This paper explores the joint effect of aggregate productivity shocks and capital market liberalization on the optimal bailout (or liquidation) policy of banks towards defaulted borrowers. It suggests that in bad times both good and bad firms default on their obligations, it is harder for the...

The second goal of the Millennium Development Goals (MDGs) is to achieve universal primary education. The target is to reach all the MDGs by 2015. Trends in education indicators for monitoring the second MDG suggest that Philippines may probably not meet the target on achieving universal primary...

This paper provides a general overview of the allocation of revenues and expenditures across levels of governments in Canada and discusses how public services in specific areas are financed and delivered. In doing so, the paper draws attention to a number of important characteristics of the...

Japans mid-nineteenth century opening-up to Western influence, the so-called Meiji Restoration, drove political leaders to form a politically modern centralized country. Although Japan experienced a number of major decentralization processes under the post World War II Allied occupation, the...

This study explores the evolution of fiscal resource distribution in Pakistan. Pakistan is a federation comprising four provinces, federallyadministered areas, and the Islamabad Capital Territory. Being a central type of government, most of the revenues are collected by the centre and then...

The paper aims to assess the fiscal health of five urban agglomerations (UAs) in India viz. Delhi, Hyderabad, Kolkata, Chennai, and Pune. Our sample consists of five corporations and sixty three smaller Urban Local Bodies (ULBs) dispersed in thirteen districts of five major states. The main...

This paper argues that the incorporation of new references in the Thirteenth Finance Commission mandate relating to ecology, environment and climate change and quality of public expenditure pose new challenges. The challenges arise because the operationalization of these items require various...

With closer regional integration there is increasing interest within the Association of Southeast Asian Nations (ASEAN) and on the part of ASEAN’s dialogue partners in the potential gains of closer connections between Southeast Asia and South Asia. The strategic positions of India,...

With closer regional integration there is increasing interest within the Association of Southeast Asian Nations (ASEAN) and on the part of ASEAN’s dialogue partners in the potential gains of closer connections between Southeast Asia and South Asia. The strategic positions of India,...

This paper provides an evaluation of the long-term fiscal sustainability of advanced economies, based on current estimates of these economies’ current-policy fiscal trajectories. As will be quite evident, for many countries short-term fiscal measures, such as the debt-GDP ratio and the...