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...

Government at a glance: How Hungary compares presents recent comparable data on key indicators of government activities and performance in Hungary, compared with its neighbouring countries (Austria, Czech Republic, Germany, Poland, Slovak Republic and Slovenia) as well as the OECD average. The...

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...