On 1st January 1993, the independent Slovak Republic (SR) began to exist. During 1993 a democratic political system was created. It is a parliamentary democracy with a president at its head. The functions of the president were created and instituted, the Constitutional Court and Supreme...

The paper provides an analyses of the economic changes which occurred in the Czech Republic under transition. After providing an economic history of the transition period, the paper describes first the developments in the public finance sector (e.g.: public budget operations developments, public...

Based exclusively on official data, provided by the State Statistical Office of CIS (Goskomstat of the CIS), this paper provides first an analyses of the main economic differences between CIS countries, and then focuses on consolidated budgets in CIS countries in the years 1992 and 1993

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 focuses on adjustments in fiscal policy in five CEC’s whose accession seems to be politically most feasible, and who have expressed the strongest desire to join the Union. They include: Poland, the Czech Republic, Slovakia, Hungary, and Slovenia. Fiscal consolidation in these...

The purpose of this study is to describe the separate stages of the transformation in light of the basic accompanying fiscal difficulties and to formulate general conclusions regarding the factors which substantially affect the state of public finances and the quality of fiscal policy in...

Transformation of the centrally planned economy to a market based system in Hungary has been a more gradual process than in other transitory economies, although 1990 - when the new democratic government was elected - is considered as an 'official' starting point of the transition period. Since...

This paper analyzes developments in general government expenditures and revenues for 26 reforming ex-socialist economies (RESEs) over the period 1989-1994. The data indicate that, rather than uniformly converging to a “Western European” norm, RESEs have followed a variety of patterns,...

Current developments in the design and management of fiscal rules in the European Union may have negative implications for New Member States. Loosening of the Stability and Growth Pact (SGP) and a growing degree of arbitrariness in its implementation reduce incentives for fiscal adjustment in...

This paper discusses the theory and practice of counter-cyclical fiscal policy to draw conclusions relevant for the fiscal architecture of the European Union. It starts by reviewing major lines of criticism on counter-cyclical fiscal policy, such as the existence of various lags, versions of...