摘要：In the EU Member States in Central, Eastern and Southeastern Europe (CESEE-10), budget-
ary positions have been observed to react less strongly to GDP changes than in the euro area.
In the observation period, automatic stabilizers mostly operated on the revenue side, while the
response of government expenditure to GDP changes was quite inelastic. In most CESEE-10
countries, the government expenditure-to-GDP ratio is smaller than the euro area average.
Thus, the automatic response of the budget balance to the present downturn is expected to be
rather moderate. Moreover, the room for discretionary f iscal measures is limited as there are
no suff icient buffers owing to the predominantly procyclical f iscal stance during past “boom
times” in several countries and, currently, government debt markets in many countries are
rather illiquid
关键词：Automatic stabilizers, f iscal space, output gap, cyclicality of f iscal policy, discretionary
f iscal policy
