Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability
This public expenditure review analyzes recent developments in the Czech Republic, and future prospects for growth, with fiscal stability. In analyzing the strategic setting, where a central thrust of this strategy is the accession to the European...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2001/04/1096688/czech-republic-enhancing-prospects-growth-fiscal-stability-public-expenditure-review http://hdl.handle.net/10986/15690 |
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okr-10986-15690 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ASSETS AUTHORITY BANK BAILOUTS BANK RESTRUCTURING BANKING SECTOR BANKRUPTCY BORROWING BUDGET PROCESS BUDGET SYSTEMS BUDGETARY FUNDS BUREAUCRATIC SYSTEM CAPITAL MARKETS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CONSOLIDATION CONSUMER SATISFACTION CORPORATE GOVERNANCE COST BENEFIT ANALYSIS CPI DEBT SERVICE DECENTRALIZATION DEFICITS DEVOLUTION DISTRICTS ECONOMIC RECOVERY EIB EMPLOYMENT ENTITLEMENTS EXCESS DEMAND EXPENDITURE REFORM EXPENDITURE RESPONSIBILITIES EXTRAORDINARY ITEMS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DISCIPLINE FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SUSTAINABILITY FINANCING SOURCES FISCAL FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FISCAL PRESSURES FISCAL REVENUE FISCAL SITUATION FISCAL STANCE FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORESTRY GNP GOVERNMENT EXPENDITURES GOVERNMENT HOUSING GOVERNMENT INTERVENTION GOVERNMENT OFFICIALS GOVERNMENT REVENUES GRANT PROGRAMS GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HOUSING DEMAND HOUSING POLICY HOUSING SUBSIDIES INCOME INCOME LEVELS INDEXATION INDIVIDUAL ACCOUNTS INSTITUTIONAL REFORMS INTERGOVERNMENTAL FISCAL RELATIONS LABOR FORCE LAWS LEGAL FRAMEWORK LEGISLATION LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS MANDATED EXPENDITURES MINISTRY OF FINANCE MUNICIPAL CREDIT MUNICIPAL DEBT MUNICIPAL GOVERNMENT MUNICIPALITIES NATIONAL LEVEL OPERATING LOSSES PENSIONS POLICY INSTRUMENTS POLITICAL CONSENSUS POLITICAL INTERFERENCE PRIVATE COMMERCIAL BANKS PRIVATE HOUSING PRIVATE SECTOR PRIVATE SECTOR FINANCING PRIVATIZATION PRODUCERS PROVISIONING PROVISIONS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC HOUSING PUBLIC POLICY PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING PUBLIC TRANSPORT REPRESENTATIVES RESOURCE USE RETIREMENT REVENUE REFORM REVENUE SOURCES ROADS SAVINGS SOCIAL INSURANCE SOCIAL PROTECTION STATE AGENCIES STATE BANKS STATE BUDGET STATE FUNDS TAX TAX BURDEN TAX REVENUES TAX SUBSIDIES TOTAL EXPENDITURES TRADE UNIONS TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE URBAN CONGESTION USER CHARGES UTILITIES WAGE TAXES PUBLIC EXPENDITURES ECONOMIC GROWTH FISCAL SUSTAINABILITY EUROPEAN UNION MEMBERSHIP FISCAL POLICY FISCAL DEFICITS GROSS DOMESTIC PRODUCT ADJUSTMENT POLICY REFORM POLICY EXPENDITURE OBLIGATIONS GOVERNMENT ROLE INSTITUTION BUILDING FISCAL MANAGEMENT BANK RESTRUCTURING STATE-OWNED ENTERPRISES TRANSITION ECONOMIES ECONOMIC RECOVERY ASSET ALLOCATION REGULATORY FRAMEWORK DEBT RESOLUTION SOCIAL PROTECTION SYSTEMS PENSION REFORM CONSUMER PRICE INDEXES BUDGETARY PROCESS |
| spellingShingle |
