The paper assesses the outlook for public finances in both advanced and emerging economies following the financial crisis. It highlights the risks arising from the current outlook and discusses the key reasons for different market responses to the deterioration of the fiscal accounts across the...

This paper is the story of the search for a better trade-off between flexibility and credibility undertaken by authorities around the world in the last 25 years. It provides detailed information on how monetary frameworks - that is the set of announced rules and institutions affecting monetary...