"Chen focuses on the effects of age structure changes on the size of budget deficits of national governments. More specifically, he determines whether differences in age structure can account for the observed differences in budget deficits across countries as well as across time. By way of an...

This is the second volume of a study on the insights from a 12-country pilot program on public debt management and domestic government debt market development. The discussion of domestic government debt market development in this book uses a building block approach to gain insights into...

A strong legal framework that forms the basis for the activities of debt managers is crucial for enabling an effective public debt management function. This paper aims to complement discussions on the legal foundations of debt management by detecting and discussing essential elements that allow...

The government of Pakistan borrows in the domestic market through a range of instruments, and this market is a critical source of funding for both shorter-term cash management and longer-term deficit-financing. The government has taken actions over the past 18 months that have enhanced the...

"This paper examines the implications of bank activity and short-term funding strategies for bank risk and returns using an international sample of 1,334 banks in 101 countries leading up to the 2007 financial crisis. Expansion into non-interest income generating activities such as trading...

There is a general consensus that The Gambia's civil service has a number of key capacity weaknesses. Pay is too low to hire, motivate and retain key technical and professional staffs. Staffs are not managed to achieve results, neither rewarded for good performance nor sanctioned for poor...

Brazil's pension system takes up an oversized proportion of its social protection spending. It comprises of Regime Geral de Previdéncia Social (RGPS), covering private sector workers, and over two thousand Regimes Pröprios de Previdéncia Social (RPPS), insuring public civil servants at...

The question of how best to compensate veterans in the aftermath of war is one that is relevant to many developing countries. Civil wars and independence struggles often affect the poorest regions of the world, and leave an enormous financial burden, including benefits to former fighters and...

"Over the past decade the United States has experienced widening current account deficits and a steady deterioration of its net foreign asset position. During the second half of the 1990s, this deterioration was fueled by foreign investment in a booming U.S. stock market. During the first half...