ASSETS AUTHORITY BANK BAILOUTS BANK RESTRUCTURING BANKING SECTOR BANKRUPTCY BORROWING BUDGET PROCESS BUDGET SYSTEMS BUDGETARY FUNDS BUREAUCRATIC SYSTEM CAPITAL MARKETS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CONSOLIDATION CONSUMER SATISFACTION CORPORATE GOVERNANCE COST BENEFIT ANALYSIS CPI DEBT SERVICE DECENTRALIZATION DEFICITS DEVOLUTION DISTRICTS ECONOMIC RECOVERY EIB EMPLOYMENT ENTITLEMENTS EXCESS DEMAND EXPENDITURE REFORM EXPENDITURE RESPONSIBILITIES EXTRAORDINARY ITEMS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DISCIPLINE FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SUSTAINABILITY FINANCING SOURCES FISCAL FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FISCAL PRESSURES FISCAL REVENUE FISCAL SITUATION FISCAL STANCE FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORESTRY GNP GOVERNMENT EXPENDITURES GOVERNMENT HOUSING GOVERNMENT INTERVENTION GOVERNMENT OFFICIALS GOVERNMENT REVENUES GRANT PROGRAMS GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HOUSING DEMAND HOUSING POLICY HOUSING SUBSIDIES INCOME INCOME LEVELS INDEXATION INDIVIDUAL ACCOUNTS INSTITUTIONAL REFORMS INTERGOVERNMENTAL FISCAL RELATIONS LABOR FORCE LAWS LEGAL FRAMEWORK LEGISLATION LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS MANDATED EXPENDITURES MINISTRY OF FINANCE MUNICIPAL CREDIT MUNICIPAL DEBT MUNICIPAL GOVERNMENT MUNICIPALITIES NATIONAL LEVEL OPERATING LOSSES PENSIONS POLICY INSTRUMENTS POLITICAL CONSENSUS POLITICAL INTERFERENCE PRIVATE COMMERCIAL BANKS PRIVATE HOUSING PRIVATE SECTOR PRIVATE SECTOR FINANCING PRIVATIZATION PRODUCERS PROVISIONING PROVISIONS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC HOUSING PUBLIC POLICY PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING PUBLIC TRANSPORT REPRESENTATIVES RESOURCE USE RETIREMENT REVENUE REFORM REVENUE SOURCES ROADS SAVINGS SOCIAL INSURANCE SOCIAL PROTECTION STATE AGENCIES STATE BANKS STATE BUDGET STATE FUNDS TAX TAX BURDEN TAX REVENUES TAX SUBSIDIES TOTAL EXPENDITURES TRADE UNIONS TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE URBAN CONGESTION USER CHARGES UTILITIES WAGE TAXES PUBLIC EXPENDITURES ECONOMIC GROWTH FISCAL SUSTAINABILITY EUROPEAN UNION MEMBERSHIP FISCAL POLICY FISCAL DEFICITS GROSS DOMESTIC PRODUCT ADJUSTMENT POLICY REFORM POLICY EXPENDITURE OBLIGATIONS GOVERNMENT ROLE INSTITUTION BUILDING FISCAL MANAGEMENT BANK RESTRUCTURING STATE-OWNED ENTERPRISES TRANSITION ECONOMIES ECONOMIC RECOVERY ASSET ALLOCATION REGULATORY FRAMEWORK DEBT RESOLUTION SOCIAL PROTECTION SYSTEMS PENSION REFORM CONSUMER PRICE INDEXES BUDGETARY PROCESS World Bank Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| geographic_facet |
Europe and Central Asia Czech Republic |
| description |
This public expenditure review analyzes
recent developments in the Czech Republic, and future
prospects for growth, with fiscal stability. In analyzing
the strategic setting, where a central thrust of this
strategy is the accession to the European Union (EU), the
report suggests than an appropriate medium-term target for
fiscal policy, would be to bring down the overall deficit of
the government to one-two percent of GDP, as an intermediate
step towards the EU's stability/growth path objectives,
emphasizing that much of the adjustment should come from the
expenditure side. Given the main purpose of the report - to
take this expenditure adjustment challenge as a mean to
achieve potential efficiency gains, while limiting attending
costs - a reform policy should pursue an ongoing process of
review, revision, and re-definition of the role of
government intervention. Indeed, to succeed, the process of
expenditure reform needs to be firmly grounded in the
development of analytic capacities, linked with
institutional, and procedural enhancement for fiscal
management. The report explores the expenditure reform
opportunities, and cost of bank restructuring, focusing on
relieving The Konsolidacni Banka (KoB) from its status as a
bank, on streamlining recoveries, and asset disposal
methods, and on improving the legal framework for debt
resolution. It reviews the state pension program, suggesting
limited indexation to the consumer price index, elimination
of the actuarially unfair aspects of early retirement
provisions, to increase statutory retirement, while
extending the minimum contribution period for full pension.
