Budget forecasts have become increasingly important as a tool of fiscal management to influence expectations of bond markets and the public at large. The inherent difficulty in projecting macroeconomic variables – together with political bias – thwart the accuracy of budget forecasts. We...

Economic forecasts taken into account during the European Semester are getting an increasing role in macroeconomic policy decisions. The main motivation for this paper is to analyse the performance of national, international and private agencies in forecasting the government deficit as a ratio...

This paper discusses pilot fiscal transparency assessment for Costa Rica. The assessment confirmed that Costa Rica has various excellent and sophisticated fiscal transparency practices. Those include: (1) institutional coverage with annual consolidated budgetary information for the entire public...