This Public Finance Review (PFR) is the first since 2013, and it complements other World Bank Group advisory support and analytics. The PFR updates the fiscal analysis with data from 2013 through 2023 and expands into areas not previously covered, such as revenues, fiscal risks, and...

This paper posits an information channel as the explanation for sudden inflations. Consumers saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back...

This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r g) in a New Keynesian model with endogenous technology growth through R&D. Endogenous growth constitutes a self-financing mechanism for deficits which backs debt and attenuates fiscal...

Armenia has made significant progress in its development journey by improving its ability towithstand shocks and becoming an upper-middle-income country in 2018. Armenia's GDP per capita more than doubled between 2017 and 2023, to USD 8,053 (current prices) despite several shocks including the...