This paper contributes to the existing empirical literature on the principal determinants of tax revenue performance across developing countries by using a broad dataset and accounting for some econometric issues that were previously ignored. The results confirm that structural factors such as...

The paper reviews the changing nature of intergovernmental fiscal relations between the provinces and the central government in China over the past two decades and provides an assessment of the success of previous reforms in meeting their objectives. Key existing weaknesses in the current system...

This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment...

This Selected Issues paper discusses Lithuania’s efforts towards a sustainable and inclusive consolidation. Lithuania has implemented fiscal measures amounting to 17 percent of GDP during 2009–2012, about half of which were frontloaded in 2009. The report shows that...

The short-term objectives are being met, but medium-term targets and sustainability have to be worked on. The impressive fiscal adjustment evident since the crisis erupted is continuing. The Executive Directors commend the Greek government’s determination to focus on overdue spending...

This paper discusses Burkina Faso’s ex-post assessment of longer-term program engagement. Economic growth has fluctuated above regional standards, averaging 5.3 percent between 2007 and 2012. The improvements in the agricultural sector, as a result of authorities’ strong push for...

This Selected Issues paper analyzes the fiscal strength of the economy of the Czech Republic. Fiscal policy in the Czech Republic has shown a procyclical bias temporarily interrupted during the crisis years. The large stimulus implemented has been more than compensated by a frontloaded...

This staff report on the Republic of Serbia’s Article IV Consultation highlights economic background and policies. The global financial crisis exposed Serbia’s unsustainable growth model and its key vulnerabilities. Robust growth has not taken off, and economic activity is below...

This 2013 Article IV Consultation highlights that in a context of weakening economic conditions in Europe and sizeable fiscal consolidation and domestic policy uncertainty, the French economy flat lined in 2012. However, recent improvements in economic indicators support the expectation of a...