The Impact of the Crisis on Budget Policy in Central and Eastern Europe:
This paper describes the particular impacts of the financial and economic crisis on Central and Eastern European (CEE) countries; studies pro-cyclicality of fiscal policies; discusses the impact of the crisis on fiscal policy; and takes a look at the policy response of various governments. After dra...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch Buchkapitel |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
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| Schlagworte: | |
| Online-Zugang: | DE-384 DE-473 DE-824 DE-29 DE-739 DE-355 DE-20 DE-1028 DE-1049 DE-521 DE-861 DE-898 DE-92 DE-91 DE-573 DE-19 Volltext |
| Zusammenfassung: | This paper describes the particular impacts of the financial and economic crisis on Central and Eastern European (CEE) countries; studies pro-cyclicality of fiscal policies; discusses the impact of the crisis on fiscal policy; and takes a look at the policy response of various governments. After drawing some lessons for fiscal policy from previous emerging market crises, the paper concludes with some thoughts on the appropriate policy response from a more normative perspective. The key message of the paper is that the crisis should be used as an opportunity to introduce reforms to avoid future pro-cyclical fiscal policies, to increase the quality of budgeting and to increase credibility. These reforms should include fiscal responsibility laws comprising medium-term fiscal frameworks, fiscal rules and independent fiscal councils. When fiscal consolidation is accompanied by fiscal reforms that increase credibility, non-Keynesian effects may offset the contraction caused by the consolidation to some extent. JEL classification: C32, E62, H60 Keywords: Crisis, budget policy, fiscal policy, Central and Eastern Europe, CEE, CESEE |
| Beschreibung: | 1 Online-Ressource (42 Seiten) 19 x 27cm |
| DOI: | 10.1787/budget-10-5km7s5m3nlvd |
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Datensatz im Suchindex
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| spelling | Darvas, Zsolt Verfasser aut The Impact of the Crisis on Budget Policy in Central and Eastern Europe Zsolt Darvas Paris OECD Publishing 2010 1 Online-Ressource (42 Seiten) 19 x 27cm txt rdacontent c rdamedia cr rdacarrier This paper describes the particular impacts of the financial and economic crisis on Central and Eastern European (CEE) countries; studies pro-cyclicality of fiscal policies; discusses the impact of the crisis on fiscal policy; and takes a look at the policy response of various governments. After drawing some lessons for fiscal policy from previous emerging market crises, the paper concludes with some thoughts on the appropriate policy response from a more normative perspective. The key message of the paper is that the crisis should be used as an opportunity to introduce reforms to avoid future pro-cyclical fiscal policies, to increase the quality of budgeting and to increase credibility. These reforms should include fiscal responsibility laws comprising medium-term fiscal frameworks, fiscal rules and independent fiscal councils. When fiscal consolidation is accompanied by fiscal reforms that increase credibility, non-Keynesian effects may offset the contraction caused by the consolidation to some extent. JEL classification: C32, E62, H60 Keywords: Crisis, budget policy, fiscal policy, Central and Eastern Europe, CEE, CESEE Governance https://doi.org/10.1787/budget-10-5km7s5m3nlvd Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Darvas, Zsolt The Impact of the Crisis on Budget Policy in Central and Eastern Europe Governance |
| title | The Impact of the Crisis on Budget Policy in Central and Eastern Europe |
| title_auth | The Impact of the Crisis on Budget Policy in Central and Eastern Europe |
| title_exact_search | The Impact of the Crisis on Budget Policy in Central and Eastern Europe |
| title_exact_search_txtP | The Impact of the Crisis on Budget Policy in Central and Eastern Europe |
| title_full | The Impact of the Crisis on Budget Policy in Central and Eastern Europe Zsolt Darvas |
| title_fullStr | The Impact of the Crisis on Budget Policy in Central and Eastern Europe Zsolt Darvas |
| title_full_unstemmed | The Impact of the Crisis on Budget Policy in Central and Eastern Europe Zsolt Darvas |
| title_short | The Impact of the Crisis on Budget Policy in Central and Eastern Europe |
| title_sort | the impact of the crisis on budget policy in central and eastern europe |
| topic | Governance |
| topic_facet | Governance |
| url | https://doi.org/10.1787/budget-10-5km7s5m3nlvd |
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