Deficit and Debt in Transition
Deficit and Debt in Transition

Author: Istvan Benczes

Publisher: Central European University Press

Published: 2014-09-01

Total Pages: 245

ISBN-13: 963386058X

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The adjustment problems of public finance in countries of Central and Eastern Europe (CEE) are often misunderstood and misinterpreted by western scholars. This book contributes to the bridging of the gap between what is being thought by external observers and what the actual public finance reality is, as described by competent local scholars. Popular political economy research has remained biased towards advanced countries and has neglected developing and transition economies. Publications on CEE countries? public finances seem to be reluctant to apply the conceptual framework of standard political economy to these countries because of the assumption that CEE economies are different from their Western peers. But is this really the case? Are CEE economies so much different that none of the well-known ?Western? political economy concepts or models can be applied to the analysis of fiscal performance in the region? Benczes demonstrates that they can be safely applied in the context of CEE economies as well. He sees no need to develop a separate or unique theory designed for the study and understanding of (one-time) transition economies. ÿ

Budget Deficits & Public Debt
Budget Deficits & Public Debt

Author: Zafar Iqbal

Publisher:

Published: 2018

Total Pages: 32

ISBN-13:

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Are budget deficits bad for an economy? This question has perplexed economists for centuries. Historically, three schools of thought have emerged on this matter. One school takes the position that deficits have adverse influence on inflation, interest rates and private investment. As yearly borrowings to finance budget deficits accumulate into the stock of national debt, interest payments on such debt increase the burden of taxation and have inequitable distributional consequences. Second, suggest that deficits can be employed to support economic activity and employment. Finally, there is a third school, which considers that the (deficit and) public debt has little overall impact on the economy. This paper critically evaluates these competing paradigms considering the implications for economies in transition and developing nations. In particular, it is argued that the shift in budgetary norms from a year on year balancing to perpetual deficits is a relatively recent phenomenon especially, in the Anglo Saxon countries. This shift has been visibly accompanied by a substantial increase in the size of the public sector in these countries necessitating higher taxes and attendant distortion in incentives. Economies in transition would be wiser and healthier if they could avoid such mistakes by optimising the role of government, and facilitating markets and the voluntary sector. To this end, some general policy advice is also proffered.

Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs
Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs

Author: Mr.Willem H. Buiter

Publisher: International Monetary Fund

Published: 1997-04-01

Total Pages: 58

ISBN-13: 1451980078

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Key medium– and longer–term fiscal issues faced by transition economies are reviewed, including government solvency and the sustainability of the fiscal–financial–monetary program. The paper aims to assist the design and implementation of future Fund programs and to contribute to the debate about fiscal policy in transition economies. After presenting a framework for evaluating the sustainability of the fiscal–financial–monetary program of the state, some numerical material is presented on public debt, (quasi–) fiscal deficits and monetary financing. Eight budgetary issues of special relevance to transition economies are considered next. The lessons from this study are summarized in a number of propositions.

Crisis, Stabilization and Growth
Crisis, Stabilization and Growth

Author: Patrick J. Conway

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 366

ISBN-13: 1461515734

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List of Figures. List of Tables. List of Symbols. List of Country Acronyms. Foreword and Acknowledgements. I. The Transition Economies. II. Saving, by Plan and in the Market. III. Considering the Competing Explanations of Transition in Inflation and Economic Growth. IV. The Inflationary Explosion Following Price Liberalization. V. The Crisis Years. VI. Directed Credits and Financial Repression in Belarus. VII. Stabilization in Transition Economies. VIII. Ukraine in the Stabilization Phase. IX. Georgia: from Crisis to Stabilization .. and Then? X. The Fallout of the Russian Financial C.

Financial Systems In Transition: A Flow Of Analysis Study Of Financial Evolution In Eastern Europe And Central Asia
Financial Systems In Transition: A Flow Of Analysis Study Of Financial Evolution In Eastern Europe And Central Asia

Author: Alexander E Fleming

Publisher: World Scientific

Published: 2000-08-21

Total Pages: 248

ISBN-13: 9814492442

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It is now ten years since the former Soviet Union collapses and the countries of Europe and Central Asia abandoned central planning. Enough experience has accumulated to allow a more reflective study of the transition period. One of the most critical elements of the transition to a market-based economy has been the establishment of the institutions and markets that constitute a financial system. This book examines financial transition through the lens of flow of funds accounts. These accounts have been used in the OECD countries for many years as an aid in analyzing money flows around their financial systems. This is the first time, however, that an attempt has been made to interpret financial transition from this perspective and it has yielded what the authors consider to be new, useful insights into the processes.The book reviews the evolution of financial systems in eight transition countries: Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Russia, and Romania. Each chapter draws upon a flow of funds analysis to illuminate the relationship between macroeconomic performance and the evolving pattern of financial flows through the emerging markets and institutions. The introductory chapter discusses the nature of the flow of funds approach and its applicability to transition economies, while another chapter compares and contrasts the macroeconomic and financial performances of the eight countries by focusing on the orientation of sectoral imbalances within each economy and the nature of financing flows associated with them.

The American Economy in Transition
The American Economy in Transition

Author: Martin Feldstein

Publisher: University of Chicago Press

Published: 2009-05-15

Total Pages: 705

ISBN-13: 0226241742

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This unusual volume marks the sixtieth anniversary of the National Bureau of Economic Research. In contrast to the technical and specialized character of most NBER studies, the current book is designed to provide the general reader with a broad and critical overview of the American economy. The result is a volume of essays that range from monetary policy to productivity development, from population change to international trade.

Global Waves of Debt
Global Waves of Debt

Author: M. Ayhan Kose

Publisher: World Bank Publications

Published: 2021-03-03

Total Pages: 403

ISBN-13: 1464815453

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The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Transition in Eastern Europe
Transition in Eastern Europe

Author: Herbert Wilkens

Publisher: Duncker & Humblot

Published: 2016

Total Pages: 228

ISBN-13: 9783428491070

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This publication contains a selection of papers presented at a conference discussing fundamental issues in the economics of transition, aspects of liberalization/privatization/stabilization and the experience of selected countries. The sessions lead to a number of hypotheses:- There is a need to analyze historical and economic aspects of phases of relative success of the socialist system of central planning- Next to the important role of distribution of personal incomes and wealth for the success of the transformation process, the question of "optimal change of personal income and wealth distribution" during the process of transformation has to be raised.- In assessing the costs and benefits of reform policies, any methodological approach should take into account an intertemporal perspective- How much does the EU continue protectionism against countries which will not become its members in the near future?- The role of the institutional environment shall not be neglected when analyzing the process of transition: financial markets e. g. are of great relevance for sound development.- An early status of independence for the central bank from public finance obligations appears to help to eliminate the monetary overhang.- A quick, almost instant liberalization strategy (countries of Central and Eastern Europe) seems to be more successful than gradual liberalization (Russia, Ukraine, Belarus) along with interventionism of trade policy.