This report analyzes the recent economic developments of Tonga by assessing the potential output, prices, employments, production by sectors, and private sector development policy. The paper describes the public finance, budgetary process and structure of the budget, public enterprises, and...

A regional convergence pact adopted recently by the Conference of Heads of States of WAEMU provides a framework for fiscal convergence similar to the European Union’s Maastricht Treaty. Using bivariate co-integration and error-correction models, this paper investigates the relationship between...