This paper studies whether budget rigidities affect the probability of countries getting into fiscal distress and reduce the likelihood of governments performing fiscal adjustments. Budget rigidities are constraints that limit the ability of the government to change the size and structure of the...

Current measures of fiscal impoverishment and gains are not consistent with the law of diminishing returns. This paper proposes new measures of fiscal impoverishment and gains that are consistent with the law of diminishing returns, based on a methodology that gives more significance to greater...

This paper provides a framework to assess the impact of infrastructure investment expected under the Belt and Road Initiative (BRI) on the debt vulnerabilities of countries that are located on BRI transport and connectivity corridors in the absence of comprehensive and consistent information on...

This paper analyzes the procyclicality of fiscal policy on the tax and spending sides in a sample of 116 developing countries between 2000 and 2016. About 20 percent of the countries in the sample switched from procyclical to countercyclical policy stance. In Sub-Saharan Africa, 30 of 39...

This paper presents new empirical evidence on how fiscal space in Sub-Saharan Africa has evolved over the past 15 years. Fiscal space is a multi-dimensional concept that is proxied by indicators capturing aspects of fiscal sustainability, balance sheet vulnerabilities, external debt positions,...

The report and the summary review the recent economic and fiscal performance of Mongolia; outline current medium-term prospects of Mongolia's economy; discuss short-term risks and structural vulnerabilities; and comment on the efficiency of past public investment programs and practices

Capital investment is essential for achieving sustainable cities. Melaka State's long-term sustainability can be improved through well-planned investments in various projects, such as the development of ports and rail connections, a robust public transportation network, and adequate flood...

The Kenyan government remains committed to a planned fiscal consolidation pathway, which should help contain public debt stock at a sustainable level. Nonetheless, there are significant challenges stemming from a slowdown in revenue collection, a growing demand for transfers to county...

This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal...