The aftermath of the global economic and financial crisis of 2007-2008 underlined the importance of maintaining fiscal space and fiscal sustainability. Many Asian economies implemented fiscal stimulus policies during the crisis, and their fiscal conditions generally improved rapidly thereafter,...

A key lesson of the 2007-2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...