Tightening and loosening - on the structure of the fiscal policy of systemic change
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The study sets out to examine the budgetary policy of the transition from a planned to a market economy. There are precedents in the literature for the method chosen, mainly in the works of Alberto Alesina and co-authors. Essentially, the actions of budgetary policy measurable at balance level are placed in interpretable categories. The analyses just mentioned concern OECD countries, while the study examining the peculiarities of the East-European transition is Catriona Purfield's, but this pioneer work can be criticized at several points. The main conclusion of this study is that the budgetary actions affected the macroeconomic indices primarily by altering expectations: the desired effects were easily obtained where and when governmental intentions appeared clearly. The actions not sustainable from the theoretical point of view proved in practice to be transitional.
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