Deficit and Debt in Transition

Deficit and Debt in Transition
The Political Economy of Public Finances in Central and Eastern Europe

by Istvan Benczes

  • Publisher : Central European University Press
  • Release : 2014-09-01
  • Pages : 242
  • ISBN : 963386058X
  • Language : En, Es, Fr & De
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The adjustment problems of public finance in countries of Central and Eastern Europe (CEE) are often misunderstood and misinterpreted by western scholars. This book contributes to the bridging of the gap between what is being thought by external observers and what the actual public finance reality is, as described by competent local scholars. Popular political economy research has remained biased towards advanced countries and has neglected developing and transition economies. Publications on CEE countries? public finances seem to be reluctant to apply the conceptual framework of standard political economy to these countries because of the assumption that CEE economies are different from their Western peers. But is this really the case? Are CEE economies so much different that none of the well-known ?Western? political economy concepts or models can be applied to the analysis of fiscal performance in the region? Benczes demonstrates that they can be safely applied in the context of CEE economies as well. He sees no need to develop a separate or unique theory designed for the study and understanding of (one-time) transition economies. ÿ

Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs
A Book

by Mr.Willem H. Buiter

  • Publisher : International Monetary Fund
  • Release : 1997-04-01
  • Pages : 57
  • ISBN : 1451980078
  • Language : En, Es, Fr & De
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Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.

Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs
A Book

by Mr. Willem H. Buiter

  • Publisher : International Monetary Fund
  • Release : 1997-04-01
  • Pages : 57
  • ISBN : 1451892489
  • Language : En, Es, Fr & De
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Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.

Financial Systems in Transition

Financial Systems in Transition
A Flow of Analysis Study of Financial Evolution in Eastern Europe and Central Asia

by Alexander E Fleming,Marcelo M Giugale

  • Publisher : World Scientific
  • Release : 2000-08-21
  • Pages : 236
  • ISBN : 9814492442
  • Language : En, Es, Fr & De
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It is now ten years since the former Soviet Union collapses and the countries of Europe and Central Asia abandoned central planning. Enough experience has accumulated to allow a more reflective study of the transition period. One of the most critical elements of the transition to a market-based economy has been the establishment of the institutions and markets that constitute a financial system. This book examines financial transition through the lens of flow of funds accounts. These accounts have been used in the OECD countries for many years as an aid in analyzing money flows around their financial systems. This is the first time, however, that an attempt has been made to interpret financial transition from this perspective and it has yielded what the authors consider to be new, useful insights into the processes. The book reviews the evolution of financial systems in eight transition countries: Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Russia, and Romania. Each chapter draws upon a flow of funds analysis to illuminate the relationship between macroeconomic performance and the evolving pattern of financial flows through the emerging markets and institutions. The introductory chapter discusses the nature of the flow of funds approach and its applicability to transition economies, while another chapter compares and contrasts the macroeconomic and financial performances of the eight countries by focusing on the orientation of sectoral imbalances within each economy and the nature of financing flows associated with them. Contents:The Flow of Funds in a Transition Context (A E Fleming & M M Giugale)The Evolution of Financial Systems in Eastern Europe and Central Asia: An Overview Through the Lens of the Flow of Funds (M M Giugale & A E Fleming)Kazakhstan — Financing Imbalances in a Resource Rich Economy (J Dawson & S Everhart)Romania — Dealing with the Twin Deficit (S J Peachey)Hungary — Tapping Resilient Household Savers (A Kerekes)Russia — A National Unwillingness to Pay for Government (J A Holsen)Estonia — When the Problem is the Private Sector (S J Peachey)Latvia — Finely Balanced for Growth (S J Peachey)Poland — Toward a Sustainable Financing Structure (W M Orlowski)Lithuania — The Persistent Dependency on the State (J Dawson & S Everhart) Readership: Policymakers, practitioners and academicians dealing with economic development, finance and transition issues. Keywords:

Fiscal Deficit and Public Debt in the Western Balkans

Fiscal Deficit and Public Debt in the Western Balkans
15 Years of Economic Transition

by Zsoka Koczan

  • Publisher : International Monetary Fund
  • Release : 2015-07-24
  • Pages : 20
  • ISBN : 1513537709
  • Language : En, Es, Fr & De
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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.

Transition to Market

Transition to Market
Studies in Fiscal Reform

by Mr.Vito Tanzi

  • Publisher : International Monetary Fund
  • Release : 1993-06-15
  • Pages : 403
  • ISBN : 9781557752758
  • Language : En, Es, Fr & De
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The IMF has been a major participant in the challenge of transforming many African, Asian, and European countries from centrally planned to market economies. The authors of this book, mainly staff members of the IMF, have distilled their firsthand experience with fiscal reform in transition economies into 15 case studies of these countries. In doing so they analyze issues of privatization, fiscal federalism, social safety nets, and the net worth of the Soviet Union. The editor of the volume is Vito Tanzi, Director of the IMF's Fiscal Affairs Department.

Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies

Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies
A Book

by Mario I. Blejer,Marko Skreb

  • Publisher : Springer Science & Business Media
  • Release : 2007-08-23
  • Pages : 488
  • ISBN : 0585313466
  • Language : En, Es, Fr & De
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Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.

Budget Deficits & Public Debt

Budget Deficits & Public Debt
Lessons for Economies in Transition

by Zafar Iqbal

  • Publisher : Unknown Publisher
  • Release : 2018
  • Pages : 32
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Are budget deficits bad for an economy? This question has perplexed economists for centuries. Historically, three schools of thought have emerged on this matter. One school takes the position that deficits have adverse influence on inflation, interest rates and private investment. As yearly borrowings to finance budget deficits accumulate into the stock of national debt, interest payments on such debt increase the burden of taxation and have inequitable distributional consequences. Second, suggest that deficits can be employed to support economic activity and employment. Finally, there is a third school, which considers that the (deficit and) public debt has little overall impact on the economy. This paper critically evaluates these competing paradigms considering the implications for economies in transition and developing nations. In particular, it is argued that the shift in budgetary norms from a year on year balancing to perpetual deficits is a relatively recent phenomenon especially, in the Anglo Saxon countries. This shift has been visibly accompanied by a substantial increase in the size of the public sector in these countries necessitating higher taxes and attendant distortion in incentives. Economies in transition would be wiser and healthier if they could avoid such mistakes by optimising the role of government, and facilitating markets and the voluntary sector. To this end, some general policy advice is also proffered.

Transition Report Update, May 2006

Transition Report Update, May 2006
A Book

by European Bank for Reconstruction and Development

  • Publisher : Stationery Office/Tso
  • Release : 2006
  • Pages : 82
  • ISBN : 9781898802273
  • Language : En, Es, Fr & De
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This report assesses recent macroeconomic developments in central eastern Europe and the Baltic states(CEB), south-eastern Europe (SEE) and the Commonwealth of Independent States (CIS). It updates the assessment made in November 2005 (ISBN 1898802300) and provides an outlook for 2006. This report focuses on the flow of remittances from workers living abroad, which have become an important source of capital in many transition countries, particularly in the Western Balkans and the poorest countries of the CIS.

Transition

Transition
The First Decade

by Mario I. Bléjer,Director of the Centre for Central Banking Studies Mario I Blejer,Marko Skreb

  • Publisher : MIT Press
  • Release : 2001
  • Pages : 516
  • ISBN : 9780262025058
  • Language : En, Es, Fr & De
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A comparative analysis of eleven transition economies.

Western Balkan Economies in Transition

Western Balkan Economies in Transition
Recent Economic and Social Developments

by Reiner Osbild,Will Bartlett

  • Publisher : Springer
  • Release : 2018-08-23
  • Pages : 171
  • ISBN : 3319936654
  • Language : En, Es, Fr & De
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This book explores the economic and social development of the Western Balkan region, a group of six countries that are potential candidates for EU membership. It focuses on the key economic issues facing these countries, including the challenge of promoting economic growth, limiting public deficits and debt, and fostering international trade relations. Given the severe impact of the recent economic crisis on social welfare in the region, it also investigates the nature and extent of social exclusion, a factor likely to produce future political instabilities if not effectively addressed by a return to sustainable economic growth. The contributions explore these issues in light of the major influence of EU policy instruments and advice, which are currently guiding the economies along an accession trajectory to future EU membership.

Review of Economies in Transition

Review of Economies in Transition
A Book

by Anonim

  • Publisher : Unknown Publisher
  • Release : 1998
  • Pages : 129
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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Fiscal Policy and the Economic Restructuring of Economies in Transition

Fiscal Policy and the Economic Restructuring of Economies in Transition
A Book

by Mr.Vito Tanzi

  • Publisher : International Monetary Fund
  • Release : 1993-03-01
  • Pages : 38
  • ISBN : 1451921209
  • Language : En, Es, Fr & De
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This paper discusses major fiscal issues faced by the previously centrally planned economies in their transition to market economies. It focuses on three main topics: (a) the extent to which the budget deficit should be a guide to policy; (b) the reforms that must be carried out in tax legislation and tax administration; and (c) the required changes in public expenditure and in the setting up of institutions to manage public spending.

