This paper considers the case for adjusting measures of the cyclically-adjusted fiscal balance for exceptional movements in the terms of trade for those countries where production of commodities is a substantial share of output. For such countries exceptional movements in commodity prices, such...

At a time when public expenditure is undergoing change to accommodate new needs, this report studies the impact of four institutions of the budget process upon re-allocation: medium-term expenditure frameworks, rules of budgetary discipline, the Minister of finance, and programme review. It...

For most countries in the OECD, 2015 is the seventh or eighth year of dealing with the budgetary consequences of the economic and financial crisis. These years have been marked by challenges of fiscal retrenchment of a scale and nature unprecedented in modern times. Previous OECD publications...