The recovery of the Chilean economy since the mid 1980s, has certainly been successful in macroeconomic terms. In fact, the restoration of growth and the correction of external imbalances after the severe economic crises of 1982 -83 has taken place in a macroeconomic environment of moderate...

In recent years, a ‘consensus’ explanation of policy reform in the transition economies has emerged, according to which, greater political partisanship and intra-government division promotes progress in reform. Using panel data from 24 post-Communist countries between 1991 and 1998, we find...

The financial systems of developing countries tend to be restricted or repressed by burdensome reserve requirements, interest-rate ceilings, foreign-exchange regulations, constraints on banks? balance sheets, and the heavy financial-sector taxation. This article explores preliminary evidence...

Subnational fiscal autonomy-the basis for fiscal federalism in modern federations-is meant to serve two roles. First, local control over revenue collection is meantto provide a check on the capacity of central authorities to tax arbitrarily local capital. Second, retention of taxes raised...