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This paper reviews lessons in fiscal consolidation for the former Soviet Union that emerge from the experience of Central and Eastern European economies in transition. A central lesson is the need to support the macroeconomic stabilization with a front-loaded fiscal adjustment. Consistent with this adjustment path, structural reform in the tax and expenditure areas should be aimed at allocative efficiency and fairness, and its sequencing be predicated largely on administrative constraints. In the face of the uncertainty of fiscal projections, formulation of contingency measures is necessary. In addition, elimination of submerged fiscal imbalances, stemming from quasi-fiscal activities of state-owned nonfinancial enterprises and financial institutions, is just as important as correcting the measured budget deficit.

Budgeting --- Macroeconomics --- Public Finance --- Fiscal Policy --- Socialist Institutions and Their Transitions: Public Economics --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Budgeting & financial management --- Budget planning and preparation --- Expenditure --- Government debt management --- Fiscal policy --- Fiscal consolidation --- Public financial management (PFM) --- Budget --- Expenditures, Public --- Debts, Public --- Hungary

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This paper analyzes some of the lessons that can be drawn from the experience of Eastern Europe in the process of transition to a market economy that is under way, and examines some key challenges currently facing policymakers in these economies. The paper studies the constraints affecting the general strategy of reform--rapid versus gradual--that was adopted, and the output decline initially experienced and its effect on medium-term growth perspectives. The paper also discusses the implementation of mass privatization schemes, and the type and extent of government intervention in the restructuring process. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Macroeconomics --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Studies of Particular Policy Episodes --- Socialist Enterprises and Their Transitions --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Integrated Policy Framework --- Economic sectors --- Economic policy --- Poland, Republic of

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armoede --- 364.22 --- Urban poor --- -Inner cities --- -Urban policy --- -African Americans --- -#SBIB:316.8H15 --- #SBIB:316.334.5U20 --- African Americans --- Afro-Americans --- Black Americans --- Colored people (United States) --- Negroes --- Africans --- Ethnology --- Blacks --- Cities and state --- Urban problems --- City and town life --- Economic policy --- Social policy --- Sociology, Urban --- City planning --- Urban renewal --- Central cities --- Ghettos, Inner city --- Inner city ghettos --- Inner city problems --- Zones of transitions --- Cities and towns --- Urban cores --- City dwellers --- Poor --- Armoede. Financiele problemen. Financiele nood --- Economic conditions --- Social conditions --- Welzijns- en sociale problemen: sociale ongelijkheid en armoede --- Sociologie van stad (buurt, wijk, community, stadsvernieuwing) --- United States --- Race relations. --- Race question --- Inner cities --- Urban policy --- Hulpwetenschappen --- Economic conditions. --- Social conditions. --- sociologie --- sociologie. --- 364.22 Armoede. Financiele problemen. Financiele nood --- #SBIB:316.8H15

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The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Exports and Imports --- Foreign Exchange --- Labor --- Macroeconomics --- Money and Monetary Policy --- Taxation and Subsidies: Externalities --- Redistributive Effects --- Environmental Taxes and Subsidies --- Monetary Policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: Other --- Macroeconomic Aspects of International Trade and Finance: General --- Comparative Studies of Particular Economies --- General Aggregative Models: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Macroeconomic Analyses of Economic Development --- Empirical Studies of Trade --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- Economywide Country Studies: Africa --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Socialist Institutions and Their Transitions: Consumer Economics --- Health, Education and Training, Welfare, and Poverty --- Fiscal Policy --- International Lending and Debt Problems --- Price Level --- Inflation --- Deflation --- Money Supply --- Credit --- Money Multipliers --- Information and Market Efficiency --- Event Studies --- Open Economy Macroeconomics --- Studies of Particular Policy Episodes --- Money and Interest Rates: Forecasting and Simulation --- Socialist Systems and Transitional Economies: General --- Demand for Money --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- General Equilibrium and Disequilibrium: Other --- Socialist Systems and Transitional Economies: Prices --- Socialist Systems and Transitional Economies: Factor and Product Markets --- Industry Studies --- Population --- Illegal Behavior and the Enforcement of Law --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Financial Aspects of Economic Integration --- Index Numbers and Aggregation --- leading indicators --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Incomes Policy --- Price Policy --- Comparative Economic Systems: General --- Auctions --- International Financial Markets --- Business Taxes and Subsidies --- Other Economic Systems: Productive Enterprises --- Factor and Product Markets --- Prices --- Firm Objectives, Organization, and Behavior: General --- Public Enterprises --- Public-Private Enterprises --- Firm Behavior --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Financial Markets and the Macroeconomy --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Noncooperative Games --- General Financial Markets: Government Policy and Regulation --- International Policy Coordination and Transmission --- Business Fluctuations --- Cycles --- Economywide Country Studies: Asia including Middle East --- Comparative Studies of Countries --- Economic Growth of Open Economies --- One, Two, and Multisector Growth Models --- General Equilibrium and Disequilibrium: General --- Intertemporal Consumer Choice --- Life Cycle Models and Saving --- Fiscal Policies and Behavior of Economic Agents: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wages, Compensation, and Labor Costs: General --- Wage Level and Structure --- Wage Differentials --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Socialist Institutions and Their Transitions: Financial Economics --- Interest Rates: Determination, Term Structure, and Effects --- Central Banks and Their Policies --- International Monetary Arrangements and Institutions --- Economic Growth and Aggregate Productivity: General --- Economywide Country Studies: General --- Simulation Methods --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- International Law --- Portfolio Choice --- Investment Decisions --- Efficiency --- Optimal Taxation --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- International Finance: Other --- Data Collection and Data Estimation Methodology --- Computer Programs: Other Computer Software --- General Aggregative Models: Forecasting and Simulation --- State and Local Budget and Expenditures --- Trade Policy --- International Trade Organizations --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary economics --- International economics --- Public finance & taxation --- Currency --- Foreign exchange --- Government debt management --- Currencies --- Dollarization --- Demand for money --- Public financial management (PFM) --- Money --- Monetary policy --- Debts, Public --- China, People's Republic of --- Leading indicators