This paper traces balance-of-payments developments in eastern Europe and the USSR over the last decade and examines their potential for adjustment. The growth of external debt and the balance of payments deficit, possible reasons for the area's poor trade performance and the factors which may...

The paper notes that the development of sound budgetary institutions in countries such as France, the U.K. and the U.S. has taken a very long time?200 years or more?and is still evolving. It discusses Douglass North's prediction?which is supported by available data?that institutional reform is...

This paper discusses the role of fiscal policy and fiscal institutions in managing scaled-up aid. In an environment of volatile scaled-up aid, fiscal policy formulation should be anchored in medium-term frameworks, incorporating a longer-term view of potential resource availability and spending...

This paper addresses issues relating to the establishment and financial management of extrabudgetary funds (EBFs), a large group of government entities that on average accounts for 40 to 45 percent of central government expenditure-two-thirds of which represents social security funds-in...

This study is intended to help underpin a more coordinated, effective approach to assessing and reforming systems for public expenditure, procurement, and financial accountability in developing countries-especially countries that receive international aid for budget support. Such support, also...