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Fiscal Policy Response to External Crises the Case of Moldova 1998-2010
Author:
Mr. Driton Qehajanull

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Series:
IMF Working Papers
Volume/Issue:
Volume 2012: Issue 082
Language:
English
Publication Date:
01 Mar 2012
DOI:
https://doi.org/10.5089/9781475502343.001
ISBN:
9781475502343
ISSN:
1018-5941
Pages:
33
Keywords:
WP; wage bill; tax revenue; excise tax; tax system; expenditure policy; Moldova; Fiscal policy; structural fiscal balance; international assistance; retirement age; system reform; government policy; government's expenditure policy; authorities' reform; government risk; government intervention; wage system; taxable income; Corporate income tax; Pension spending; Central and Eastern Europe; Western Europe; Europe; Global
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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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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2012: Issue 082