Struktura fiskální stabilizace v tranzitivních ekonomikách v podmínkách programů MMF

The paper investigates fiscal developments during the 1990s in 112 countries and tests whether the speed and composition of fiscal adjustment in transition economies differed from those in select countries with and without IMF-supported programs. While the overall fiscal balance improved in most of the examined countries, including the transition ones, the degree of the improvements differed. In non-program countries, revenue increased modestly and expenditure declined sharply, while in program countries both revenue and expenditure declined. However, in countries with programs that included structural conditions, the adjustment was effected primarily through sharp expenditure compression. In the end, fiscal developments in transition countries were not statistically different from those in other countries with IMF-supported programs.