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Two specialists on fiscal policy in the Czech Republic examine the deterioration of that country's fiscal position during the late 1990s and outline its causes and consequences. Particular attention is devoted to developments in the government sector, extra-budgetary activities, sources of revenue, patterns of government spending, hidden liabilities, and structural and cyclical fiscal imbalances. The authors also assess in some detail the political environment within which fiscal policy is formulated and describe possible outcomes should the current situation and policies continue.