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The staff report for the 2005 Article IV Consultation on the Republic of Estonia focuses on the economic outlook and … risks. Robust economic growth continues, largely driven by domestic demand. Estonia has achieved significant nominal … convergence; meeting all of the Maastricht criteria, save for inflation. Estonia’s banking system remains financially sound, with …
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Estonia has succeeded in reducing its macroeconomic imbalances and vulnerabilities, but faces the challenge of … arrangements and the EU banking union can enhance financial stability. Estonia needs to safeguard its external competitiveness …
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This paper examines why fiscal policy is procyclical in developing as well as developed countries. We introduce the concept of fiscal transparency into a model of retrospective voting, in which a political agency problem between voters and politicians generates a procyclical bias in government...
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This review provides an overview of the budgetary landscape in Thailand and identifies the legal and constitutional aspects that impact on the planning, preparation and reporting of the budget. It then discusses strategic planning elements of the budget, specifically fiscal objectives,...
Persistent link: https://www.econbiz.de/10012418991
The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And are they resilient to changes in political conditions? We build a model in which...
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