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

By Brian Olden, Duncan P Last, Sami Yläoutinen, Carla Sateriale

May 1, 2012

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Format: Chicago

Brian Olden, Duncan P Last, Sami Yläoutinen, and Carla Sateriale. Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions, (USA: International Monetary Fund, 2012) accessed September 27, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Budget execution and treasury management, Budget planning and preparation, Expenditure, Fiscal consolidation, Fiscal risks, Macroeconomic and fiscal forecasts, Public financial management (PFM)

Keywords: Annual budget, Budget execution and treasury management, Budget institution, Budget Institutions, Budget planning and preparation, Consolidation program, Consolidation strategy, Eastern Europe, Europe, European country, Fiscal Consolidation, Fiscal risks, Macroeconomic and fiscal forecasts, Nonfinancial enterprise, Orientation debate, Policy action, Southeastern Europe, WP

Publication Details

Pages:

50
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2012/113
Stock No:

WPIEA2012113
ISBN:

9781475503340
ISSN:

1018-5941

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