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Europe > Montenegro

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • IMF Working Papers x
  • Economic Theory; Demography x
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Cover IMF Working Papers
Being Poor, Feeling Poorer: Inequality, Poverty and Poverty Perceptions in the Western Balkans
Zsoka Koczan
Emerging Europe has undergone a major economic transformation over the past 25 years. Most countries experienced initial drops in output during transition, followed by recovery in the second half of the 1990s. The path of transition in the Western Balkans has however been particularly uneven. The effects of transition also seem to have been more traumatic and persistent in the Western Balkans, and nostalgia for the past appears to be more prevalent here than in other former communist regions. Such dissatisfaction has important implications for the political economy of further reforms. This paper aims to inform policy by complementing the analysis of standard macro-level measures of inequality and poverty with a household-level analysis of subjective perceptions of poverty. We find that many more people appear to feel poor than are classified as such using purely income-based measures. Uncertainty, in particular related to expectations of future income and vulnerability to shocks, appears to be a key driver behind this discrepancy.
Keywords:
WP; center; poverty perception; poverty measure; capital expenditure; household expenditure; Inequality; Poverty; Western Balkans; Subjective poverty measures; farm income; poverty indicator; poverty gap; poverty in the Western Balkans; Personal income; Income inequality; Poverty measurement; Central and Eastern Europe; Europe
Cover IMF Working Papers
Fiscal Consolidation in Southeastern European Countries: The Role of Budget Institutions
Mr. Brian Olden
,
Mr. Duncan P Last
,
Mr. Sami Yläoutinen
, and
Ms. Carla Sateriale
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
Cover IMF Working Papers
The Impact of the Global Crisison South-Eastern Europe
Francesco Spadafora
,
Mr. Emidio Cocozza
, and
Mr. Andrea Colabella
This paper analyzes the impact of the global crisis on six South-Eastern European countries. The main objective is to compare macro-financial conditions and policies in the run-up to the crisis as well as to compare the policy responses to it, so as to highlight, inter alia, possible country-specific constraints. While sharing a common pre-crisis pattern of strong capital inflows and robust growth, a key difference in the conduct of macroeconomicpolicies is that some countries adopted expansionary (and procyclical) fiscal policies. These moves exacerbated external vulnerabilities and compromised the ability to discretionarily use the fiscal instrument in acountercyclical fashion.
Keywords:
WP; current account; budget deficit; foreign currency; financial support; core inflation; international capital flows; current account adjustment; IMF financial support; FYR Macedonia; transmission mechanism; short-term debt; Current account deficits; Budget planning and preparation; Government debt management; Global; Western Europe
Cover IMF Working Papers
Do IMF Programs Improve Economic Governance?
Mr. Jiro Honda
This paper examines the effects of IMF financial assistance on economic governance in developing countries, based on panel data analyses of perceived governance indicators. It uses a two-stage approach to address possible endogeneity issues. The results show that successful implementation of IMF programs is associated with improvements in the quality of economic governance. Specifically, the paper finds statistically robust results that IMF concessional programs through the Poverty Reduction and Growth Facility tend to enhance the rule of law and strengthen control of corruption. Through this exercise, however, no statistically significant effect is observed for assistances under the General Resource Account.
Keywords:
WP; governance; IMF program; IMF assistance