This report provides actionable advice on how to design and implement fiscal policies for both development and climate action. Building on more than two decades of research in development and environmental economics, it argues that well-designed environmental tax reforms are especially valuable...

This Public Expenditure and Financial Accountability (PEFA) performance assessment report evaluates the seven core pillars of the public financial management (PFM) system of the Government of the Philippines (Government) as set out in the summary assessment below. It evaluates how effectively...

What is the real character of fiscal policy? Is it expansionary or restrictive? Is it pro-cyclical or does it have stabilization effects? Policymakers and economic analysts need to be able to ascertain fiscal policy effort. As the actual budget balances are affected both by cyclical factors and...

Benefiting from successful economic transformation after independence and the start of EU accession negotiations, economic activity in Montenegro has been solid, supporting the rise in incomes their convergence with the ones in the European Union. Inflation has been modest and kept in check....

The objective of this report, which is the third in a series of programmatic public expenditure reviews (PPER), is to identify potential measures to strengthen public finances in line with the Government's strategy to reduce fiscal risks and support budgetary consolidation. The PPER series...

This paper studies whether budget rigidities affect the probability of countries getting into fiscal distress and reduce the likelihood of governments performing fiscal adjustments. Budget rigidities are constraints that limit the ability of the government to change the size and structure of the...

Policy toward fiscal rules is an important issue in the countries of the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia). According to a rough estimate, the countries with rules (all but North Macedonia) have complied with their debt and...

Motivated by the proliferation of fiscal consolidation episodes in the advent of Monetary Union, this book explains the causes and consequences of fiscal policy in Europe, using theory and empirical evidence from the last four decades