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

April 1, 1997

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Willem H. Buiter Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs, (USA: International Monetary Fund, 1997) accessed December 24, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Economic sectors, Financial services, Government debt management, Monetary base, Money, Public debt, Public financial management (PFM), Public sector, Real interest rates

Keywords: Borrowing program, Budget identity, Capital formation program, Central bank, Eastern Europe, FSU country, Government debt management, Interest rate, Monetary base, Open economy, Present discounted value, Public finance, Public sector, Rate of inflation, Ratio ceiling, Real GDP, Real interest rates, Real value, Solvency constraint, State enterprise, WP

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1997/031
Stock No:

WPIEA0311997
ISBN:

9781451980073
ISSN:

1018-5941

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