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Fiscal Policy Response to External Crises: The Case of Moldova 1998-2010

33 Pages Posted: 10 Jul 2013  

Driton Qehaja

International Monetary Fund (IMF) - European Department

Date Written: March 01, 2012

Abstract

External shocks pose major challenges to fiscal policy makers through lower output and large fiscal imbalances. This paper analyzes the case of Moldova, which faced parallel crises a decade apart: the Russian crisis of 1998 and the global financial crisis of 2008-2009. The country went through large fiscal adjustments during these crises and launched important fiscal reforms. The paper reviews the crises and reform experience. In particular, it aims to explain the motivation for reforms, describe reform design and implementation, and provide an understanding of their outcomes. The paper also catalogues the form and size of international assistance for Moldova.

Keywords: Moldova, Fiscal policy, structural fiscal balance, international assistance

JEL Classification: H5, H6, H8

Suggested Citation

Qehaja, Driton, Fiscal Policy Response to External Crises: The Case of Moldova 1998-2010 (March 01, 2012). IMF Working Paper No. WP/12/82. Available at SSRN: https://ssrn.com/abstract=2291840 or http://dx.doi.org/10.2139/ssrn.2291840

Driton Qehaja (Contact Author)

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States

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