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

51 Pages Posted: 27 Aug 2012

See all articles by Brian Olden

Brian Olden

International Monetary Fund (IMF)

Duncan P. Last

International Monetary Fund (IMF)

Sami Ylaoutinen

affiliation not provided to SSRN

Carla Sateriale

affiliation not provided to SSRN

Date Written: May 2012

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: Fiscal consolidation, Budgets, Risk management, budget process, fiscal objectives, fiscal performance, public finances, budget institutions, medium-term budget, fiscal policy, fiscal discipline, annual budget, budgetary institutions, fiscal agencies, budget execution, fiscal reporting, fiscal risk, fiscal rules, contingent liabilities, budget framework, government expenditure, medium-term budget framework, fiscal forecasting, budget documentation, budget preparation, fiscal risks, performance budgeting, fiscal forecasts, government revenue, fiscal projections, fiscal adjustment, fiscal institutions, fiscal affairs, fiscal outcomes, fiscal affairs department, fiscal transparency, annual budge

JEL Classification: H60, H61, H69

Suggested Citation

Olden, Brian and Last, Duncan P. and Ylaoutinen, Sami and Sateriale, Carla, Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions (May 2012). IMF Working Paper No. 12/113. Available at SSRN: https://ssrn.com/abstract=2135990

Brian Olden (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Duncan P. Last

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Sami Ylaoutinen

affiliation not provided to SSRN

No Address Available

Carla Sateriale

affiliation not provided to SSRN

No Address Available

Register to save articles to
your library

Register

Paper statistics

Downloads
79
Abstract Views
521
rank
307,776
PlumX Metrics