Global oil prices have subsided relative to the peak reached in mid-2008, but compared to historical levels they remain elevated and volatile as economic uncertainties continue to unfold. The likelihood of these prices rising again soon cannot be ruled out. High oil prices can adversely affect...

Fiscal expansion in Bangladesh, the People's Republic of China, Indonesia, and the Philippines via increased spending is typically more effective than fiscal expansion via tax rate reduction for stimulating growth. On the other hand, the effectiveness of expenditure versus tax-side automatic...