The present paper investigates whether tourism specialization is a viable strategy for development. We estimate standard growth equations augmented with a variable measuring tourism specialization using instrumental variables techniques for a large cross-section of countries for the period...

This paper analyses economic implications and the transmission mechanisms of different options for creating and using fiscal space. For creating fiscal space, we consider prioritizing expenditures, raising revenue, and scaled-up aid. Fiscal space is used for increasing health and education...

The recent relatively high levels of global oil prices have led to a significant improvement in the public finances of several hydrocarbon-exporting countries. However, despite the increase in fiscal buffers, medium-term risks remain high. Fiscal vulnerabilities have increased as a consequence...

Intro -- Contents -- I. INTRODUCTION -- II. FISCAL DEVELOPMENTS IN PERSPECTIVE -- III. CONCEPTUAL FRAMEWORK FOR QUANTIFYING QUASI-FISCAL ACTIVITIES -- IV. THE SCOPE AND COVERAGE OF QUASI-FISCAL ACTIVITIES -- V. QUASI- FISCAL ACTIVITIES AND THE FISCAL POSITION -- VI. POLICY IMPLICATIONS AND...

Intro -- Contents -- I. INTRODUCTION -- II. BACKGROUND -- III. DECENTRALIZATION AND OVERALL FISCAL CONSTRAINTS -- IV. LEGAL FRAMEWORK -- V. ASSIGNMENTS AND ACCOUNTABILITY -- VI. CONCLUSIONS -- References.

Intro -- Contents -- I. INTRODUCTION -- II. FISCAL PERFORMANCE IN ISRAEL -- III. THE MODEL -- IV. FISCAL CONSOLIDATION: NOW VERSUS LATER -- V. TAX CUTS -- VI. CONCLUSION -- APPENDIX. CALIBRATION OF GFM -- REFERENCES.

This paper aims to clarify possible systemic bottlenecks to the introduction of advanced PFM reforms in the SEE countries. It relates key fiscal developments to PFM reform processes over the last 15 years. PFM reform strategies must be realistic, with clear objectives and timetables, and with...

Fiscal performance in Latin America looks much improved this decade compared to the 1980s or 1990s. Is this a "structural" improvement or likely to be transitory? This paper answers this question by estimating the relationship between non-commodity revenue and the economic cycle, and evaluating...

Effective public investment requires governments to address the "recurrent cost problem" to ensure operations and maintenance (O&M) expenditures are sufficient to sustain the flow of productive public capital services to private factors of production. Building on the model of Buffie et al...