Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212483 
Year of Publication: 
2001
Series/Report no.: 
BOFIT Discussion Papers No. 2/2001
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
This paper reviews issues associated with quasi-fiscal operations (QFO) of central banks in a sample of countries in Central and Eastern Europe and the former Soviet Union.The concern is the problem of transparency in fiscal and monetary accounts when the central bank undertakes quasi-fiscal operations and the government falls short of providing full coverage of fiscal operations.QFO can also jeopardize monetary policy designed to maintain price stability.A simple framework is developed to estimate the extent of QFO.In some cases, the magnitude of QFO is significant in indicating underestimation of fiscal deficit figures.We claim that the lack of transparency in fiscal accounts of transition countries warrants serious concern.
Subjects: 
Quasi-fiscal operations
transition economy and
Persistent Identifier of the first edition: 
ISBN: 
951-686-946-7
Document Type: 
Working Paper

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