Italy’s economic development after the recession is analyzed in this study. Earnings were hampered by low net interest and high loan-loss provisions, but banks remained profitable. A large and stable retail funding base and ample collateral to access eurosystem refinancing helped Italian...

The study shows that the Israeli economy has emerged unscathed from the global financial crisis. The first part of the study outlines the relationship between risk and Israel’s macroeconomic performance, estimated through a regression analysis. The second part of the study focuses on...

This paper estimates revenue and expenditure pro-cyclicality with respect to output and domestic absorption in new member states of the European Union and Croatia to assess whether these countries used the boom years of 2003-07 to create sufficient fiscal space. The current crisis has found many...

The concerns for reducing administrative expenditures have been expressed in the last 10-15 years in concrete initiatives. It is worth to remark the occurrence of networks concerning the application of Standard Cost Model (SCM), aimed to reduce administrative expenditures for affairs. Even the...

This paper evaluates a fiscal scenario based on the assumption of a rapid scaling-up of expenditure to be followed by a rapid scaling-down in the context of Azerbaijan's current temporary oil production boom. To this end, it relies on a review of historical precedents and a neoclassical growth...

This paper reviews the performance of Guinea-Bissau Under the program supported by Emergency Post-Conflict Assistance (EPCA). Guinea-Bissau has made progress in stabilizing its fiscal situation under difficult circumstances and is moving steadily to implement structural reforms. Four of the six...

The fiscal performance of the States in India has been an area of concern for quite some time. The Twelfth Finance Commission (TFC) recommended a three-pronged strategy to alleviate States' fiscal distress, built around greater orientation toward market discipline, incentives for fiscal...

Kenya’s Poverty Reduction Strategy Annual progress report highlights that sound macroeconomic management policies are finally beginning to yield results in terms of macroeconomic growth, which is the underpinning for future poverty reduction. A high degree of price stability has been...

When policymakers have little option but to consider a sizable fiscal adjustment, they are confronted by the following questions: Can a large fiscal adjustment be implemented succesfully? How is a large adjustment best designed and implemented? What will be its impact on the economy? This...