1475562152
Category : Business & Economics
Languages : en
Pages : 89
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Book Description
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
Author: Mr.Brian Olden
Publisher: International Monetary Fund
ISBN: 1475562152
Category : Business & Economics
Languages : en
Pages : 89
Get Book
Book Description
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
Author: International Monetary Fund
Publisher:
ISBN: 9781475503340
Category :
Languages : en
Pages : 32
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Book Description
This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.
Author: Ivailo V. Izvorski
Publisher: World Bank Publications
ISBN: 9780821374511
Category : Political Science
Languages : en
Pages : 120
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Book Description
The countries of Southeast Europe have undergone a significant transition over the past decade. Helped by macroeconomic stabilization and efforts in advancing structural reforms, real GDP growth has picked up this century. Fiscal adjustment has been an integral part of the transition. Expenditure cuts have helped trim spending relative to GDP in most countries in the region and cut fiscal deficits everywhere except in Serbia. Progress in fiscal consolidation has been substantial, but in several of the countries the government's presence in the economy remains oversized. Costs related to advancing EU integration and completing reforms are expected to generate further pressures for public spending. Creating the fiscal space for addressing such pressures would require a further reduction in existing spending, given that there is still scope for increasing tax rates. The report identifies key remaining challenges and proposes a menu of options in further reforms in sectors that account for the largest shares of public spending, and where reforms are likely to have significant budgetary implications. The sectors discussed in the report are social protection, health, education, public administration, and infrastructure.
Author: Ms.Piritta Sorsa
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451863000
Category : Business & Economics
Languages : en
Pages : 27
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Book Description
The paper reviews key macroeconomic challenges with EU accession in Southeastern Europe (SEE). Most of the countries in the region are years away from EU accession and need substantial progress to meet the key macroeconomic criteria-the establishment of a functioning market economy and macroeconomic stability. The former calls for further structural reforms. While macroeconomic stability is essential throughout the EU accession process, the importance of specific outcomes increases in the last stage of accession, when countries face decisions to apply for entry into the ERM2 and the Maastricht criteria (Bulgaria and Romania). The main challenges with establishing macroeconomic stability in other countries are related to sustainability of their monetary frameworks, risks from rapid financial deepening, and further fiscal consolidation to support growth and stabilization. Most of the SEE countries have room to lower public spending and increase the share of pro-growth spending.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498334598
Category : Business & Economics
Languages : en
Pages : 76
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Book Description
The key policy challenges facing countries in Central, Eastern, and Southeastern Europe remain broadly unchanged, among them supporting domestic demand, addressing financial crisis legacies, rebuilding buffers against external shocks, and improving the business environment. Country-specific priorities depend on how far along they are in the postcrisis adjustment and their exposure to external risks.
Author: Mr.Emidio Cocozza
Publisher: International Monetary Fund
ISBN: 146392786X
Category : Business & Economics
Languages : en
Pages : 70
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Book Description
This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.
Author: António Afonso
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1513590863
Category : Business & Economics
Languages : en
Pages : 78
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Book Description
This paper discusses the robust growth that continues in most Central and Southeastern European economies as well as in Turkey. Accommodative macroeconomic policies, improving financial intermediation, and rising real wages have been behind the region’s mostly consumption-driven rebound, while private investment remained subdued. In the near-term, strong domestic demand is expected to continue supporting growth amid continued low or negative inflation. The Russian economy went through a sharp contraction last year amid plunging oil prices and sanctions. Other CIS countries were hurt by domestic political and financial woes, as well as by weak demand from Russia. In 2016, output contraction is projected to moderate to around 11⁄2 percent from 41⁄4 percent in 2015 as the shocks that hit the CIS economies gradually reverberate less and activity stabilizes. In the baseline, a combination of supportive monetary policy and medium-term fiscal consolidation remains valid for many economies in the region.
Author: Anastasios Karasavvoglou
Publisher: Springer
ISBN: 3319703773
Category : Business & Economics
Languages : en
Pages : 903
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Book Description
This volume comprises papers presented at the 8th international conference “The Economies of the Balkan and Eastern European Countries in the Changing World” (EBEEC) held in Split, Croatia in 2016. The papers cover a wide range of current issues relevant for the whole of Eastern Europe, such as European integration, economic growth, labour markets, education and tourism. Written by experienced researchers in the field of economic challenges for Eastern Europe, the papers not only analyse recent problems, but also offer policies to resolve them. Furthermore, they offer insights into the theoretical and empirical foundations of the economic processes described. The proceedings of the conference appeals to all those interested in the further economic development of the Balkan and Eastern European countries.
Author: Zsoka Koczan
Publisher: International Monetary Fund
ISBN: 1513566393
Category : Business & Economics
Languages : en
Pages : 20
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Book Description
In this paper we analyze how Western Balkans public finances adapted to the boom-bust cycle. Large capital inflows into emerging European economies during the mid-2000s resulted in rapid economic growth and convergence to EU income levels. This also resulted in improved fiscal positions of most countries, on the back of strong revenue performance. Yet, since the onset of the global economic crisis, many countries have struggled to adjust to the new situation of lower external financing and lower growth.
