The paper emphasizes the role of institutions and incentives in the presence of externalities. An economy with multiple … public decision makers is likely to experience “overspending,” “undertaxing,” “overborrowing,” and “overinflation” unless … effective institutions exist for overcoming coordination failure. External financing may weaken incentives for adjustment over …

time-varying risk. Some work by Abel provided us with the insights needed to produce such formulas. This paper gives a …

This paper presents a draft Decision that reflects the guidance provided by the Board. In February, the Board endorsed … three overarching principles to guide a new Decision: (i) no new obligations for members, together with confirmation that …

The proposed Decision seeks to implement the staff's proposals related to Article IV consultation cycles in Review of …