Based on five case studies, this paper looks at the definition and classification of fiscal risks; sets out the components of a comprehensive fiscal risks framework; and examines how to operationalise such a framework. It then summarises challenges and key lessons to be considered by countries...

"This paper analyzes fiscal adjustment by reviewing the cross-country experience of the Organization for Economic Cooperation and Development (OECD) or mature economies, and the emerging market economies during 1970-2002. We find that initial conditions, composition, and timing of adjustment...

Investigates the impacts and consequences of budgetary reform through a comparative assessment of advanced Organisation for Economic Co-Operation and Development (OECD) democracies that have undertaken budget reforms over the years. This book traces the 'story of reform' in the respective...

In recent years, reallocation has become increasingly important as a means to finance new needs in the spheres of internal and external security, integration of immigrants, education, health and pensions, especially in countries where economic growth has been weak. At a time when public...

This paper studies whether budget rigidities affect the probability of countries getting into fiscal distress and reduce the likelihood of governments performing fiscal adjustments. Budget rigidities are constraints that limit the ability of the government to change the size and structure of the...

The lack of budget transparency and projections accuracy have been among the determinants of the last four decades high deficit and debt, as the recent 2008-2009 economic crisis has highlighted. In order to improve fiscal policy process and budget transparency, the European Union (EU) stated...