This paper uses a multi region DSGE model with collateral constrained households and residential investment to examine the effectiveness of fiscal policy stimulus measures in a credit crisis. The paper explores alternative scenarios which differ by the type of budgetary measure, its length, the...

Social policy pursued in the transition period to date can be divided into two phases. The first phase covers the times of economic crisis on the onset of transition period. Social policy in that time created, on the one hand, new instruments replacing those from the period of real socialism,...

This is the first detailed study of enterprise finances in a country of Central and Eastern Europe during transition. It is based on enterprise data collected monthly by the Polish Central Statistical Office. Its primary purpose is to provide answers to questions about the size of enterprise...

This paper analyses the public finance performance and the dynamics of government expenditures on education and health in the Kyrgyz Republic in 2007- 2010, when the country was hit by the global economic crisis and then by an internal political crisis in 2010. Despite these crisis conditions,...

The paper deals with the impact of the global financial crisis on public service delivery - mainly education and healthcare - in Belarus. The pre-crisis period of 2003-2008 was the most prosperous in recent history. These trends resulted in a pretty good fiscal performance. Nevertheless, the...

This paper provides an overview of public expenditures on education and healthcare in Belarus, Georgia, Kyrgyzstan, Moldova, Russia, Ukraine and some other countries of the former Soviet Union before and during the global financial crisis. Before the crisis, the governments of these countries...

This study reviews the impact of the global financial crisis on public service delivery in the Republic of Moldova. It provides a background of the country’s development in the period prior to the crisis (2000 to 2007/2008) and presents the factors which determined the country’s fiscal...

The current fiscal imbalances and fragilities in the Southern and Eastern Mediterranean countries (SEMC) are the result of decades of instability, but have become more visible since 2008, when a combination of adverse economic and political shocks (the global and European financial crises, Arab...

This paper explores the effects that the global financial crisis of 2008 – 2010 had on the funding and performance of the healthcare and education sectors in the Russian Federation (RF). Both education and healthcare expenditures increased in terms of total general government (GG)...

The series of currency crises which hit several developing countries in the 1990s did not leave the emerging market economies of Central and Eastern Europe unscathed. However, contrary to the experience of Mexico in 1995 and South East Asia in 1997-1998, the roots of the crises in our region...