The Great Crisis and Fiscal Institutions in Eastern and Central Europe and Central Asia
This paper examines fiscal outcomes in Eastern and Central European countries before and during the global crisis of 2008-2010. These outcomes are evaluated in the context of overall changes in fiscal institutions and global market conditions. Eastern and Central European countries situations improved dramatically in the pre-crisis period as tax revenues boomed, and fiscal institutions were reformed. Expenditures increased quite significantly in real terms for some of the countries in the pre-crisis era so that when tax revenues collapsed in the wake of the crisis, the countries were left with large deficits. Institutional reform helped countries manage their fiscal situations better, but the crisis also exposed shortcomings of the status quo. In the post-crisis period, fiscal institutions aimed at promoting fiscal discipline are being strengthened. Governments will also need to take a closer look at the sustainability of current expenditure patterns, particularly the strong emphasis on social expenditures.
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| Language: | English |
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2010-10-01
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| Subjects: | EXPENDITURE SUSTAINABILITY, FISCAL DISCIPLINE, FISCAL INSTITUTIONS, FISCAL OUTCOMES, GLOBAL FINANCIAL CRISIS, SOCIAL EXPENDITURES, TAX REVENUES, |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020142440 https://hdl.handle.net/10986/3936 |
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dig-okr-1098639362024-08-08T15:56:48Z The Great Crisis and Fiscal Institutions in Eastern and Central Europe and Central Asia Barbone, Luca Islam, Roumeen Sanchez, Luis Alvaro EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES This paper examines fiscal outcomes in Eastern and Central European countries before and during the global crisis of 2008-2010. These outcomes are evaluated in the context of overall changes in fiscal institutions and global market conditions. Eastern and Central European countries situations improved dramatically in the pre-crisis period as tax revenues boomed, and fiscal institutions were reformed. Expenditures increased quite significantly in real terms for some of the countries in the pre-crisis era so that when tax revenues collapsed in the wake of the crisis, the countries were left with large deficits. Institutional reform helped countries manage their fiscal situations better, but the crisis also exposed shortcomings of the status quo. In the post-crisis period, fiscal institutions aimed at promoting fiscal discipline are being strengthened. Governments will also need to take a closer look at the sustainability of current expenditure patterns, particularly the strong emphasis on social expenditures. 2012-03-19T18:42:28Z 2012-03-19T18:42:28Z 2010-10-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020142440 https://hdl.handle.net/10986/3936 English Policy Research working paper ; no. WPS 5453 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain |
| institution |
Banco Mundial |
| collection |
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| country |
Estados Unidos |
| countrycode |
US |
| component |
Bibliográfico |
| access |
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| databasecode |
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| tag |
biblioteca |
| region |
America del Norte |
| libraryname |
Biblioteca del Banco Mundial |
| language |
English |
| topic |
EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES |
| spellingShingle |
EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES Barbone, Luca Islam, Roumeen Sanchez, Luis Alvaro The Great Crisis and Fiscal Institutions in Eastern and Central Europe and Central Asia |
| description |
This paper examines fiscal outcomes in
Eastern and Central European countries before and during the
global crisis of 2008-2010. These outcomes are evaluated in
the context of overall changes in fiscal institutions and
global market conditions. Eastern and Central European
countries situations improved dramatically in the
pre-crisis period as tax revenues boomed, and fiscal
institutions were reformed. Expenditures increased quite
significantly in real terms for some of the countries in the
pre-crisis era so that when tax revenues collapsed in the
wake of the crisis, the countries were left with large
deficits. Institutional reform helped countries manage their
fiscal situations better, but the crisis also exposed
shortcomings of the status quo. In the post-crisis period,
fiscal institutions aimed at promoting fiscal discipline are
being strengthened. Governments will also need to take a
closer look at the sustainability of current expenditure
patterns, particularly the strong emphasis on social expenditures. |
| topic_facet |
EXPENDITURE SUSTAINABILITY FISCAL DISCIPLINE FISCAL INSTITUTIONS FISCAL OUTCOMES GLOBAL FINANCIAL CRISIS SOCIAL EXPENDITURES TAX REVENUES |
| author |
Barbone, Luca Islam, Roumeen Sanchez, Luis Alvaro |
| author_facet |
Barbone, Luca Islam, Roumeen Sanchez, Luis Alvaro |
| author_sort |
Barbone, Luca |
| title |
The Great Crisis and Fiscal Institutions in Eastern and Central Europe
and Central Asia |
| title_short |
The Great Crisis and Fiscal Institutions in Eastern and Central Europe
and Central Asia |
| title_full |
The Great Crisis and Fiscal Institutions in Eastern and Central Europe
and Central Asia |
| title_fullStr |
The Great Crisis and Fiscal Institutions in Eastern and Central Europe
and Central Asia |
| title_full_unstemmed |
The Great Crisis and Fiscal Institutions in Eastern and Central Europe
and Central Asia |
| title_sort |
great crisis and fiscal institutions in eastern and central europe
and central asia |
| publishDate |
2010-10-01 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20101020142440 https://hdl.handle.net/10986/3936 |
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AT barboneluca thegreatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia AT islamroumeen thegreatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia AT sanchezluisalvaro thegreatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia AT barboneluca greatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia AT islamroumeen greatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia AT sanchezluisalvaro greatcrisisandfiscalinstitutionsineasternandcentraleuropeandcentralasia |
| _version_ |
1809105615445819392 |