Economic Performance in South- East European Transition Countries after the Fall of Communism

Economic Performance in South- East European Transition Countries after the Fall of Communism
A Book

by Tahir Mahmutefendic

  • Publisher : Xlibris Corporation
  • Release : 2014-02
  • Pages : 200
  • ISBN : 1493139665
  • Language : En, Es, Fr & De
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Macroeconomic Accounting and Analysis in Transition Economies

Macroeconomic Accounting and Analysis in Transition Economies
A Book

by Mr.Abdessatar Ouanes,Mr.Subhash Madhav Thakur

  • Publisher : International Monetary Fund
  • Release : 1997-06-18
  • Pages : 199
  • ISBN : 1557756287
  • Language : En, Es, Fr & De
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This book, by Abdessatar Ouanes and Subhash Thakur presents the principal elements of macroeconomic accounting and analysis for the real, fiscal, monetary, and external sectors of a transition economy, using Poland as a case study. Background information, exercises, and issues for discussion are also provided.

Hungary: An Economy in Transition

Hungary: An Economy in Transition
A Book

by Lecturer in Economics and Fellow David M G Newbery

  • Publisher : Cambridge University Press
  • Release : 1993-01-28
  • Pages : 360
  • ISBN : 0521440181
  • Language : En, Es, Fr & De
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Study of the economic transformation of Hungary, presenting local ideas and perceptions and international analysis.

Macroeconomic Policy in the Transition Economies

Macroeconomic Policy in the Transition Economies
A Book

by Besnik Fetai

  • Publisher : LAP Lambert Academic Publishing
  • Release : 2013-01
  • Pages : 64
  • ISBN : 9783659334443
  • Language : En, Es, Fr & De
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The book addresses the assessment pertaining to monetary and fiscal policy in the Republic of Macedonia. Monetary strategy of targeting the exchange rate can easily become a target of speculative attacks, which can in turn lead to negative impacts for the economy by increases in and fluctuation of the interest rates and the foreign exchange reserves. On the other hand, the unilateral suggestion to shift the exchange rate from a fixed to a more flexible exchange rate, or to depreciate the domestic currency in order to settle the problem of deficit in the current account and consequently to promote rapid economic growth, may easily disturb macroeconomic stabilization without achieving any positive effects in terms of real economic growth in the short term. Regarding fiscal policy, the Republic of Macedonia did not establish and apply fiscal rules, i.e. there were no budget rules based on a determination of the mathematical targets for fiscal deficit, public expenditure, public debt, and public revenue in the medium term, nor was there a rule-based fiscal policy to be adjusted according to cyclical fluctuation of the economy.

Arab Countries in Transition - Economic Outlook and Key Challenges

Arab Countries in Transition - Economic Outlook and Key Challenges
A Book

by Anonim

  • Publisher : International Monetary Fund
  • Release : 2015-06-10
  • Pages : 19
  • ISBN : 1498344127
  • Language : En, Es, Fr & De
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The Arab Countries in Transition (ACTs) have had diverging trajectories over the past year and face an uncertain outlook.1 Improvements in the European economy, lower oil prices, and some progress on the policy front have provided tailwinds to growth, which is expected to pick up significantly in Egypt and Morocco. At the same time, unemployment remains high. Moreover, several of the ACTs have also suffered from intensifying and spreading conflicts that cause widespread human suffering and sizeable economic challenges. Libya and Yemen are directly affected, while spillovers from these conflicts and the civil wars in Iraq and Syria weigh on Jordan and Tunisia, as well as other countries in the region (e.g., Lebanon, Djibouti), Turkey and Europe. These spillovers come most prominently in the form of large refugee flows, deteriorating security, and pressures on economic infrastructures and labor markets. All these factors add urgency to the need in the Arab countries to strengthen economic resilience and address long-standing sources of inequity and exclusion. Coordinated and scaled-up support from the international community will be also critical in stabilizing conditions in the region, addressing the refugee crisis, and securing a more promising economic future for the ACTs in this challenging environment.

The Successes and Failures of Economic Transition

The Successes and Failures of Economic Transition
The European Experience

by H. Gabrisch,J. Hölscher

  • Publisher : Springer
  • Release : 2006-08-25
  • Pages : 187
  • ISBN : 0230626580
  • Language : En, Es, Fr & De
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This book takes a macroeconomic approach to the issue of transformation from communist economies into market economies. At the centre of the analysis stands the role of the state and the definition within a dramatically changing environment. Particular emphasis is given to the emerging role of money and the financial sector.

Transition

Transition
The Newsletter about Reforming Economies

by Anonim

  • Publisher : Unknown Publisher
  • Release : 1998
  • Pages : 129
  • ISBN : 9876543210XXX
  • Language : En, Es, Fr & De
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