Fiscal deficits on average only 1.4% of GDP; debt coefficients on the decline; early debt repayments to the International Monetary Fund and massive repurchases of Brady bonds that 15 years ago were the last salvation for overly endebted governments. This doesn't look like Latin America, the...

The large and persistent deficits observed in many countries and the reform efforts undertaken to strengthen fiscal discipline have been the focus of an active and ongoing research program in political economy. This book draws together contributions from two competing approaches seeking to...