IMF Publications on Moldova
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2020
Title: Technical Report on Report on Public Investment Management
Assessment (PIMA) in Moldova
Author/Editor: Arturo Navarro, Yugo Koshima, Anjum Israr, Francisco
Mejia, Eivind Tandberg, and Elena Corman
Report Date: December 2020
Series: FAD TA report
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2019
Title: Improving the Efficiency and Equity of Public Education Spending: The
Case of Moldova
Author/Editor: Hui Jin; La-Bhus Fah Jirasavetakul; Baoping Shang
Publication Date: February 26, 2019
Series: Working Paper No. 19/42
Summary: This paper, using Moldova as an example, presents a systematic
approach to assess the efficiency and equity of public education spending,
identify sources of inefficiencies and inequality, and formulate potential
reform options. The analytical framework combines international benchmarking
with country-specific analysis—such as microeconomic analysis based on household
survey data—and can provide important insights into diagnosing and reforming
education systems. The analysis finds significant scope to improve both
efficiency and equity of the education sector in Moldova. Potential reform
measures include further consolidating the oversized school network, reducing
overstaffing, and better targeting government subsidies. The current
remuneration policy could also be improved to attract high quality teachers and
incentivize performance.
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2018
Title: Republic of Moldova: Technical Assistance Report-Public Sector Debt
Statistics
Author/Editor: International Monetary Fund. Statistics Dept.
Publication Date: October 3, 2018
Series: Country Report No. 18/281
Summary: In response to a request from the European Department, a
Public-Sector Debt Statistics (PSDS) technical assistance (TA) mission was
conducted in Chisinau during April 2–6, 2018. With the objective of improving
Moldovan public sector debt statistics, the mission conducted an evaluation of
data comprehensiveness in terms of: (i) institutional coverage; (ii) instrument
coverage, including maturity structures; (iii) valuation of debt liabilities;
and; (iv) additional fiscal risks resulting from contingent liabilities
(on-lending and guarantees). Like the recent article IV mission1 and Public
Finance Management (PFM) assessment,2 the mission found that Moldova continues
to improve their recording, compilation and dissemination of public sector debt
statistics reflecting potential fiscal risks, but faces five main statistical
challenges going forward.
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2014
Title: Fragmentation and Vertical Fiscal Imbalances Lessons from Moldova
Author/Editor: Serhan Cevik
Publication Date: December 19, 2014
Series: Working Paper No. 14/233
Summary: Using a novel municipality-level panel dataset, this paper
investigates the empirical characteristics of vertical fiscal imbalances (VFIs)
in Moldova over the period 2005–13. The results show that the extent of
variation in VFIs across 898 municipalities can be explained by the level of per
capita income, fiscal capacity, and demographic characteristics, as well as the
central government’s fiscal behavior that reflects fiscal constraints and policy
preferences at the national level. Political affiliation does not appear to be a
significant factor, and the results are inconclusive in terms of direction.
While some model specifications show larger VFIs when the mayor of a
municipality belongs to the same party ruling the central government, other
models suggest better coordination and thus lower VFIs. Altogether, these
findings underscore the need for well-coordinated reforms to create economies of
scale, enhance revenue collection, and improve the composition of spending at
the subnational level.
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2014
Title: 25 Years of Transition: Post-Communist Europe and the IMF
Author/Editor: James Roaf , Ruben Atoyan, Bikas Joshi , Krzysztof Krogulski
and an IMF Staf f Team
Publication Date: October 24, 2014
Series: Regional Economic Issues Special Report, October 2014
Summary: The past 25 years have seen a dramatic transformation in
Europe's former communist countries, resulting in their reintegration into the
global economy, and, in most cases, major improvements in living standards. But
the task of building full market economies has been difficult and protracted.
This report covers the European transition economies of Central and Eastern
Europe, up to Belarus, Moldova, Russia, and Ukraine among the former Soviet
republics.
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2012
Title: Moldova - Technical Assistance Report on Taking Compliance Management
Further
Author/Editor: Allan Jensen, Norman Gillanders, Enriko Aav, Frank Bosch, and
John Buchanan
Publication Date: July 11, 2012
Series: Policy Paper
Summary: This report concerns the delivery of a tax administration
mission to Moldova during February 8 – 21, 2012 by the Fiscal Affairs Department
(FAD) of the IMF as a component of implementing FAD's technical assistance
strategy for Southeast Europe.
