Fiscal policy and economic growth: lessons for Eastern Europe and Central Asia

Abstract

Intro -- Contents -- Acknowledgments -- Authors and Contributors -- Abbreviations -- Foreword -- 1. Fiscal Policy and Economic Growth in Europe and Central Asia: An Overview -- Do Government Size and Fiscal Deficits Matter for Economic Growth? -- How Can Governments Improve the Efficiency of Public Spending? -- How Can Governments Reduce Distortions in the Tax System? -- Conclusion -- Note -- PART 1. Public Finance and Economic Growth: Trends and Interrelationships -- 2. Public Finance Systems in Transition Countries -- Fiscal Stabilization and Debt Dynamics -- Patterns of Fiscal Adjustment and Public Spending -- The Size of Government -- Composition of General Government Spending -- Structure of Revenues in ECA -- Conclusions -- Annex 2A. Tax Performance: A Regression Model -- Notes -- 3. Do Public Finance Systems Matter for Growth? -- Success in Fiscal Consolidation -- Fiscal Deficits -- The Size of Government -- The Composition of Expenditures and Structure of Taxes -- Creating Fiscal Space -- Conclusions -- Annex 3A. Determinants of Growth in Transition Economies, 1992-2004 -- Econometric Evidence -- Annex 3B. Composition of Public Expenditures, Structure of Taxes, and Growth in ECA Countries, 1995-2004: Econometric Evidence -- Annex 3C. Calculating a Sustainable Primary Fiscal Balance in ECA Countries-A Note on Methodology -- Notes -- PART 2. Selected Issues in Public Expenditure -- 4. Infrastructure -- Infrastructure and Economic Growth -- The Legacy of Transition and Recent Performance -- Financial Sustainability: Hidden Costs and Priorities for Structural Reform -- Toward Better Management of Public Investment in Infrastructure -- Building Partnerships with the Private Sector -- Conclusions -- Notes -- 5. Education -- Education and Economic Growth -- Public Education Spending and Education Outcomes.