Publications → Macroeconomic Policy → Fiscal Policy
- Inflation: Thinking Aloud
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January 18, 2008 17:03
This brief analysis describes current inflation in Moldova and reasons that triggered this inflation.
- Managing fiscal risk in Bulgaria
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January 2, 2008 16:35
The authors develop a framework to assess and manage fiscal risk in Bulgaria. Bulgaria's Currency Board Arrangement has effectively imposed fiscal discipline, but leaves only limited room to accommodate potential fiscal shocks.
- Fiscal federalism in Switzerland : relevant issues for transition economies in Central and Eastern Europe
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November 23, 2007 17:39
This paper deals with the institutions and actual problems of fiscal federalism in the case of Switzerland. Beyond the description and the analysis of the Swiss model, the objective of the paper is to examine how it can serve to address the structural problems of fiscal federalism in the transition economies of Central and Eastern Europe.
- What determines the extent of fiscal decentralization ? The Russian paradox
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November 23, 2007 17:38
The paper provides an empirical analysis of the determinants of fiscal decentralization within Russian regions in 1994-2001. The conventional view that more decentralized governments are found in regions and countries with higher income, higher ethnolinguistic fractionalization, and higher levels of democracy is not supported by the data.
- What determines the extent of fiscal decentralization ? The Russian paradox
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November 23, 2007 17:38
The paper provides an empirical analysis of the determinants of fiscal decentralization within Russian regions in 1994-2001. The conventional view that more decentralized governments are found in regions and countries with higher income, higher ethnolinguistic fractionalization, and higher levels of democracy is not supported by the data.
- Reforming finance in transitional socialist economies
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November 23, 2007 17:06
This article envisages four central strategies to guide reforms of the financial sector: (a) building an infrastructure based on clear and enforceable property rights, modern accounting and auditing standards, reliable payments systems, sound prudential and enforcement regulations, and professionals trained in finance; (b) ending the shell game of trying to hide the losses of state-owned enterprises, and separating government decisions to finance priority firms from the allocation decisions of independent financial institutions; (c) privatizing some financial institutions early - although not necessarily precipitously - in concert with the privatization of firms and supervisory capabilities, meanwhile cleaning up bank loans to maximize the changes that firms and banks will succeed as private entities; and (d) improving the tax system and stressing a prudent interest rate policy to reduce uncertainty, distortions, and excessive repression of the financial sector.
- Kyrgyz Republic - Financial Sector Assessment
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November 23, 2007 16:41
This report was based on the IMF-World Bank Financial Sector Assessment Program (FSAP). It examines the different aspects of the Kyrgyz financial sector including the banking system, public external debt, creditors, corporate governance, the payments system, non bank financial institutions, and the capital markets.
- Serbia and Montenegro - Serbia Financial Sector Note
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November 23, 2007 16:29
The purpose of this Financial Sector Note (FSN) is to review recent developments in Serbia's financial system, and to provide policy recommendations for its future development. T
- Kazakhstan - Dimensions of poverty in Kazakhstan
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November 23, 2007 16:28
This report assesses the living conditions in Kazakhstan during 2001-2002, especially as concerning the poor. Based upon consultations with the Government, research institutes, and nongovernmental organizations, three key questions related to poverty were identified as critical to understanding the current situation, and to developing a poverty reduction strategy.
- Poland - Report on the observance of standards and codes (ROSC) : accounting and auditing
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November 23, 2007 16:26
This report acknowledges the very significant progress achieved by Poland under the leadership of the Ministry of Finance, since publication of the first accounting and auditing ROSC report in July 2002. This report provides an assessment of accounting, financial reporting, and auditing requirements and practices within the enterprise and financial sectors in Poland.
- Russian Federation - From transition to development : a country economic memorandum for the Russian Federation
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November 23, 2007 16:21
The purpose of this Country Economic Memorandum (CEM) is to assess the extent of structural change in the Russian Federation, and its contribution to long-term growth - a prerequisite for meeting the government's ambitious economic objectives.
- Russia - Fiscal costs of structural reforms
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November 23, 2007 16:18
This Report discusses the challenge of budget financing of core structural reforms, within a broader framework of fiscal management reforms in Russia. It argues that explicit financing of structural reforms is fully justifiable because these are the investments in the institutional infrastructure with a high rate of return.
- Kazakhstan - Reforming intergovernmental fiscal relations
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November 23, 2007 16:00
The report makes two major recommendations. First, it recommends that the Government of Kazakhstan provide separate, earmarked funding for functions with critical distributional implications. This would include primary education and primary health. These services would be financed on a capitation basis (i.e., an equal amount per pupil and registered patient, respectively.) The remaining subnational functions would be financed from an annually-determined share of the budget.
- Is lack of funds the main obstacle to growth?
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November 23, 2007 15:47
This paper discusses the shortcomings of the financial system in the countries of central and eastern Europe and their implications in terms of the severity of the liquidity constraint for SMEs in transition. The paper also analyses the fundamental principles on which EBRD policy to finance SMEs is based.
- Forecasting inflation for transition countries: How accurate are the EBRD forecasts?`
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May 15, 2007 09:54
This paper analyses the statistical properties of annual inflation forecasts prepared by the EBRD for 25 transition countries between 1994 and 2005. The empirical results show that EBRD forecasts are mostly unbiased. Late within-year forecasts are also found to be efficient. Forecast accuracy is shown to be related to four main factors: timely availability of monthly data, decline in price volatility over time, general progress in transition reforms, and exchange rate developments. The late within-year forecasts of the EBRD were found to be on average better by 2.5 percentage points compared with other institutions but no better than forecasts based on a formal ARIMA inflation model.
- Relation between Cyclically Adjusted Budget Balance and Growth Accounting Method of Deriving ‘Net Fiscal Effort’.
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May 15, 2007 09:54
This paper deals with the growth accounting method used for derivation of so called net fiscal effort.
- Fiscal Policy in the New Member States
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May 15, 2007 09:54
The author compares the fiscal policy in European countries dividing them into two groups based on their GDP.
- Fiscal Centralization and Decentralization Game
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May 15, 2007 09:54
The paper presents a model of public goods provision in two regions and discerns between regimes of centralization and decentralization of political decision making.
- Policy Brief: Local Finances Decentralization
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May 15, 2007 09:54
This paper discusses the consequences of approval of new laws on administrative decentralization and functioning of local public administration (July – December 2006) that created numerous positive expectations in Moldova.
- Financial Sector Development in the Future EU Member States and Russia
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May 15, 2007 09:53
This paper was prepared within the Economic Policy Institutes Network program. It presents the major feature of the financial sectors in the Future EU Member States and assesses the main policy issues affecting financial sector development in these countries.
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Institute for Scientific Research on Economic Reforms
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