This paper utilizes a panel data set on two major fiscal reforms in China—the fiscal contract system (FCS) in 1980-93 and the tax-sharing system (TSS) after 1994—to examine how the various aspects of intergovernmental fiscal arrangement affect the ability of the fiscal system to facilitate...

How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this question, we use micro data to estimate a structural life-cycle model of individuals’ employment, retirement and consumption decisions. We calculate that, in the...

This report analyzes the importance of the hydrocarbon sector in Bolivia. The oil and gas sector currently represents a vital component of the Bolivian economy, accounting for 7 percent of the GDP in term of production and more than 30 percent of total government income. In addition, the...

For almost 20 years, the Nicaraguan authorities have been implementing a fiscal decentralization process to devolve an increase. ng degree of autonomy to municipalities. As a part of this process, and mainly due to the efforts of the Association of Municipalities of Nicaragua (AMUNIC is the...

This report analyzes the importance of the hydrocarbon sector in Bolivia. The oil and gas sector currently represents a vital component of the Bolivian economy, accounting for 7 percent of the GDP in term of production and more than 30 percent of total government income. In addition, the...

Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There...

This 2006 Article IV Consultation highlights that an acute electricity crisis threatens Uganda’s macroeconomic performance. The regional drought in 2005/06 reduced Uganda’s already inadequate hydropower-generating capacity, resulting in a production gap of nearly one-half of...