A Decade of Fiscal Transition
A Decade of Fiscal Transition:

Transition literature has emphasized stabilization and enterprise restructuring. Both cross-country analyses and country-specific studies have tended to focus on fiscal stabilization and its indicators, highlighting the importance of quantitative fiscal adjustment to stabilization outcomes. Less att...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
1. Verfasser: Alam, Asad (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: Washington, D.C The World Bank 2002
Schlagworte:
Banks and Banking Reform
Debt Markets
Economic Recovery
Expenditures
Finance and Financial Sector Development
Financial Literacy
Fiscal Adjustment
Fiscal Imbalances
Fiscal Management
Fiscal Policies
Fiscal Policy
Fiscal Risks
Fiscal Stabilization
Fiscal Transition
Public Sector Economics and Finance
Public Sector Expenditure Analysis and Management
Online-Zugang:DE-522
DE-12
DE-521
DE-1102
DE-1046
DE-1047
DE-858
DE-Aug4
DE-573
DE-M347
DE-92
DE-1051
DE-898
DE-859
DE-860
DE-1049
DE-863
DE-862
DE-523
DE-2070s
DE-M352
DE-Re13
DE-70
DE-128
DE-22
DE-155
DE-150
DE-91
DE-384
DE-473
DE-19
DE-355
DE-703
DE-20
DE-706
DE-29
DE-739
Volltext
Zusammenfassung:Transition literature has emphasized stabilization and enterprise restructuring. Both cross-country analyses and country-specific studies have tended to focus on fiscal stabilization and its indicators, highlighting the importance of quantitative fiscal adjustment to stabilization outcomes. Less attention has been paid to the qualitative dimensions of fiscal adjustment in transition. Alam and Sundberg take stock of the extent to which fiscal adjustment has occurred during the first decade of transition in both qualitative and quantitative dimensions. They define quality as the extent to which: (1) pro-growth expenditure essential for creating future economic and social assets are maintained; (2) pro-poor expenditure, such as poverty-targeted transfers, necessary to ensure income for the poor and vulnerable are adequately provided; and (3) fiscal risks, impinging on both expenditure and revenue, are managed through transition. The authors conclude that while the quantitative magnitude of the fiscal adjustment was dramatic, the quality of this adjustment has compromised the social and economic objectives of transition, particularly in the Commonwealth of Independent States (CIS). They draw four main conclusions: - Investments in public services fell in both absolute and relative terms. - Reduced spending on government transfers contributed to a sharp increase in income inequality in the CIS. - Fiscal risks increased during the transition. - Initial conditions allowed Central European and Baltic countries to maintain higher expenditures, which may have contributed to their faster economic recovery and political support for the reforms.
[Fortsetzung 1. Abstract] The authors argue that the challenge today for fiscal policy in these countries is to facilitate the transition—particularly in reallocating resources from large state-owned enterprises to new small and medium-size firms, and providing priority public services and targeted transfers to assist those adversely affected by transition and reverse the deterioration in social outcomes. The interplay between fiscal policies and institutional arrangements is increasingly important as transition economies embark on their second decade of reforms. In particular, incentives embedded in the institutional arrangements for fiscal management needs to be strengthened so that policies, resources, and outcomes can be better aligned, and the fiscal adjustment is consistent with qualitative considerations. This paper—a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region—is part of a larger effort in the region to understand economic transition in former centrally planned economies. The authors may be contacted at aalam@worldbank.org or msundberg@worldbank.org
Beschreibung:1 Online-Ressource (1 online resource (34 p.))
Login für die Nachverfolgung von Bestellungen und Vormerkungen
Volltext öffnen

Ähnliche Einträge