The global financial crisis has not only dealt a major blow to the global economy, but also shaken confidence in economic management in the developed world and the economic models that guide it. The crisis has revealed major market failures, especially in the housing bubble and its transmission...

This paper describes the serious fiscal crisis faced by cities around the world following the Great Recession of 2008. Five years later, the after-effects of this major crisis continue to be felt and limit economic opportunities in cities. Section 1 summarizes how the crisis was triggered and...

The economic recession, the end of stimulus funding and central government cutbacks, rising social costs and aging, and the need for infrastructure upgrading for urbanization are putting enormous fiscal stress on cities. The financing capacity of municipalities is greatly affected because of the...

The first World Bank Economists' Forum was held on May 3-4, 1999. The forum attempts to answer these questions: How do you recognize a hidden fiscal crisis? When capital flows are volatile, what types of policy announcements can help fend off currency crises? Do government training programs for...

The first World Bank Economists' Forum was held on May 3-4, 1999. The forum attempts to answer these questions: How do you recognize a hidden fiscal crisis? When capital flows are volatile, what types of policy announcements can help fend off currency crises? Do government training programs for...