Title Fiscal consolidation in southeastern European countries : the role of budget institutions / prepared by Brian Olden [and others]

Published [Washington, D.C.] : International Monetary Fund, ©2012

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Description 1 online resource (50 pages) : illustrations Series IMF working paper, 1018-5941 ; WP/12/113 IMF working paper ; WP/12/113. Contents Cover; Abstract; Contents; Executive Summary; I. Introduction; Figures; 1. Deficit and Debt Trends in Southeastern European Countries-2001-11; II. Rationale for the Study; III. Institutional Determinants of Effective Consolidations; Boxes; 1. Ten Budget Institutions for Fiscal Consolidation; A. Understanding the Scale and Scope of the Fiscal Challenge; B. Developing a Credible Fiscal Consolidation Strategy; C. Implementing the Consolidation Strategy through the Budget Process; IV. Evaluation of Budget Institutions in SouthEastern European Countries; 2. Methodology for the Evaluation A. Overall Strength of Budget Institutions2. Average Scores -- Southeastern Europe Versus Selected EU Countries; 3. Average and Range of Scores by Institution; Tables; 1. Summary of Institutional Evaluation; B. Overall Institutional Strength versus Consolidation Required; C. Understanding the Fiscal Challenge; 4. Strength of Budget Institutions versus Fiscal Adjustment Required; 2. Understanding the Fiscal Challenge; D. Developing a Consolidation Plan; 3. Developing a Consolidation Plan; E. Implementing the Consolidation Strategy; 4. Implementing the Consolidation Strategy V. Strengthening Budgetary Institutions in Southeastern European CountriesA. Understanding the Fiscal Challenge; B. Developing a Consolidation Plan; C. Implementing the Consolidation Strategy; Appendixes; l. Evaluation Framework; References 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 Bibliography Includes bibliographical references Notes Albania, Bosnia and Hercegovina, Bulgaria, Croatia, Macedonia FYR, Moldova, Montenegro, Romania, and Serbia Subject Budget -- Europe, Eastern -- Econometric models Fiscal policy -- Europe, Eastern -- Econometric models Budget -- Econometric models Economic history Fiscal policy -- Econometric models SUBJECT Europe, Eastern -- Economic conditions. http://id.loc.gov/authorities/subjects/sh85045769 Subject Eastern Europe Form Electronic book Author Olden, Brian, author. International Monetary Fund. Fiscal Affairs Department, issuing body. ISBN 9781475562156 1475562152 1475503342 9781475503340

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