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Czech Republic: Selected Issues
Author:
International Monetary Fund. European Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2013: Issue 243
Language:
English
Publication Date:
02 Aug 2013
DOI:
https://doi.org/10.5089/9781484317563.002
ISBN:
9781484317563
ISSN:
1934-7685
Pages:
21
Keywords:
ISCR; CR; state; debt; crisis; deficit; fiscal policy framework; GDP deflator; fiscal policy in the Czech Republic; desk data; debt break; A. fiscal policy in the Czech Republic; private sector; debt stock; A. fiscal policy; expenditure ceiling; short-term debt; fiscal policy stance; Fiscal stance; Fiscal risks; Europe
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This Selected Issues paper analyzes the fiscal strength of the economy of the Czech Republic. Fiscal policy in the Czech Republic has shown a procyclical bias temporarily interrupted during the crisis years. The large stimulus implemented has been more than compensated by a frontloaded adjustment. However, the fiscal framework could be improved to increase transparency, predictability, and credibility of policy and minimize the procyclical bias. This could be achieved by incorporating, among other things, a simple and credible rule with a medium-term fiscal anchor set in structural terms.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund