Behavior in the first three years of auctions for Pakistani treasury bills is studied. Bidding strategies rapidly … converged to a consistent pattern after the auctions started in 1991. Factors are identified that influenced the expected …-specific variables. The Pakistani experience suggests the robustness of auctions as a market-based allocation mechanism, and their value …

It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe …-makers. Commitment to a “hard” budget constraint can best be achieved by the institution of a suitable social safety net. The burden on …

their contingent liabilities. When these liabilities are called, budget costs can be large, as evidenced by the United …

This paper develops a political-economy model of the budget process focusing on the common pool problem of the public … budget. We show that the externality arising from the fact that public spending tends to be targeted at individual groups in … reduced by introducing elements of centralization in the budget process, that is, institutional structures that strengthen a …

government level remains prudent with cautious execution of the government budget. …

For the net administrative budget, the FY 16-18 medium-term budget (MTB) proposal includes: In FY 16, an unchanged … budget envelope in real terms, for the fourth year in a row. To accommodate new and ongoing strategic priorities of the Fund … close to 5 percent of the net administrative budget were identified through this process. The bulk of these savings would be …

The net administrative budget for FY2017 has been set at USD 1,072.5 million. After four years of zero real growth, the … FY 2017 budget includes an increase of 1\2 percent in constant dollar terms to cover the institution's rising IT and …-personnel expenses. The budget envelope also entails reallocation measures of 1.5 percent of resources and institution-wide savings to …