Since 2014, large and persistent external shocks have hit the CCA region, particularly a slump in global commodity prices and slower growth in its key economic partners. Fiscal accommodation, along with currency adjustment, has helped the CCA mitigate the impact of the external shocks. However,...

1. Economics of transition in the new century : lessons learned and a future outlook -- 2. Fiscal policy in the newly opened economies : are there twin deficits? -- 3. Fiscal policy sustainability in transition : is it there? -- 4. Innovative fiscal policy : the how, when and why of borrowing...