This report analyzes the World Bank's experience with project analysis from a sample of 1,105 projects. The authors compare estimated rates of return at appraisal with re-estimated rates of return at the project completion. Their findings confirm a high degree of uncertainty in project analysis....

This paper reviews how central banks in emerging market countries assess fiscal positions, and discusses two aspects of fiscal transparency that have recently gained importance from central banks’ perspective: off-budget activities and special fiscal funds. By increasing uncertainty about the...

This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. Based on a gravity model we examine a panel data set on cross-border bank flows from 17 advanced to 28...