Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review
In 2007, Montenegro was one of the world's fastest growing non-oil economies. The country reaped the benefits from its comprehensive, pre-independence reform program. After the international recognition of statehood had removed the lingering u...
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| Format: | Public Expenditure Review |
| Language: | English en_US |
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Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/11/10236001/montenegro-beyond-peak-growth-policies-fiscal-constraints-public-expenditure-institutional-review http://hdl.handle.net/10986/7831 |
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okr-10986-7831 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CREDIT ARREARS ASSET PRICES AVERAGE WAGES BALANCE SHEET BALANCED BUDGET BANK BORROWING BANK CREDITS BANK DEBT BANK LENDING BANKING INDUSTRY BANKING SECTOR BANKING SERVICES BIG BANKS BINDING CONSTRAINT BOOM-BUST CYCLE BOURSES BROCHURES BUDGET CONSTRAINTS BUDGET DEFICIT BUDGET DEFICITS BUDGETARY ALLOCATIONS BUSINESS CLIMATE BUSINESS CYCLE BUYERS CALCULATION CAPITAL EXPENDITURES CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS CONCESSION ARRANGEMENTS CONSUMER CONTINGENT LIABILITIES CONTRIBUTIONS COUNTRY RISK CREDIT CRUNCH CREDIT CRUNCHES CREDIT GROWTH CREDIT INCREASE CREDIT LIMITS CREDIT LINES CREDIT MARKETS CREDIT RATING AGENCIES CREDIT REGISTRY CREDIT RISK CREDIT RISKS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT INCOME CURRENT PRICE DEBT FINANCING DEBT-SERVICE DEBTS DECENTRALIZATION DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DEPRECIATION DEVALUATION DIVERSIFICATION DOMESTIC BANKING DOMESTIC BANKS DOMESTIC CREDIT ECONOMIC ACTIVITIES ECONOMIC COSTS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC REFORM EMPLOYEE PENSION EMPLOYMENT AGENCY ENVIRONMENTAL SUSTAINABILITY EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL CAPITAL EXTERNAL INDEBTEDNESS EXTERNAL SHOCKS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL SECTOR FINANCIAL SITUATION FISCAL CONSTRAINTS FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FISCAL SURPLUSES FOREIGN BANKS FOREIGN CAPITAL FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FOREIGN LOANS FOREIGN MARKETS GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOMEOWNERS HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RESOURCES INCOME TAX INCOME TAXES INCOME-TAX INEQUALITIES INFLATION INFLATION RATES INFRASTRUCTURE INVESTMENTS INSTITUTIONAL REFORM INSTRUMENT INSURANCE INTEREST INCOME INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS INVESTMENT PLAN INVESTMENT PLANS INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT VEHICLES LABOR MARKET LABOR MARKETS LAND TITLES LEGAL TENDER LENDERS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL GOVERNMENT LOCAL GOVERNMENTS LOW INCOME MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAINTENANCE COST MARKET ECONOMY MARKET INDICES MARKET PRICES MARKET SIZE MATURITY MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE LENDERS MORTGAGES OUTSTANDING CREDIT OUTSTANDING CREDITS PENSION PERSONAL INCOME PHYSICAL ASSETS POLITICAL UNCERTAINTIES PORTFOLIO PORTFOLIO QUALITY POVERTY RATE POVERTY RATES PRIVATE DEBT PRIVATE INVESTMENT PRIVATIZATION PRIVATIZATIONS PROBABILITY PRODUCTIVITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS PURCHASES RATES OF GROWTH RATES OF RETURN REAL ESTATE RECEIPTS RECESSIONS RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFERENDUM REGULATORY FRAMEWORK RESERVE RESERVE REQUIREMENTS RESERVES RESOURCE MANAGEMENT RESPONSIBILITIES RISK ASSESSMENT SALARIES SALARY SALE SALES SAVINGS SOCIAL INSURANCE SOCIAL WELFARE SOLVENCY SOVEREIGN RISK STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STOCKS SWAP TAX TAX OBLIGATIONS TAX POLICY TAX RATE TAX RATES TAX REGIME TAX SYSTEM TELECOMMUNICATIONS TRANSITION ECONOMIES UNEMPLOYMENT UNION UNIONS VALUABLE WAGE WAGES WEALTH EFFECT WITHHOLDING TAX WORTH |
