This book explores the problems of fiscal policy as an instrument of economic and social development in the modern environment, primarily focusing on the transition economies of Eastern Europe, Caucasus, and Central Asia. Evaluating the transformational experience in these countries, this work meets a need for a critical analysis in the aftermath of the 1990s market liberalization reforms, of current trends and to outline the roadmap for future development.
1. Economics of Transition in the New Century: Lessons Learned and a Future Outlook 2. Fiscal Policy in the Newly Opened Economies: Are there Twin Deficits? 3. Fiscal Policy Sustainability in Transition: Is it There? 4. Innovative Fiscal Policy: The How, When and Why of Borrowing from the Diaspora 5. Innovative Fiscal Policy: Tackling Labour Migration Problems 6. J-Curve: Facing Exchange Rate and Current Account Fluctuation Risks in the Open Economies of the CIS 7. A Model of Fiscal Policy: Currency Crisis and Foreign Exchange Reserves Dynamics 8. Fiscal Policy Lessons for the CIS and Beyond the Economic Crisis