Inderscience Publishers

Fiscal policy in select transition economies: opportunities for sustainable development

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This paper views fiscal policy as an instrument of sustainable development during ongoing economic transformation. Empirically testing fiscal policy sustainability, this study focuses on primary surplus to debt relation for two transition economies groups: net exporters and net importers. Although results suggest sustainability, mainly for net exporters, recent successes may not be sustainable in the near term, due to structural problems and debt accumulation among others. As a policy tool, this paper introduces a concept of fiscal net with alternative revenue sources. Overall fiscal policy in the CIS must be proactive and pragmatic for the sake of economic development and competitiveness. Proposed infrastructure development fund and strategic learning innovative system, among others, aligned with the real economy's demands, are just few examples of such sustainable fiscal policy targets.

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