High instability and low growth characterize the macroeconomic performance of most developing countries. Inadequate policies are often to blame. This paper documents the empirical regularities that characterize the relationship between macroeconomic-financial policies, instability, and growth...

A deep rift separates Africa and Latin America (and to lesser extent Asia) from OECD countries with regard to fiscal adjustment, macroeconomic performance, and long-term growth. Case-study and cross-country econometric evidence drawn from a large world sample is provided to explain at least part...

Reforms of fiscal institutions and fiscal rules are motivated by several objectives: strengthening fiscal solvency and sustainability, contributing to macroeconomic stabilization, and making fiscal policy more resilient to government corruption and private-sector lobby. These objectives are...