Estimation of the Fiscal Stance in the Czech Republic during Transformation: Full Employment Budget Analysis

Vit Barta

No 9612, CERT Discussion Papers from Centre for Economic Reform and Transformation, Heriot Watt University

Abstract: The purpose of this study is to provide a macroeconomic analysis of fiscal policy in the Czech Republic during the transformation period 1989-1995. In contrast to those studies which are based on "decline accounting", disentangling different factors from each other and ascribing to them specific roles in the overall decline, this study focuses exclusively on fiscal policy and tries to identify its impact on the economy. The crucial methodological feature of the analysis consists in a proper recognition of exogenous economic developments which enter the fiscal area "from outside", as distinct from those endogenous factors which are the result of the typically discretionary decisions of policy-makers.

Date: 1996
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