The global financial crisis has highlighted the importance of early identification of weak banks:
when problems are identified late, solutions are much more costly. Until recently, Europe …

This paper analyses the recent boom-bust cycle in the housing markets of selected Former
Soviet Union (FSU) countries. The analysis is based on a newly constructed database on …

This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget
composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-…

We assess the extent to which fiscal transfers smooth regional shocks in three large
federations: the US, Canada, and Australia. We find that fiscal transfers offset 4-11 percent of …

Product and labor market reforms are needed to lift persistently sluggish growth in
advanced economies. But reforms have progressed slowly because of concerns about their …

A key objective of fiscal policy is to maintain the sustainability of public finances and avoid
crises. Remarkably, there is very limited analysis on fiscal crises. This paper presents a new …

Resource-rich countries face large and persistent shocks, especially coming from volatile
commodity prices. Given the severity of the shocks, it would be expected that these countries …

We estimate a panel VAR model that captures cross-country, dynamic interlinkages for 10
euro area countries using quarterly data for the period 1999-2016. Our analysis suggests that …

This paper presents and estimates a small open economy dynamic stochastic general-equilibrium
model (DSGE) for the Jordanian economy. The model features nominal and real …

Amid renewed crisis, falling tax revenues, and rising debt, Ukraine faces serious fiscal
consolidation needs. Durable fiscal adjustment can support economic confidence and rebuild …