| spellingShingle |
ACCESS TO CREDIT ARREARS ASSET PRICES AVERAGE WAGES BALANCE SHEET BALANCED BUDGET BANK BORROWING BANK CREDITS BANK DEBT BANK LENDING BANKING INDUSTRY BANKING SECTOR BANKING SERVICES BIG BANKS BINDING CONSTRAINT BOOM-BUST CYCLE BOURSES BROCHURES BUDGET CONSTRAINTS BUDGET DEFICIT BUDGET DEFICITS BUDGETARY ALLOCATIONS BUSINESS CLIMATE BUSINESS CYCLE BUYERS CALCULATION CAPITAL EXPENDITURES CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS CONCESSION ARRANGEMENTS CONSUMER CONTINGENT LIABILITIES CONTRIBUTIONS COUNTRY RISK CREDIT CRUNCH CREDIT CRUNCHES CREDIT GROWTH CREDIT INCREASE CREDIT LIMITS CREDIT LINES CREDIT MARKETS CREDIT RATING AGENCIES CREDIT REGISTRY CREDIT RISK CREDIT RISKS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT INCOME CURRENT PRICE DEBT FINANCING DEBT-SERVICE DEBTS DECENTRALIZATION DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DEPRECIATION DEVALUATION DIVERSIFICATION DOMESTIC BANKING DOMESTIC BANKS DOMESTIC CREDIT ECONOMIC ACTIVITIES ECONOMIC COSTS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC REFORM EMPLOYEE PENSION EMPLOYMENT AGENCY ENVIRONMENTAL SUSTAINABILITY EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL CAPITAL EXTERNAL INDEBTEDNESS EXTERNAL SHOCKS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL SECTOR FINANCIAL SITUATION FISCAL CONSTRAINTS FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FISCAL SURPLUSES FOREIGN BANKS FOREIGN CAPITAL FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FOREIGN LOANS FOREIGN MARKETS GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOMEOWNERS HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RESOURCES INCOME TAX INCOME TAXES INCOME-TAX INEQUALITIES INFLATION INFLATION RATES INFRASTRUCTURE INVESTMENTS INSTITUTIONAL REFORM INSTRUMENT INSURANCE INTEREST INCOME INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS INVESTMENT PLAN INVESTMENT PLANS INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT VEHICLES LABOR MARKET LABOR MARKETS LAND TITLES LEGAL TENDER LENDERS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL GOVERNMENT LOCAL GOVERNMENTS LOW INCOME MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAINTENANCE COST MARKET ECONOMY MARKET INDICES MARKET PRICES MARKET SIZE MATURITY MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE LENDERS MORTGAGES OUTSTANDING CREDIT OUTSTANDING CREDITS PENSION PERSONAL INCOME PHYSICAL ASSETS POLITICAL UNCERTAINTIES PORTFOLIO PORTFOLIO QUALITY POVERTY RATE POVERTY RATES PRIVATE DEBT PRIVATE INVESTMENT PRIVATIZATION PRIVATIZATIONS PROBABILITY PRODUCTIVITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS PURCHASES RATES OF GROWTH RATES OF RETURN REAL ESTATE RECEIPTS RECESSIONS RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFERENDUM REGULATORY FRAMEWORK RESERVE RESERVE REQUIREMENTS RESERVES RESOURCE MANAGEMENT RESPONSIBILITIES RISK ASSESSMENT SALARIES SALARY SALE SALES SAVINGS SOCIAL INSURANCE SOCIAL WELFARE SOLVENCY SOVEREIGN RISK STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STOCKS SWAP TAX TAX OBLIGATIONS TAX POLICY TAX RATE TAX RATES TAX REGIME TAX SYSTEM TELECOMMUNICATIONS TRANSITION ECONOMIES UNEMPLOYMENT UNION UNIONS VALUABLE WAGE WAGES WEALTH EFFECT WITHHOLDING TAX WORTH World Bank Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| geographic_facet |
Europe and Central Asia Africa Montenegro |
| description |
In 2007, Montenegro was one of the
world's fastest growing non-oil economies. The country
reaped the benefits from its comprehensive, pre-independence
reform program. After the international recognition of
