Release Date: May, 2013

Despite some global risks, external conditions for Latin America should remain stimulative. With monetary policy in advanced economies expected to stay accommodative, external financing conditions more...

Author/Editor: Elva Bova, Robert Dippelsman, Kara C Rideout, Andrea Schaechter.

Release Date: May, 2013

When discussing debt reduction strategies, little attention has been given to the role of governments’ nonfinancial assets. This is in part because data are scarce. Drawing on various data sources, more...

Author/Editor: Nazim Belhocine, Salvatore Dell'Erba.

Release Date: May, 2013

How do financial markets respond to concerns over debt sustainability and the level of public debt in emerging markets? We introduce a measure of debt sustainability – the difference between the more...

Author/Editor: M Cangiano, Teresa R Curristine, Michel Lazare.

Release Date: April, 2013

The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in more...

Author/Editor: Carlos Caceres, Serhan Cevik, Ricardo Fenochietto, Borja Gracia.

Release Date: March, 2013

Libya is highly dependent on exhaustible and volatile hydrocarbon resources, which constitute the bulk of government revenues. Although resource wealth provides the means to promote socio-economic more...

Author/Editor: Ruben Atoyan, Jonathan F Manning, Jesmin Rahman.

Release Date: March, 2013

After the 2003-2007 economic boom, European countries with large pre-crisis current account imbalances are undergoing adjustments. Countries are adjusting at different paces and ways reflecting the more...

Author/Editor: Dirk Muir, Anke Weber.

Release Date: February, 2013

With fiscal adjustment proceeding quickly in Bulgaria and given the weak economic growth environment, there is keen interest in making the budget composition more growth friendly. This paper more...

Author/Editor: Lev Ratnovski.

Release Date: January, 2013

Banks may be unable to refinance short-term liabilities in case of solvency concerns. To manage this risk, banks can accumulate a buffer of liquid assets, or strengthen transparency to communicate more...

Author/Editor: Mario Pessoa, Michael J. Williams.

Release Date: January, 2013

This technical note and manual (TNM) addresses the following main issues: Interaction between treasury cash management and monetary policy operations within the wider context of the respective more...

Author/Editor: Paolo Mauro, Rafael Romeu, Ariel J Binder, Asad Zaman.

Release Date: January, 2013

We draw on a newly collected historical dataset of fiscal variables for a large panel of countries—to our knowledge, the most comprehensive database currently available—to gauge the degree of more...

Author/Editor: Olivier J Blanchard, Daniel Leigh.

Release Date: January, 2013

This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has more...

Author/Editor: James L Smith.

Release Date: December, 2012

This paper provides a conceptual overview of economists’ attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to more...

Author/Editor: Anja Baum, Marcos Poplawski-Ribeiro, Anke Weber.

Release Date: December, 2012

Only a few empirical studies have analyzed the relationship between fiscal multipliers and the underlying state of the economy. This paper investigates this link on a country-by-country basis for the more...

Author/Editor: Kenichiro Kashiwase, Masahiro Nozaki, Kiichi Tokuoka.

Release Date: December, 2012

This paper analyzes various reform options for Japan’s public pension in light of large fiscal consolidation needs of the country. The most attractive option is to increase the pension eligibility more...

Author/Editor: Yibin Mu.

Release Date: November, 2012

Despite relatively fast economic growth over the past few years, Cape Verde’s public debt to GDP ratio has risenrapidly. Achieving an appropriate balance among public investment, growth, and debt more...

Author/Editor: Selim Elekdag.

Release Date: October, 2012

Going forward, Korea faces two closely related challenges: sustaining economic growth against the backdrop of a rapidly aging population and ameliorating income inequality. This paper argues that a more...

Author/Editor: Mame Astou Diouf, Francois Boutin-Dufresne.

Release Date: October, 2012

The West African Economic and Monetary Union (WAEMU) regional securities market saw increasing activity in the last decade, but still fell short of supplying sufficient long-term financing for more...

Release Date: October, 2012

The October 2012 World Economic Outlook (WEO) assesses the prospects for the global recovery in light of such risks as the ongoing euro area crisis and the fiscal cliff facing U.S. policymakers. more...

Author/Editor: Francesca Bastagli, David Coady, Sanjeev Gupta.

Release Date: September, 2012

This note will describe recent trends in income inequality in both advanced and developing economies and how tax and expenditure policies have impacted on these trends. It will discuss how tax and more...

Release Date: September, 2012