Emerging economies in crisis typically request assistance from the International Monetary Fund (IMF). After evaluating the situation, the IMF makes a loan available to the country conditional on certain policy reforms. Governments usually resist many of these measures and negotiation ensues....

The use of expenditure needs, sometimes referred to as "expenditure norms", "budgetary norms", or "minimum standards", is important in the formulation of budgets and, especially, in the establishment of transfer and grant formulae. Minimum standards are also used by central governments to...

Expansion and improvement of public services is essential to improving quality of life and productivity in developing countries. Some African countries have been diligent in expanding the infrastructure necessary to provide public services, but unfortunately, most have not done a very good job...

The paper addresses issues which hamper the functioning of the local governments in India. In view of the fact more independence has been given to these institutions, there is room for more discussion about their efficient and equitable operations. The major issue is that State governments...

Many countries fix their exchange rate in order to bring financial stability. Usually, inflation declines and output expands but contractual agreements retain their short time frame, investment is sluggish, and economic growth slows down a few years later. This outcome is often attributed to...

The year 1991-92 was one of the toughest years for the Indian economy. All the macroeconomic indicators became adverse. The overall economic growth slumped to a mere 1.1%. The gross fiscal deficit stood at 8 % of the GDP and the revenue deficit on the current account at 3.5 % in 1990-91. Prices...

The aim of this chapter is to analyze the structure and performance of the Corporate Income Tax in Spain over the last 25 years. We will study the reasons, principles and objectives of the reforms undertaken and will examine the context of these amendments through the evolution of the basic...

Like individuals and businesses, subnational governments sometimes face financial difficulties. Subnational government can get into financial problems in various ways, sometimes through economic or social misfortune; sometimes through incompetence or malevolence; sometimes through a stubborn...

The general idea is the following: any tax authority that respects basic human rights has to impose taxes on a base to avoid random and arbitrary taxation. The tax base should be announced prior to the imposition of the tax and therefore, taxpayers are given an advanced warning concerning the...

One of the oldest questions in the theory and practice of taxation is that of the appropriate mix of direct and indirect taxes. The choice between direct and indirect taxes has contributed to a long animated debate, in political and academic circles, regarding the virtues and defects of those...