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.


chapter 1|28 pages

Economics of Transition in the New Century

Lessons Learned and a Future Outlook

chapter 2|40 pages

Fiscal Policy in the Newly Opened Economies

Are There Twin Deficits?

chapter 4|24 pages

Innovative Fiscal Policy

The How, When, and Why of Borrowing from the Diaspora

chapter 5|22 pages

Innovative Fiscal Policy

Tackling Labor Migration Problems

chapter 6|41 pages


Facing Exchange Rate and Current Account Fluctuation Risks in the Open Economies of the CIS

chapter |5 pages

Final Remarks