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2012
Title: Fiscal Policy Response to External Crises The Case of Moldova
1998-2010
Author/Editor: Qehaja, Driton
Publication Date: March 1, 2012
Series: Working Paper No. 12/82
Summary: External shocks pose major challenges to fiscal policy makers
through lower output and large fiscal imbalances. This paper analyzes the case
of Moldova, which faced parallel crises a decade apart: the Russian crisis of
1998 and the global financial crisis of 2008-2009. The country went through
large fiscal adjustments during these crises and launched important fiscal
reforms. The paper reviews the crises and reform experience. In particular, it
aims to explain the motivation for reforms, describe reform design and
implementation, and provide an understanding of their outcomes. The paper also
catalogues the form and size of international assistance for Moldova.
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2010
Title: House Price Determinants in Selected Countries of the Former
Soviet Union
Author/Editor: Vahram Stepanyan ; Tigran Poghosyan ; Aidyn Bibolov
Publication Date: April 1, 2010
Series: Working Paper No. 10/104
Summary: This paper analyses the recent boom-bust cycle in the housing
markets of selected Former Soviet Union (FSU) countries. The analysis is based
on a newly constructed database on house prices in the FSU countries. Our
estimations suggest that house price developments can largely be explained by
the dynamics of fundamentals, such as GDP, remittances, and external financing.
Overall, we find that deviations of house prices from their fundamentals have
not been pronounced, suggesting that house price bubbles have not been formed in
the FSU countries.
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2008
Title: Zero Corporate Income Tax in Moldova : Tax Competition and Its
Implications for Eastern Europe
Author/Editor: Marcin Piatkowski ; Mariusz Jarmuzek
Publication Date: August 1, 2008
Series: Working Paper No. 08/203
Summary: Global economic integration intensified tax competition and raised
concerns about the resulting "race to the bottom", which could undermine public
investment and social spending. The aim of this paper is to test predictions
that (i) there is interdependence in CIT rate setting in Eastern Europe and that
(ii) the recent CIT cut in Moldova may intensify tax competition in the region.
It finds that there is indeed evidence that during 1995-2006 countries in
Eastern Europe strategically responded to changes in CIT rates in the region and
that Moldovan zero CIT is likely to encourage further cuts in CIT. The paper
also discusses implications of tax competition for Eastern Europe and finds that
FDI flows will not be much affected, tax revenues are likely to decline, the
shift in the composition in tax revenue may increase economic efficiency, but
decrease equity. Tax coordination, while difficult politically, could help stem
further decline in corporate taxation, but any gains might be modest and not
certain to exceed the costs of tax coordination. Without tax coordination,
however, it is unclear what exactly could stop corporate taxes from falling
further.
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2003
Title: Reforming Tax Systems: Experience of the Baltics, Russia, and
Other Countries of the Former Soviet Union
Author/Editor: Vahram Stepanyan
Publication Date: September 1, 2003
Series: Working Paper No. 03/173
Summary: Starting in the early 1990s, the Baltics, Russia, and other (BRO)
countries of the former Soviet Union initiated tax reforms that varied widely at
the later stages. Recently, some of the BRO countries, basing decisions on the
proposition that lowering of the top marginal income tax rate would
significantly benefit economic development and increase tax compliance, have
initiated a new stage of tax reforms. This paper reviews country experiences and
suggests that (i) overall, there seems to be little evidence of a substantial
improvement in income tax revenues resulting simply from a reduction in the top
marginal tax rates, and (ii) in the BRO countries, the elasticity of the
behavior of economic agents, in terms of labor supply, saving, and investment,
with respect to income tax rates is not large, and a reduction of the existing
income tax rates is unlikely to lead to a notable expansion of economic
activity.
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2001
Title: Armenia, Georgia, Kyrgyz Republic, Moldova, and Tajikistan:
External Debt and Fiscal Sustainability
Author/Editor: Jointly Prepared by the European II Department of the IMF
and the
Europe and Central Asia Region of the World Bank
Publication Date: March 12, 2001
Subject: This paper examines the debt situation in the five CIS countries
that are eligible for PRGF and IDA only. It describes the size and composition
of the debt and the key factors that have led to its rapid accumulation in
recent years.
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2000
Title: Reforming Tax Systems: Experience of the Baltics, Russia, and
Other Countries of the Former Soviet Union
Author/Editor: Mark De Broeck and Vincent Koen
Publication Date: February 1, 2000
Series: Working Paper No. 00/32
Summary: The output contractions during the initial transition stages in the
Baltics and in Russia and the other CIS countries are examined across several
dimensions, and the reliability of the available official statistics evaluated.
