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Fiscal Crisis in the Transformation Period: Trends, Stylized Facts and Some Conceptual Problems

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  • Marek Dabrowski

Abstract

The purpose of this study is to describe the separate stages of the transformation in light of the basic accompanying fiscal difficulties and to formulate general conclusions regarding the factors which substantially affect the state of public finances and the quality of fiscal policy in post-communist countries. The structure of the paper is as follows: Section 2 provides a synthetic classification of the post-communist economies according to their advancement in the transformation process; section 3 contains a proposed scheme for distinguishing successive stages of fiscal policy during the transformation period. In the following four sections, four such stages of fiscal policy are discussed. These are: initial destabilization, initial stabilization, secondary fiscal crisis, and finally, the restoration of fiscal potential. Section 8 is devoted to a group of countries which have not been able, so far, to achieve sustainable macroeconomic stabilization. Section 9 presents the issues concerning quasi-fiscal subsidies and the quasi- fiscal deficit. Section 10 contains a summary and concluding remarks.

Suggested Citation

  • Marek Dabrowski, 1996. "Fiscal Crisis in the Transformation Period: Trends, Stylized Facts and Some Conceptual Problems," CASE Network Studies and Analyses 0072, CASE-Center for Social and Economic Research.
    • Handle: RePEc:sec:cnstan:0072
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    1. Philippe Aghion & Olivier Jean Blanchard, 1994. "On the Speed of Transition in Central Europe," NBER Chapters, in: NBER Macroeconomics Annual 1994, Volume 9, pages 283-330, National Bureau of Economic Research, Inc.
    2. Pavel Stepanek, 1995. "Fiscal Policy in the Czech Republic under Transition," CASE Network Studies and Analyses 0051, CASE-Center for Social and Economic Research.
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    6. Miroslav Hrncir & Jan Klacek, 1994. "Macroeconomic Policies: Stabilization and Transition in Former Czechoslovakia and in the Czech Republic," CASE Network Studies and Analyses 0015, CASE-Center for Social and Economic Research.
    7. de Melo, Martha & Denizer, Cevdet & Gelb, Alan, 1996. "From plan to market : patterns of transition," Policy Research Working Paper Series 1564, The World Bank.
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    Cited by:

    1. Sergey Zhavoronkov & Konstantin Yanovskiy & Kirill Rodionov, 2015. "Political Factors of the Cuts and Surges in Government Spending: The Effects on Old Market Democracies and Post-Communist Countries," Working Papers 146, Gaidar Institute for Economic Policy, revised 2015.
    2. Fakin, Barbara & de Crombrugghe, Alain, 1997. "Field adjustments in transition economies : social transfers and the efficiency of public spending - a comparison with OECD countries," Policy Research Working Paper Series 1803, The World Bank.

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