Full implementation of an intergovernmental transfer system based on revenue capacities and expenditure needs could significantly improve both redistribution and equity objectives of the Chinese authorities. This was envisaged in the 1994 fiscal reforms, but the authorities were unable to...

Many countries have initiated reforms in their monetary control procedures by relaxing direct controls and increasing the role of market processes. The changed approach is often inevitable when countries reform their financial systems in support of growth and adjustment. This is because reform...

This 2009 Article IV Consultation highlights that following the adverse impact from the global economic and financial crisis, there are signs of a nascent recovery of the Philippine economy. Growth is expected at 3⁄4 percent in 2009 and to recover to about 31⁄4 percent in 2010. The recovery...