In the past decade, most of the EU New Member States experienced a severe credit-boom bust cycle. This paper argues that the credit boom-bust cycle was to a large extent the result of factors external to the region (“bad luck”). Rapid credit growth followed from a high liquidity in global...

This paper is an analysis of Japan’s credit channel. The economic condition has no hindrance, but credit demand showed an inert performance. The state’s policies have helped the flow of finance and prevent bankruptcy, but several other aspects act as an impediment to credit control. The...

This note is intended to inform Public Financial Management (PFM) reform in small Pacific Island Countries (PICs). PFM systems in PIC contexts are often very different from the sophisticated and comprehensive systems operating in larger, wealthier countries. The authors give two key messages....

This paper highlights the state of Public Finances Cross-Country Fiscal Monitor. This edition of the Cross-Country Fiscal Monitor provides an update of global fiscal developments and policy strategies, based on projections from the November 2009 WEO. These projections reflect the assessment of...

This paper develops indices of fiscal transparency for a broad range of countries based on the IMF''s Code of Good Practices on Fiscal Transparency, using data derived from published fiscal transparency modules of the Reports on the Observance of Standards and Codes (ROSCs). The indices covers...

This paper focuses on the Public Financial Management—Performance Report for the Maldives. In line with the Public Expenditure and Financial Accountability (PEFA) methodology, the assessment focuses on the fiscal performance during 2005–08, and the institutions and procedures that were in...

This Selected Issues paper examines Denmark’s fiscal framework. It evaluates its sufficiency with respect to accommodating medium-to-long-term demographic spending increases and future challenges facing the tax system. It reviews the framework’s transparency, consistency and enforceability,...

This paper reviews the fiscal implications of climate change, and the potential role of the Fund in addressing them. It stresses that: -- The potential fiscal implications are immediate as well as lasting, and liable to affect-in differing forms and degree-all Fund members. -- Climate change is...