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Fiscal Transition in Countries of the Former Soviet Union: An Interim Assessment
Author:
Mr. Jeffrey M. Davis
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Series:
IMF Working Papers
Volume/Issue:
Volume 1996: Issue 061
Language:
English
Publication Date:
01 Jun 1996
DOI:
https://doi.org/10.5089/9781451848120.001
ISBN:
9781451848120
ISSN:
1018-5941
Pages:
36
Keywords:
WP; government expenditure priority; FSU government; government intervention; subsidy entitlement; General government deficit; government capital formation; government procurement; reform government; state enterprise; governments' inability; Budget planning and preparation; Arrears; Privatization; Social assistance spending; Baltics
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews the uneven record of fiscal performance in the states of the former Soviet Union since independence. Deficits have come down rapidly, an important contribution to stabilization. Given, however, the unexpectedly severe revenue decline and limited financing, the stabilization was reached by sharp cuts in expenditure. The cuts were abrupt and not focused on transition goals, and the instruments used vitiated normal budgetary processes. Hence, benchmarks of fiscal success other than stabilization are elusive. Government intervention and subsidies remain important, social spending is inefficient, and there is little evidence in the budget of restructuring.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund