fiscal instruments to deal with regional shocks. We assess how these features influence the magnitude and persistence of … factors behind these outcomes and policy implications. …

The paper surveys the role of financial markets and fiscal institutions in the transformation process going on in … allocate them efficiently; and (c) the major reforms necessary in the fiscal area. It also calls attention to the extent to … which monetary and fiscal policies overlap in these countries and the implications of that overlapping. …

argued that expenditure ceilings are effective in promoting fiscal discipline and sustainability, but that a number of trade …-offs have to be made when setting up a fiscal framework that will survive in a politically charged environment. The paper … illustrates the discussion with a case study of medium-term aggregate expenditure ceilings in three countries: Finland, the …

countries over the past two decades. It finds strong effects on fiscal policy from such factors as type of electoral system …It is now well established that political and institutional factors matter for fiscal outcomes. Following a review of … the literature, this paper examines the relationship between a variety of political-institutional variables and fiscal …

defense spending, expansion reflected a baby-boom driven rise in education spending. The parallel improvement in tax … lead to a more efficient tax system. …

Under what conditions are budget institutions likely to be strengthened? We find that fiscal deficits do not help in … such, countries will tend to move either to small fiscal deficits and good institutions or large deficits and weak …

countries. This paper aims to provide an overview of past and current budgeting practices for public investment. The study will …

conduct of fiscal policy not analyzed here, for instance, through enhanced transparency and guidance in the budget process and …In recent years, many countries have adopted Fiscal Responsibility Laws to strengthen fiscal institutions and promote … fiscal discipline in a credible, predictable and transparent manner. Still, results on the effectiveness of these laws remain …

This paper investigates economic, political, and institutional constraints to fiscal policy implementation in sub …-saharan Africa. We find that planned fiscal adjustments or expansions are less likely to be implemented the larger they are, the more … improve the quality and timeliness of economic data; enhance forecasting capacity; adopt realistic fiscal plans; and …