To strengthen fiscal management, it is proposed that the
medium-term outlook be expanded into a full-fledged
medium-term fiscal framework, extra-budgetary funds be
consolidated, and, activity/service-based articulation of
the state budget be initiated. |
| format |
Economic & Sector Work :: Public Expenditure Review |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| title_short |
Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| title_full |
Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| title_fullStr |
Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| title_full_unstemmed |
Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability |
| title_sort |
czech republic : enhancing the prospects for growth with fiscal stability |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2001/04/1096688/czech-republic-enhancing-prospects-growth-fiscal-stability-public-expenditure-review http://hdl.handle.net/10986/15690 |
| _version_ |
1764426619023261696 |
| spelling |
okr-10986-156902021-04-23T14:03:13Z Czech Republic : Enhancing the Prospects for Growth with Fiscal Stability World Bank ASSETS AUTHORITY BANK BAILOUTS BANK RESTRUCTURING BANKING SECTOR BANKRUPTCY BORROWING BUDGET PROCESS BUDGET SYSTEMS BUDGETARY FUNDS BUREAUCRATIC SYSTEM CAPITAL MARKETS CENTRAL GOVERNMENT CENTRAL GOVERNMENTS CONSOLIDATION CONSUMER SATISFACTION CORPORATE GOVERNANCE COST BENEFIT ANALYSIS CPI DEBT SERVICE DECENTRALIZATION DEFICITS DEVOLUTION DISTRICTS ECONOMIC RECOVERY EIB EMPLOYMENT ENTITLEMENTS EXCESS DEMAND EXPENDITURE REFORM EXPENDITURE RESPONSIBILITIES EXTRAORDINARY ITEMS FINANCIAL CRISIS FINANCIAL DIFFICULTIES FINANCIAL DISCIPLINE FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL RESOURCES FINANCIAL SUSTAINABILITY FINANCING SOURCES FISCAL FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FISCAL PRESSURES FISCAL REVENUE FISCAL SITUATION FISCAL STANCE FISCAL SUSTAINABILITY FISCAL YEAR FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FORESTRY GNP GOVERNMENT EXPENDITURES GOVERNMENT HOUSING GOVERNMENT INTERVENTION GOVERNMENT OFFICIALS GOVERNMENT REVENUES GRANT PROGRAMS GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT HOUSING DEMAND HOUSING POLICY HOUSING SUBSIDIES INCOME INCOME LEVELS INDEXATION INDIVIDUAL ACCOUNTS INSTITUTIONAL REFORMS INTERGOVERNMENTAL FISCAL RELATIONS LABOR FORCE LAWS LEGAL FRAMEWORK LEGISLATION LOCAL AUTHORITIES LOCAL GOVERNMENT LOCAL GOVERNMENTS MANDATED EXPENDITURES MINISTRY OF FINANCE MUNICIPAL CREDIT MUNICIPAL DEBT MUNICIPAL GOVERNMENT MUNICIPALITIES NATIONAL LEVEL OPERATING LOSSES PENSIONS POLICY INSTRUMENTS POLITICAL CONSENSUS POLITICAL INTERFERENCE PRIVATE COMMERCIAL BANKS PRIVATE HOUSING PRIVATE SECTOR PRIVATE SECTOR FINANCING PRIVATIZATION PRODUCERS PROVISIONING PROVISIONS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC HOUSING PUBLIC POLICY PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICES PUBLIC SPENDING PUBLIC TRANSPORT REPRESENTATIVES RESOURCE USE RETIREMENT REVENUE REFORM REVENUE SOURCES ROADS SAVINGS SOCIAL INSURANCE SOCIAL PROTECTION STATE AGENCIES STATE BANKS STATE BUDGET STATE FUNDS TAX TAX BURDEN TAX REVENUES TAX SUBSIDIES TOTAL EXPENDITURES TRADE UNIONS TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE URBAN CONGESTION USER CHARGES UTILITIES WAGE TAXES PUBLIC EXPENDITURES ECONOMIC GROWTH FISCAL SUSTAINABILITY EUROPEAN UNION MEMBERSHIP FISCAL POLICY FISCAL DEFICITS GROSS DOMESTIC PRODUCT ADJUSTMENT POLICY REFORM POLICY EXPENDITURE OBLIGATIONS GOVERNMENT ROLE INSTITUTION BUILDING FISCAL MANAGEMENT BANK RESTRUCTURING STATE-OWNED ENTERPRISES TRANSITION ECONOMIES ECONOMIC RECOVERY ASSET ALLOCATION REGULATORY FRAMEWORK DEBT RESOLUTION SOCIAL PROTECTION SYSTEMS PENSION REFORM CONSUMER PRICE INDEXES BUDGETARY PROCESS This public expenditure review analyzes recent developments in the Czech Republic, and future prospects for growth, with fiscal stability. In analyzing the strategic setting, where a central thrust of this strategy is the accession to the European Union (EU), the report suggests than an appropriate medium-term target for fiscal policy, would be to bring down the overall deficit of the government to one-two percent of GDP, as an intermediate step towards the EU's stability/growth path objectives, emphasizing that much of the adjustment should come from the expenditure side. Given the main purpose of the report - to take this expenditure adjustment challenge as a mean to achieve potential efficiency gains, while limiting attending costs - a reform policy should pursue an ongoing process of review, revision, and re-definition of the role of government intervention. Indeed, to succeed, the process of expenditure reform needs to be firmly grounded in the development of analytic capacities, linked with institutional, and procedural enhancement for fiscal management. The report explores the expenditure reform opportunities, and cost of bank restructuring, focusing on relieving The Konsolidacni Banka (KoB) from its status as a bank, on streamlining recoveries, and asset disposal methods, and on improving the legal framework for debt resolution. It reviews the state pension program, suggesting limited indexation to the consumer price index, elimination of the actuarially unfair aspects of early retirement provisions, to increase statutory retirement, while extending the minimum contribution period for full pension. To strengthen fiscal management, it is proposed that the medium-term outlook be expanded into a full-fledged medium-term fiscal framework, extra-budgetary funds be consolidated, and, activity/service-based articulation of the state budget be initiated. 2013-09-05T21:26:38Z 2013-09-05T21:26:38Z 2001-04 http://documents.worldbank.org/curated/en/2001/04/1096688/czech-republic-enhancing-prospects-growth-fiscal-stability-public-expenditure-review http://hdl.handle.net/10986/15690 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Czech Republic |