9780415598071

Innovative Fiscal Policy and Economic Development in Transition Economies

by ;
  • ISBN13:

    9780415598071

  • ISBN10:

    0415598079

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2011-03-08
  • Publisher: Routledge
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Summary

This book explores the problems of fiscal policy as an instrument of economic and social development in the modern environment, primarily focusing on the transition economies of Eastern Europe, Caucasus, and Central Asia. Evaluating the transformational experience in these countries, this work meets a need for a critical analysis in the aftermath of the 1990s market liberalization reforms, of current trends and to outline the roadmap for future development.

Table of Contents

List of figuresp. xii
List of tablesp. xv
Forewordp. xvii
Prefacep. xix
Economics of transition in the new century: lessons learned and a future outlookp. 1
Introductionp. 1
Before the shock: notes on the political economy from 1960 to 1990p. 2
What happened in the 1990s: more on political economyp. 6
Macroeconomic overview of the 2000sp. 10
Conclusionp. 23
Appendixp. 25
Fiscal policy in the newly opened economies: are there twin deficits?p. 29
Introductionp. 29
Fiscal balance and current account in the first decades of transitionp. 30
Theory and some empirics of twin deficits reexaminedp. 33
Main theoretical model and data discussionp. 38
Empirical results analysisp. 40
Some extensions to the main modelp. 43
Conclusionp. 56
Appendixp. 58
Fiscal policy sustainability in transition: is it there?p. 69
Introductionp. 69
Transition period fiscal policy trendsp. 70
Some theoretical aspects of fiscal policy in transitionp. 79
Theoretical model and data discussionp. 82
Empirical results discussionp. 85
Policy conclusionsp. 90
Innovative fiscal policy: the how, when, and why of borrowing from the diasporap. 94
Introductionp. 94
Fiscal policy for growth and development: transition peculiaritiesp. 95
Diaspora and transition economiesp. 98
From "fiscal diamond" to "fiscal net"p. 101
The Diaspora bond in transition economiesp. 105
Conclusionp. 111
Appendixp. 112
Innovative fiscal policy: tackling labor migration problemsp. 118
Introductionp. 118
Labor migration trends in transition economiesp. 120
Temporary labor migration triadp. 128
The Diaspora regulatory mechanismp. 130
The Migration Development Bankp. 133
Conclusionp. 137
Appendixp. 138
J-curve: facing exchange rate and current account fluctuation risks in the open economies of the CISp. 140
Introductionp. 140
What is the J-curve? Exposition and literature reviewp. 142
Theoretical modelp. 153
Data descriptionp. 154
Review of the empirical resultsp. 155
Testing for main results robustnessp. 161
Conclusions and policy implicationsp. 164
Appendix Ap. 166
Appendix Bp. 176
A model of fiscal policy, currency crisis, and foreign exchange reserves dynamicsp. 181
Introductionp. 181
Some theory, empirics, and stylized facts of international experiencep. 182
Stylized facts from the CISp. 187
A two country-group theoretical model with foreign reservesp. 192
Numerical analysis and possible scenariosp. 196
Conclusion and possible policy implicationsp. 206
Appendixp. 209
Fiscal policy lessons for the CIS beyond the economic crisis of 2008-2009p. 212
Introductionp. 212
The crisis in the CIS: the case of Russiap. 213
The crisis in the CIS: the case of the net exportersp. 222
The crisis in the CIS: the case of (he net importersp. 226
Policy implications for two country groupsp. 230
Final remarksp. 233
Endnotesp. 238
Bibliographyp. 244
Indexp. 256
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