fiscal crisis is starting to affect external stability. Notwithstanding the fiscal crisis, banks continue to remain well … capitalized and profitable. The 2011–12 budget promises to make significant progress in fiscal adjustment while safeguarding …

This paper analyses the changes in orientation and composition of Brazilian fiscal policy, focusing on three recent … extraordinary. During the second period of fiscal expansion (2011-2014), the fiscal space was reoriented towards tax cuts and … subsidies to private investment, while public investment stagnated. This new fiscal policy mix proved ineffective in preventing …

Economic activity appears to be recovering, underpinned by a strong policy response. Fiscal consolidation will be … exchange rate policies are essential to maintain macroeconomic stability. Improvements in tax administration are needed to …

-term fiscal reforms. The economy will benefit from rebuilding fiscal policy buffers over the medium-term. The flexible exchange …Strong fundamentals and a policy track record helped Mexico to withstand the fallout from the global crisis and aided … recovery. The policy challenges have to take due account of significant global uncertainty, employment generation, and long …

because of capacity weaknesses in implementing capital expenditures. The implementation of the tax and customs administration … of a continuous structural PC on sending notification letters within one week to late and nonfilers of tax returns. …

budget deficit but called for a comprehensive medium-term consolidation plan, given growing fiscal risks. Directors have also …

steadfast implementation of reforms to place public debt on a sustainable path, build fiscal buffers, and enhance medium …