This paper studies whether budget rigidities affect the probability of countries getting into fiscal distress and reduce the likelihood of governments performing fiscal adjustments. Budget rigidities are constraints that limit the ability of the government to change the size and structure of the...

Policy toward fiscal rules is an important issue in the countries of the Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia). According to a rough estimate, the countries with rules (all but North Macedonia) have complied with their debt and...

The short note on the 2019 President's Budget attempts to assess the proposed shift from obligation-based to cash-based budgeting and its implications on the 2019 proposed national budget. In the process, it aims to inform policy deliberations on Senate Bill 1761 (formerly Senate Bill 1450),...