References to policy credibility, particularly with regard to fiscal policy, are ubiquitous in both economic literature …)-emerging markets joining a supranational entity that is generally considered to have higher policy credibility-provides a unique … experiment to assess the effects of credibility on sovereign credit. This paper examines the impact of EU accession on three key …

continuation of current trends would increase the importance of subnational government while reducing (in the economic sphere) the …

Central government wage expenditures accounted for 7 percent of GDP in 99 countries during 1980-90 (unweighted average … countries, and small low-income economies tend to have lower central government wage expenditures as a percent of GDP. Access to … foreign financing is not; the public and publicly guaranteed foreign financing is often provided for government capital …

price stability and central bank credibility have reduced the second component …

This paper studies the question of how to achieve monetary policy credibility and price stability after a financial …

(s). Once endowed with those resources, relations between government and central bank should be designed so that significant … and risks presented by the operational environment. Attaining credibility is facilitated if the public can easily … institutional arrangements that ensure the central bank generates profit in most states of the world, is subject to strict ex post …