The main findings are as follows: (1) an increase in private national saving during 2001-03 was the key contributor to the turnaround in Pakistan`s external current account during this period; (2) while Pakistan`s growth was mainly export-led before 2003-04, it was largely led by domestic demand...

This paper examines how military spending has been affected by Fund-supported programs. It looks at the changes in military expenditure as a share of gross domestic product (MIL/GDP) and of total expenditure (MIL/EX) for two subsamples of Fund-supported programs, broadly divided into fiscal...

Building on the substantial progress made in establishing fiscal systems consistent with market economies, the paper identifies priorities for further fiscal structural reforms among the Commonwealth of Independent States (CIS) countries. Activities of extra budgetary accounts and quasi-fiscal...

This paper reviews financial programming in quot;dependent economiesquot; with unemployed resources and nonmarket clearing conditions regarding domestic bank credit. Devaluation may increase domestic activity, even if the immediate export supply response is limited and devaluation tends directly...