Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment

Jeffrey Davis and A Cheasty

No 1996/061, IMF Working Papers from International Monetary Fund

Abstract: This paper reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence. Deficits have come down rapidly, an important contribution to stabilization. Given, however, the unexpectedly severe revenue decline and limited financing, the stabilization was reached by sharp cuts in expenditure. The cuts were abrupt and not focused on transition goals, and the instruments used vitiated normal budgetary processes. Hence, benchmarks of fiscal success other than stabilization are elusive. Government intervention and subsidies remain important, social spending is inefficient, and there is little evidence in the budget of restructuring.

Keywords: WP; government expenditure priority; FSU government; government intervention; subsidy entitlement; General government deficit; government capital formation; government procurement; reform government; state enterprise; governments' inability; Budget planning and preparation; Arrears; Privatization; Social assistance spending; Baltics (search for similar items in EconPapers)
Pages: 36
Date: 1996-06-01
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Citations: View citations in EconPapers (20)

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