This Selected Issues paper analyzes fiscal devolution in Belgium. It examines long-term fiscal strategies for meeting the fiscal burden of population aging. The paper presents estimates of the fiscal costs of population aging in Belgium, and discusses their sensitivity to underlying assumptions....

This report focuses on Observance of Standards and Codes on Fiscal Transparency for Turkey. Turkey has continued to make progress toward meeting the requirements of the fiscal transparency code, in particular through a substantial overhaul of the legal system. The adoption of the Public...

The Selected Issues paper analyzes tax policy trends at the local level in Sweden and assesses the effectiveness of the vertical fiscal policy coordination system. The study reviews Sweden’s local public finances from an international perspective and empirically explores various...

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to...

This 2005 Article IV Consultation highlights that macroeconomic imbalances in Serbia and Montenegro widened in 2004, putting at risk some of the impressive earlier achievements. Growth, about 5 percent in nonagriculture since 2002, has been fueled by a surge in domestic demand. Lack of...

This Selected Issues paper analyzes the strengths and weaknesses of the fiscal framework of Sweden, and discusses some guidelines for their modification. It describes the Swedish experience under the new fiscal framework, and documents the increasing expenditure profile during the economic boom....

This report presents an Ex Post Assessment of Albania’s Longer-Term-Program Engagement with the IMF. Albania has been engaged in a series of IMF-supported programs since the beginning of transition. This report provides an overview of economic developments and the overall role of the IMF...

This report provides an assessment of fiscal transparency practices in Greece in relation to the requirements of the IMF Code of Good Practices on Fiscal Transparency. The assessment reveals that Greece has made progress, in recent years, in meeting the requirements of the fiscal transparency...

The global crisis left Albania fairly unscathed and ushered in the needed economic rebalancing. The policy framework has been challenged in the post-crisis environment significant headwinds. Despite improvement, external imbalances remain elevated. Fiscal consolidation in terms of a more...

Failed corporate structures lie at the heart of Serbia’s economic difficulties. But the government emphasized instead the need for public investment and labor tax cuts. Capital inflows pose additional challenges. External concerns leave little room to fiscal maneuver. This puts the focus...