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. East...

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Main Authors:	Barbone, Luca, Islam, Roumeen, Sanchez, Luis Alvaro
Format:	Policy Research Working Paper
Language:	English
Published:	2012
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 http://hdl.handle.net/10986/3936

id	okr-10986-3936
recordtype	oai_dc
spelling	okr-10986-39362021-04-23T14:02:13Z 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 http://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 Publications & Research :: Policy Research Working Paper Europe and Central Asia Europe and Central Asia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	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 Barbone, Luca Islam, Roumeen Sanchez, Luis Alvaro The Great Crisis and Fiscal Institutions in Eastern and Central Europe and Central Asia
geographic_facet	Europe and Central Asia Europe and Central Asia
relation	Policy Research working paper ; no. WPS 5453
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.
format	Publications & Research :: Policy Research Working Paper
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	2012
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 http://hdl.handle.net/10986/3936
_version_	1764389102446182400

The Great Crisis and Fiscal Institutions in Eastern and Central Europe and Central Asia

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