The paper proposes a new welfare-based measure to evaluate the distributive effects of public programs. The proposed measure differs from traditional approaches in two important ways: first, it is based on life-cycle considerations, since most public expenditure programs have an intertemporal...

This report describes the progress made in implementing the Poverty Reduction Strategy Paper (PRSP) for Sierra Leone from June 2005 to May 2006. The improvement in the external sector has for the most part reflected a strong improvement in export performance, particularly for diamonds. Efficient...

The Poverty Reduction Strategy Paper (PRSP) describes The Gambia’s macroeconomic, structural, and social policies in support of growth and poverty reduction, external financing needs, and major sources of financing. Since PRSP I had experienced some setbacks during its implementation,...

This paper discusses key findings of the Third Annual Progress Report (APR) on the Poverty Reduction Strategy Paper (PRSP) for Guinea. The PRS implemented by the government since 2002 has the overall objective of reducing poverty significantly and sustainably, by increasing incomes and improving...

Inflation-forecast targeting is state of the art for monetary policy. This book explores first principles, including managing short-term policy trade-offs. The book also outlines efficient operational procedures and reviews the experiences of Canada, the Czech Republic, and India. The analysis...

Public investment supports the delivery of key public services, connects citizens and firms to economic opportunities, and can serve as an important catalyst for economic growth. After three decades of decline, public investment has begun to recover as a share of GDP in emerging markets (EMs)...