Austria’s federal system comprises the federal government and nine provinces (Länder). The federal system is rather centralized by international standards, with the federal government (including social security funds) accounting for about 70 percent of general government spending, the...

This report focuses on IMF Technical Assistance Evaluation—Public Expenditure Management (PEM) Reform in Selected African Countries. Most of the countries examined were colonies of the United Kingdom, inheriting similar and relatively simple budget systems based on an interpretation of...

Countries have adopted various institutional responses to subnational government borrowing. Using a sample of 44 countries 1982-2000, this paper provides a panel data analysis to determine the most effective borrowing constraints for containing local fiscal deficits. The results suggest that no...

This paper seeks to draw lessons from the IMF’s experience in handling financial crises around the globe over the past ten years that are relevant to the challenges faced by countries in Latin America, especially in the wake of the recent crisis in Argentina. Experience suggests that...

Latin America has experienced a resurgence in growth in recent years. However, it is also a region that has been prone to crises while growth has not delivered a significant reduction in poverty and inequality. Maintaining a strong and stable macroeconomic performance in Latin America will...

Argentina has committed itself to a reform of its revenue-sharing system. This paper examines this system and the issues involved in its redesign, and discusses the pros and cons of various options with a view to specifying a preferred approach.