The main findings are as follows: (1) an increase in private national saving during 2001-03 was the key contributor to the turnaround in Pakistan`s external current account during this period; (2) while Pakistan`s growth was mainly export-led before 2003-04, it was largely led by domestic demand...

This paper reviews financial programming in quot;dependent economiesquot; with unemployed resources and nonmarket clearing conditions regarding domestic bank credit. Devaluation may increase domestic activity, even if the immediate export supply response is limited and devaluation tends directly...

Although various factors point to a more arduous and longer transition in Russia than in Eastern Europe, the broad policy approach should be similar.A necessary condition for effective macroeconomic stabilization is the imposition of hard budget constraints on enterprises. Financial assistance...

The paper identifies a number of stylized facts on the behavior of key macroeconomic variables during high inflation and stabilization in countries in transition. To examine the extent to which these stylized facts conform to the predictions of standard open economy monetary theory, the paper...

Building on the substantial progress made in establishing fiscal systems consistent with market economies, the paper identifies priorities for further fiscal structural reforms among the Commonwealth of Independent States (CIS) countries. Activities of extra budgetary accounts and quasi-fiscal...

A strengthened fiscal position is at the core of most economic adjustment programs supported by IMF lending, especially for the poorer countries that draw on the IMF's structural adjustment facilities. This paper reviews developments in 23 countries and evaluates their experience with fiscal and...