Over the past decade or so, the prospects of long term economic, institutional and social gains from regional and global financial and trade liberalization have become more appealing to public and private stakeholders. Indeed, since the late 1980’s both developing and advanced economies have...

Russia has seen even higher oil windfall in the past few months, which translates into likely fiscal surpluses this year and next. The government should not miss the opportunity provided by a large oil windfall to substantially improve its long-term fiscal position, further reduce inflation,...