The depth, length and breadth of the contractions are studied and set against a
longer-run historical perspective. The relationship between inputs and outputs
as described in a standard accounting framework shows that there is more to the
contractions than collapsing investment and shrinking employment. Sharp declines
in productivity, reflecting in part transition-related factors, also played a
major role.
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1999
Title: Fiscal Federalism and Government Size in Transition Economies - The
Case of Moldova
Author/Editor: de Mello, Luiz; Fiscal Affairs Department
Publication Date: December 1, 1999
Series: Working Paper No. 99/176
Subject: Revenues;Moldova;Government expenditures
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1999
Title: Central Bank Autonomy, and Inflation and Output Performance in
the Baltic States, Russia, and Other Countries of the Former Soviet Union,
1995-1997
Author/Editor: Tonny Lybek
Publication Date: January 1, 1999
Series: Working Paper No. 99/4
Summary: A higher degree of de jure autonomy and accountability of the
central banks of the Baltic states, Russia, and other countries of the former
Soviet Union appears to be positively correlated with lower average inflation.
There also seems to be some positive correlation between greater central bank
autonomy and higher average real growth, after the initial period of reforms.
Central banks with a higher degree of autonomy and accountability have
apparently also reformed their operations more aggressively.
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1998
Title: Government Expenditure Arrears - Securitization and Other Solutions
Author/Editor: Ramos, Alberto; Western Hemisphere Department
Publication Date: May 1, 1998
Series: Working Paper No. 98/70
Subject:
Payments
arrears;Argentina;Armenia;Azerbaijan;Belarus;Georgia;Kazakhstan;Kyrgyz
Republic;Latvia;Cameroon;Moldova;Russian
Federation;Tajikistan;Turkmenistan
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1998
Title: Pension Reform in the Baltics, Russia, and other Countries of
the Former Soviet Union
Author/Editor: Marta de Castello Branco
Publication Date: February 1, 1998
Series: Working Paper No. 98/11
Summary: Despite their increasing fiscal burden, the public pension systems
of BRO countries are failing to provide adequate social protection. Although
there is a broad consensus about the need for pension reforms, BRO countries are
debating whether to embark on systemic reforms or whether to correct the
distortions in their pay-as-you-go (PAYG) pension systems. The paper reviews the
measures taken by BRO countries during the transition period to address their
pension problems and examines the options for further reform. It makes a strong
case for a gradual reform approach aimed at establishing a multi-pillar system
over the long run, but initially focused on implementation of “high-quality”
reforms of the PAYG system.
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1997
Title: Explaining and Forecasting the Velocity of Money in Transition
Economies, with Special Reference to the Baltics, Russia and other Countries of
the Former Soviet Union
Author/Editor: Mark De Broeck, Kornelia Krajnyak, and Henri Lorie
Publication Date: September 1, 1997
Series: Working Paper No. 97/108
Summary: The paper identifies a number of stylized facts on the behavior of
key macroeconomic variables during high inflation and stabilization in countries
in transition. To examine the extent to which these stylized facts conform to
the predictions of standard open economy monetary theory, the paper develops a
simple monetary model of the exchange rate incorporating price stickiness and
inflation inertia, and carries out an econometric analysis of the behavior of
real money balances during inflation stabilization. The paper concludes by
assessing the prospects for velocity developments in countries in transition,
including the likely pace of remonetization.
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1997
Title: External Borrowing by the Baltics, Russia and Other Countries
of the Former Soviet Union : Developments and Policy Issues
Author/Editor: Ishan Kapur and Emmanuel van der Mensbrugghe
Publication Date: June 1, 1997
Series: Working Paper No. 97/72
Summary: Many countries among the Baltics, Russia and other CIS states are
increasingly borrowing on international capital markets, a development that
generally reflects their success in achieving financial stabilization. In view
of the low level of domestic saving and large capital requirements, recourse to
foreign borrowing may of course generate significant benefits for these
economies in transition. However, the rapid increase in external debt suggests
that consideration also needs to be given to the risks from too high a
dependence on foreign saving, including inter alia risk of the postponement of
needed structural reforms.
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1994
Title: Monitoring Financial Stabilization in Moldova: The Role
of Monetary Policy, Institutional Factors and Statistical Anomalies
Author/Editor: Haley, James;Shabsigh, Ghiath;European II
Department
Publication Date: December 1, 1994
Series: Papers on Policy Analysis and
Assessments No. 94/25
Subject: Fund-supported adjustment
programs;Moldova;Inflation;Monetary policy
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