What are the reasons for and the costs of Latin America's volatility? Because there is no consensus on these fundamental questions, there is no consensus on the appropriate policy response to macroeconomic volatility in Latin America, and other shock-prone countries. This paper provides new...

Populations in OECD and emerging economies are ageing rapidly, which will have significant macroeconomic impacts, including on public expenditures and tax revenues. The rules and practices that govern fiscal relations among different levels of government, such as their responsibilities for...

This report sets out some of the short-, medium- and long-term challenges for fiscal policy in the Dominican Republic. The population’s spending demands must be met but macroeconomic sustainability must be maintained. In particular, public finances must be sustainable in the long term to...