Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions

Brian Olden, Duncan Last, Sami Yläoutinen and Carla Sateriale

No 2012/113, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: WP; European country; budget institution; annual budget; consolidation strategy; orientation debate; Southeastern Europe; Fiscal Consolidation; Budget Institutions; consolidation program; nonfinancial enterprise; policy action; Budget planning and preparation; Fiscal risks; Macroeconomic and fiscal forecasts; Budget execution and treasury management; Eastern Europe; Europe (search for similar items in EconPapers)
Pages: 50
Date: 2012-05-01
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Citations: View citations in EconPapers (1)

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