TY - BOOK ID - 84540336 TI - Lessons in Fiscal Consolidation for the Successor States of the Soviet Union PY - 1993 SN - 1462369197 1452730091 1281602191 9786613782885 1451992181 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Budgeting KW - Macroeconomics KW - Public Finance KW - Fiscal Policy KW - Socialist Institutions and Their Transitions: Public Economics KW - National Budget KW - Budget Systems KW - National Government Expenditures and Related Policies: General KW - Debt KW - Debt Management KW - Sovereign Debt KW - Public finance & taxation KW - Budgeting & financial management KW - Budget planning and preparation KW - Expenditure KW - Government debt management KW - Fiscal policy KW - Fiscal consolidation KW - Public financial management (PFM) KW - Budget KW - Expenditures, Public KW - Debts, Public KW - Hungary UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540336 AB - 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. ER -