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Europe > Montenegro

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • IMF Working Papers x
  • Public debt x
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Cover IMF Working Papers
Fiscal Deficit and Public Debt in the Western Balkans: 15 Years of Economic Transition
Zsoka Koczan
In this paper we analyze how Western Balkans public finances adapted to the boom-bust cycle. Large capital inflows into emerging European economies during the mid-2000s resulted in rapid economic growth and convergence to EU income levels. This also resulted in improved fiscal positions of most countries, on the back of strong revenue performance. Yet, since the onset of the global economic crisis, many countries have struggled to adjust to the new situation of lower external financing and lower growth.
Keywords:
WP; debt; government; country
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