02838nam a22004337u 4500 pwiiw7092 OSt 20260518120019.0 241215t2024 au ||||| |||| 00| ||eng d OSt eng E62 H3 H6 jelc Heimberger, Philipp Fiscal governance in the Western Balkans: An analysis of fiscal rules, fiscal councils, and medium-term budgetary frameworks Wien : Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw), 2024. 55 S., 5 Tables and 17 Figures, 30cm. wiiw Research Reports 478 This paper presents a detailed analysis of fiscal frameworks across the six Western Balkan economies utilizing a newly compiled dataset based on the European Commission’s Fiscal Governance Database. The analysis reveals that although all six Western Balkan countries have implemented some form of fiscal rule, these rules are generally less robust than those in EU member states in Central, Eastern, and Southeastern Europe. Independent fiscal councils are operational only in Serbia and North Macedonia, as well as in one entity in Bosnia and Herzegovina, while other Western Balkan economies are still in the process of planning or implementing similar bodies. Across the region, medium-term budgetary frameworks are largely indicative in nature. Statistical and econometric analysis indicates that fiscal rules and councils in the Western Balkans may have had positive effects on reducing deficits and maintaining sustainable public debt dynamics, but only sporadically and to a limited degree. The political-economy challenges facing economies in the region may be inhibiting the adoption of fiscal rules and impairing the operation of fiscal councils. An evaluation of recent changes to EU fiscal rules and their implications for the Western Balkans highlights the need to improve the technical and analytical capabilities of fiscal institutions, as the new rules could negatively affect public investment in the region unless spending can be prioritized effectively and supported by improvements in domestic revenue mobilization. fiscal governance fiscal rules fiscal councils MTBF Western Balkans Albania Bosnia and Herzegovina Kosovo Montenegro North Macedonia Serbia Western Balkans Macroeconomic Analysis and Policy Jovanović, Branimir Tevdovski, Dragan Madzarevic-Sujster, Sanja Pionteck, Tim 478 WIIW0000048 wiiw Research Reports https://wiiw.ac.at/p-7092.html P 9108 9108 0 0 0 0 BIB BIB 1 2024-12-15 pwiiw7092 0 5.600/478 1000010007092 2024-12-15 00:00:00 2025-04-07 P