statehood had removed the lingering uncertainty over
Montenegro's political status, investors reassessed the
country's relative attractiveness as a site for
business, responding positively to (i) the implementation of
the privatization and structural-reform agenda; (ii) the
provision of a low-tax, pro-business environment; and (iii)
a clearly defined European perspective. In response,
investment surged. Capital inflows from foreign direct
investment (FDI), largely absent during the first half of
this decade, reached a level of 30 percent of Gross Domestic
Product (GDP) in 2006 and 40 percent in 2007, fueling
domestic demand and stimulating economic growth. Real GDP
grew at double-digit rates in 2007, an outcome that stands
in stark contrast to the period of economic anemia
characterizing Montenegro's pre-independence years. In
this buoyant environment, commercial banks supported
private-sector activities with very large increases in
credit to the economy. These helped to finance higher
imports of goods and services, leading to a rapid widening
in the current-account deficit from 8.5 percent of GDP in
2005 to 40 percent in 2007. The economic dynamism, exceeding
all (published) projections, resulted in an unexpected
abundance of fiscal revenues and with generally effective
control over public expenditures in 2007, a very substantial
overall surplus. |
| format |
Economic & Sector Work :: Public Expenditure Review |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| title_short |
Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| title_full |
Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| title_fullStr |
Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| title_full_unstemmed |
Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review |
| title_sort |
montenegro : beyond the peak, growth policies and fiscal constraints, public expenditure and institutional review |
| publisher |
Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/11/10236001/montenegro-beyond-peak-growth-policies-fiscal-constraints-public-expenditure-institutional-review http://hdl.handle.net/10986/7831 |
| _version_ |
1764402982311428096 |
| spelling |
okr-10986-78312021-04-23T14:02:35Z Montenegro : Beyond the Peak, Growth Policies and Fiscal Constraints, Public Expenditure and Institutional Review World Bank ACCESS TO CREDIT ARREARS ASSET PRICES AVERAGE WAGES BALANCE SHEET BALANCED BUDGET BANK BORROWING BANK CREDITS BANK DEBT BANK LENDING BANKING INDUSTRY BANKING SECTOR BANKING SERVICES BIG BANKS BINDING CONSTRAINT BOOM-BUST CYCLE BOURSES BROCHURES BUDGET CONSTRAINTS BUDGET DEFICIT BUDGET DEFICITS BUDGETARY ALLOCATIONS BUSINESS CLIMATE BUSINESS CYCLE BUYERS CALCULATION CAPITAL EXPENDITURES CAPITAL GAINS CAPITAL INFLOW CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANKS CONCESSION ARRANGEMENTS CONSUMER CONTINGENT LIABILITIES CONTRIBUTIONS COUNTRY RISK CREDIT CRUNCH CREDIT CRUNCHES CREDIT GROWTH CREDIT INCREASE CREDIT LIMITS CREDIT LINES CREDIT MARKETS CREDIT RATING AGENCIES CREDIT REGISTRY CREDIT RISK CREDIT RISKS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT INCOME CURRENT PRICE DEBT FINANCING DEBT-SERVICE DEBTS DECENTRALIZATION DEFAULT RATES DEPOSIT DEPOSITOR DEPOSITS DEPRECIATION DEVALUATION DIVERSIFICATION DOMESTIC BANKING DOMESTIC BANKS DOMESTIC CREDIT ECONOMIC ACTIVITIES ECONOMIC COSTS ECONOMIC CRISES ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC REFORM EMPLOYEE PENSION EMPLOYMENT AGENCY ENVIRONMENTAL SUSTAINABILITY EQUIPMENT EXCHANGE RATE EXPENDITURE EXPENDITURES EXTERNAL BORROWING EXTERNAL CAPITAL EXTERNAL INDEBTEDNESS EXTERNAL SHOCKS FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL PERFORMANCE FINANCIAL POSITION FINANCIAL SECTOR FINANCIAL SITUATION FISCAL CONSTRAINTS FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FISCAL