Fiscal Consolidation in Southeastern European Countries The Role of Budget Institutions

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 dev...

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Bibliographic Details
Main Author: Olden, Brian
Other Authors: Last, Duncan, Sateriale, Carla, Yläoutinen, Sami
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2012
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Public finance & taxation 
653 |a Fiscal Policy 
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653 |a Fiscal risks 
653 |a Budget planning and preparation 
653 |a Fiscal policy 
653 |a Economic forecasting 
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653 |a National Government Expenditures and Related Policies: General 
653 |a Expenditure 
653 |a Budget execution and treasury management 
653 |a Public Sector Accounting and Audits 
653 |a Expenditures, Public 
653 |a Budget 
653 |a Forecasts of Budgets, Deficits, and Debt 
653 |a Macroeconomics 
653 |a Public financial management (PFM) 
653 |a National Budget 
653 |a Budgeting & financial management 
653 |a National Budget, Deficit, and Debt: General 
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520 |a 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