"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is...

"Despite significant progress in economic reform throughout the 1990s and an exemplary development of the policymaking framework in the second part of the decade, Brazil suffered a major public debt and currency crisis in 2002. Though the political origin of the uncertainty cannot be ignored,...

The World Bank is in the initial stages of developing a new annual series of World Bank Country Briefs. Tanzania- the second report in the series - will be published in the winter of 2009. These short, country-specific reports examine the economic, social, environmental, and business landscape...