Fiscal Consolidation in Southeastern European Countries : The Role of Budget Institutions

Author/Editor:

Brian Olden ; Duncan P Last ; Sami Yläoutinen ; Carla Sateriale

Publication Date:

May 1, 2012

Electronic Access:

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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:

This paper assesses the relative strengths and weaknesses of fiscal institutions in ten Southeastern European countries, using recent benchmarking methodologies developed by FAD. The assessment evaluates each country’s understanding of the scale of the fiscal adjustment challenge, its ability to develop a credible consolidation strategy, and its capacity to implement the strategy. Key institutional arrangements, are generally in place, including top-down budgeting and medium-term budget frameworks. Other institutional arrangements require further attention, including macro-fiscal forecasting, fiscal risk analysis, setting fiscal objectives, presence and role of independent fiscal agencies, and top-down parliamentary approval.

Series:

Working Paper No. 12/113

Subject:

English

Publication Date:

May 1, 2012

ISBN/ISSN:

9781475503340/1018-5941

Stock No:

WPIEA2012113

Format:

Paper

Pages:

50

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