Supranational adjustment of fiscal systems in Visegrád countries
This article presents the analysis of fiscal consolidations in Visegrád countries which were anchored by fiscal governance procedures of the EU. As the Visegrád countries have accomplished their consolidation effort, it seems topical to study their experience and assess the efficiency of consolidation measures. Such an analysis could be also crucial for Russia, as the country has faced the necessity to stabilize its fiscal system.
Key words: budget deficit, fiscal policy, fiscal governance, fiscal adjustments, fiscal consolidation, Visegrad countries.
Наднациональное регулирование фискальных систем в странах Вишеградской группы
Статья представляет анализ консолидаций бюджета в странах Вишеградской группы, осуществлённых под воздействием наднационального фискального регулирования ЕС. Поскольку консолидация в этих странах завершена, научный интерес представляет изучение их опыта и оценка эффективности политики стабилизации (учитывая, что Россия столкнулась с необходимостью консолидации бюджета).
Ключевые слова: дефицит бюджета, налогово-бюджетная политика, фискальное регулирование, консолидация бюджета, Вишеградская группа.
The problem of fiscal adjustments seems to appear on the economic agenda quite regularly. Recently, it has become topical again amid debt crisis in the European Union (EU). The need to stabilize national budget looms large for Russia too, as the oil-depending revenues dropped after 2014. Thus, it looks promising to analyze fiscal adjustments in countries that have accomplished budget consolidations. One could highlight the Visegrád economies, namely the Czech Republic, Hungary, Poland and Slovakia. Their experience might be useful to study, because recently they have taken some consolidation efforts and because their economies and fiscal systems have some similarities with Russia’s ones. These are level of development, particular elements in structure of government expenditures and revenues, certain problems in common etc. So, such an analysis seems convenient when it comes to measures, which Russia’s government could and could not take, while consolidating its budget.