POLICY FISCAL SURPLUSES FOREIGN BANKS FOREIGN CAPITAL FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN INVESTORS FOREIGN LOANS FOREIGN MARKETS GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT HOMEOWNERS HUMAN DEVELOPMENT HUMAN RESOURCE HUMAN RESOURCES INCOME TAX INCOME TAXES INCOME-TAX INEQUALITIES INFLATION INFLATION RATES INFRASTRUCTURE INVESTMENTS INSTITUTIONAL REFORM INSTRUMENT INSURANCE INTEREST INCOME INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MARKETS INVESTMENT PLAN INVESTMENT PLANS INVESTMENT PROGRAM INVESTMENT PROJECTS INVESTMENT VEHICLES LABOR MARKET LABOR MARKETS LAND TITLES LEGAL TENDER LENDERS LIQUIDITY LOAN LOAN PORTFOLIO LOCAL GOVERNMENT LOCAL GOVERNMENTS LOW INCOME MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MAINTENANCE COST MARKET ECONOMY MARKET INDICES MARKET PRICES MARKET SIZE MATURITY MONETARY AUTHORITY MONETARY FUND MORTGAGE MORTGAGE LENDERS MORTGAGES OUTSTANDING CREDIT OUTSTANDING CREDITS PENSION PERSONAL INCOME PHYSICAL ASSETS POLITICAL UNCERTAINTIES PORTFOLIO PORTFOLIO QUALITY POVERTY RATE POVERTY RATES PRIVATE DEBT PRIVATE INVESTMENT PRIVATIZATION PRIVATIZATIONS PROBABILITY PRODUCTIVITY PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FUNDS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SPENDING PUBLIC-PRIVATE PARTNERSHIPS PURCHASES RATES OF GROWTH RATES OF RETURN REAL ESTATE RECEIPTS RECESSIONS RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFERENDUM REGULATORY FRAMEWORK RESERVE RESERVE REQUIREMENTS RESERVES RESOURCE MANAGEMENT RESPONSIBILITIES RISK ASSESSMENT SALARIES SALARY SALE SALES SAVINGS SOCIAL INSURANCE SOCIAL WELFARE SOLVENCY SOVEREIGN RISK STOCK EXCHANGE STOCK EXCHANGES STOCK MARKETS STOCKS SWAP TAX TAX OBLIGATIONS TAX POLICY TAX RATE TAX RATES TAX REGIME TAX SYSTEM TELECOMMUNICATIONS TRANSITION ECONOMIES UNEMPLOYMENT UNION UNIONS VALUABLE WAGE WAGES WEALTH EFFECT WITHHOLDING TAX WORTH In 2007, Montenegro was one of the world's fastest growing non-oil economies. The country reaped the benefits from its comprehensive, pre-independence reform program. After the international recognition of statehood had removed the lingering uncertainty over Montenegro's political status, investors reassessed the country's relative attractiveness as a site for business, responding positively to (i) the implementation of the privatization and structural-reform agenda; (ii) the provision of a low-tax, pro-business environment; and (iii) a clearly defined European perspective. In response, investment surged. Capital inflows from foreign direct investment (FDI), largely absent during the first half of this decade, reached a level of 30 percent of Gross Domestic Product (GDP) in 2006 and 40 percent in 2007, fueling domestic demand and stimulating economic growth. Real GDP grew at double-digit rates in 2007, an outcome that stands in stark contrast to the period of economic anemia characterizing Montenegro's pre-independence years. In this buoyant environment, commercial banks supported private-sector activities with very large increases in credit to the economy. These helped to finance higher imports of goods and services, leading to a rapid widening in the current-account deficit from 8.5 percent of GDP in 2005 to 40 percent in 2007. The economic dynamism, exceeding all (published) projections, resulted in an unexpected abundance of fiscal revenues and with generally effective control over public expenditures in 2007, a very substantial overall surplus. 2012-06-12T17:39:03Z 2012-06-12T17:39:03Z 2008-11 http://documents.worldbank.org/curated/en/2008/11/10236001/montenegro-beyond-peak-growth-policies-fiscal-constraints-public-expenditure-institutional-review http://hdl.handle.net/10986/7831 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Africa Montenegro |