The paper analyses some policy issues under a currency board arrangement (CBA), focusing on the conduct of fiscal policy which is the only policy instrument at the disposal of the authorities as the CBA precludes an independent monetary policy. It is argued that the loss in degrees of freedom...

Within the EU, taxation and the EU's eastern enlargement are currently seen as one of the most important problems to be solved and projects to be realized. Each of these two topics covers a vast set of issues which have to be dealt with. At the same time only few attempts have been made to...

Fiscal constraint is potentially lax in catching-up economies, but it has not been abused by most countries considered in this paper. Fiscal risks are significant currently, but sustainability and structural balances are not threatened as a rule, if the return to potential growth rates is to be...

The study analyses the dynamics and the structure of Ukraine's public finances. It assesses the medium-term impact of fiscal austerity 2014-2016, examines fiscal sustainability and estimates further fiscal adjustment efforts. It evaluates the economic and social implications of current fiscal...

The Iranian economy has greatly benefited from the lifting of international sanctions in 2016, when the JCPOA nuclear deal came into force. Oil production and exports rebounded strongly, which spilled over into non-oil sectors. However, the economy is yet to return to its 1976 peak in real per...