In the course of the prolonged economic crisis that started in 2008, fiscal space has become a scarce commodity in OECD countries. This has not only broadened the appeal of a concept originally raised by emerging countries in the early 2000s, but has also extended its meaning to recognise its...

The financial crisis that started in Asia in 1997 brought up a renewed concern over public finances in emerging economies. As most observers failed to detect creeping fiscal disequilibria, large public contingent liabilities, vulnerable asset-liability structures and time inconsistencies of...

La crise financière, apparue en Asie en 1997, a suscité un regain d’intérêt pour les finances publiques des économies émergentes. La plupart des observateurs n’ayant pas été à même de déceler la montée des déséquilibres budgétaires, les importantes dettes publiques...