Summary Using the case of Russia's regions, this paper extends the literature on public sector efficiency in three directions: an attempt to better understand differences in public sector efficiency through the study of subnational governments in one country; the first examination of public...

There is a concern that the state dominated, inefficient and fragile banking systems in many low-income countries, especially Sub-Saharan Africa, are a major hindrance to economic growth. In this context, this article systematically analyses the impact of the far-reaching banking sector reforms...

Durch den Eintritt Österreichs in die dritte Stufe der Europäischen Währungsunion hat sich die Höhe der von der Casterreichischen Nationalbank (OeNB) benötigten Fremdwährungsreserven deutlich reduziert. Erstens braucht die OeNB keine Reserven zur Verteidigung des Schillingkurses mehr....

Cost-efficiency, scale efficiency, and productivity change are estimated by data envelopment analysis; and cost-efficiency is regressed on explanatory variables. No evidence is found for average productivity responding to deregulation over the period studied. State-owned banks are found to be...

A number of uncertainties about long-term expenditure commitments in industrial countries are examined: (i) the assumptions underlying the projections, (ii) the potential to further reduce non-age-related expenditures, (iii) the implicitly assumed absence of “shocks,” and (iv) the potential...

There has been a considerable literature regarding the incentives of policymakers as a prime reason for persistent fiscal deficits and a variety of fiscal rules have been proposed as a remedy. However, the often inadequate flexibility of rules and the success of policy delegation in the monetary...

Projections of age-related public expenditure growth have raised widespread concerns about fiscal sustainability. This paper examines how total expenditure would develop under four policy rules on public expenditure growth. Some simple arithmetic of expenditure, GDP, and population is reviewed...

"Various effects of rising integration of emerging markets into the global capital markets have been studied, yet not its potentially significant fiscal implications. This article argues that larger external financing implies a rising pass-through from external financial conditions to public...

This paper examines the (quasi-)fiscal impact of the (opportunity) cost of international reserves. It proposes a conceptual framework, with particular emphasis on two hitherto somewhat neglected aspects: a more appropriate measure of gross opportunity cost, and potential savings from lower...