Latvia’s economy continues to recover, but the worsening global outlook is likely to hurt growth. Implementation of the program has made the economy more robust to shocks, but risks remain that could derail the recovery and the goal of euro adoption. Spillovers from the euro area crisis...

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...

In recent years, Colombia has found several innovative ways to improve the efficiency of its public enterprise sector. One option used by Colombia to reform public enterprises has been to enhance their commercial orientation and limit the fiscal risk. If a public enterprise is considered...

This Selected Issues paper analyzes reforms to Mexico’s fiscal framework. Mexico’s resilient economic performance would be consolidated by increasing fiscal policy buffers and preparing for challenges associated with long-term budget pressures. In the short term, reducing public...