The paper considers gains from international economic policy coordination when there is uncertainty concerning the functioning of the world economy, but also learning about the “true” model on the part of policymakers. The paper reports estimates of plausible alternative versions of a...

This paper examines the Staff-Monitored Program (SMP) for Malawi. The authorities have requested staff monitoring of their macroeconomic program for the 2004/05 fiscal year (June–July) with a view to establishing a performance track record that could lead to a new Poverty Reduction and Growth...

This paper surveys that state of fiscal transparency in the wake of the current crisis and looks at what can be done to improve it. It examines the relationship between fiscal transparency and fiscal outcomes; reviews progress in promoting greater fiscal transparency over the past decade; considers...

The rapid recovery in many low-income countries (LICs) following the global crisis has been sustained in 2012. Softening commodity prices have led to moderating inflation pressures in most LICs. However, progress in rebuilding policy buffers has halted over the past two years, despite continued...

An assessment of vulnerabilities and risks in LICs remains important both for LICs themselves and for the international community. There are currently 74 LICs, eligible for concessional financing from the Fund. This group of countries has a total population of about 1.3 billion, with an average...

Europe is facing slower growth as a result of protracted financial turbulence and spillovers from the U.S. Meanwhile, inflation has risen sharply. Policymakers in advanced economies will have to continue to support financial markets and balance risks to real activity with the need to anchor...