Sweden was hit by a severe macroeconomic crisis in the early 1990s. GDP fell for three consecutive years in 1991-1993, unemployment increased by 9 percentage points, banks had to be nationalized, and public budget deficits exceeded 10 percent of GDP. The recovery was however quick. GDP growth...

"The authors describe the main trends of Brazil's fiscal policy during the past decade and analyze (1) the ability to raise the primary surplus in response to external shocks, (2) the pro-cyclical nature of fiscal policy, and (3) the long-run impact of government expenditure composition and...

"The authors explore the relationship between fiscal rules and capital budgeting. The current budgetary approach to limit deficits to a fixed portion of GDP or to balance budgets could undermine incentives to invest in public capital with long-run returns since politicians concerned about...

"This paper discusses trends in fiscal adjustment in Brazil since the 1990s, with particular emphasis on the strengthening of institutions for fiscal policymaking, and its effect on local government finances and their ability to invest in infrastructure building and upgrading. Although fiscal...

The year 2000 was a turning point in Croatian history, marked by closing the chapter of the war and the first phase of transition. With that, the country turned its attention to the "second transition,"the principle goal of which is to place Croatia on a path to the European Union (EU). While...

This report examines the fiscal crisis facing the Palestinian Authority (PA) that could threaten its very existence. It looks at recent macroeconomic and fiscal developments and gives and analysis of key issues and challenges such as economic and fiscal trends. The report also goes in depth...

This report examines the fiscal crisis facing the Palestinian Authority (PA) that could threaten its very existence. It looks at recent macroeconomic and fiscal developments and gives and analysis of key issues and challenges such as economic and fiscal trends. The report also goes in depth...

Recent economic performance in The Gambia was extremely poor, and undermined efforts to implement the Poverty Reduction Strategy Paper (PRSP). Laxity in fiscal and monetary policies, and low agricultural production resulted in low growth, high inflation, and rapid depreciation of the domestic...