Fiscal problems have long been considered a central feature of financial--that is, currency, debt, and banking--crises. This paper addresses four questions: What are the fiscal causes of crises? Which fiscal vulnerability indicators help to predict crises? Can fiscal variables explain the...

This paper presents an overview of recent U.S. fiscal developments and discusses possible implications of the sharp turn around in the government’s fiscal position. Against this back ground, it also reviews key policy challenges that will need to be addressed to cope with the mounting...

The problems in Croatia's fiscal decentralization system have long been recognized. The fragmented territorial-administrative structure, fiscal decentralization efforts with insufficient fiscal autonomy, inconsistent public service standards, unbalanced sources of revenue, and doubts about the...

This 2005 Article IV Consultation highlights that economic activity in Austria gathered speed in 2004, supported mostly by strong export performance. Growth of real GDP rose to 2.2 percent in 2004. Consumption growth was modest, in view of small gains in employment and nominal wage growth barely...

Mongolia has performed commendably under the Poverty Reduction Growth Facility arrangements. Executive Directors commended the prudent macroeconomic policies, low inflation, and reduction in vulnerability. They stressed the need to strengthen the fiscal position, improve economic governance,...