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A comprehensive survey of a new generation of independent fiscal institutions, established to promote transparency in public finances. The chapters, written by heads of the institutions, as well as distinguished policy analysts and academics, explore the rationale and experience of these fiscal watchdogs.

Debts, Public. --- Finance, Public. --- Debts, Public --- Fiscal policy --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Deficit financing --- E-books --- Cameralistics --- Public finance --- Public finances --- Currency question

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In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in EMU. For most of these countries the benefits are likely to outweigh the cost of participation. After successfully meeting the basic conditions (wage flexibility, prudent fiscal and monetary stance, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the central rate, prior to formal participation. The paper concludes with a discussion of two policy dilemmas.

Banks and Banking --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- International Monetary Arrangements and Institutions --- Socialist Systems and Transitional Economies: General --- Interest Rates: Determination, Term Structure, and Effects --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Fiscal Policy --- Currency --- Foreign exchange --- Finance --- Monetary economics --- Exchange rates --- Exchange rate arrangements --- Short term interest rates --- Exchange rate policy --- Fiscal stance --- Financial services --- Currencies --- Money --- Interest rates --- Fiscal policy --- Czech Republic

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Most European economies in transition are engaged in public sector reform aimed mainly at replacing the previous fiscal system subordinated to the central plan with a system where fiscal instruments can make a distinct contribution to stabilization, equity, and efficiency. This paper examines past progress and future tasks in major reform areas: taxation, subsidies, social security, public investment, public enterprises, government debt, and intergovernmental relations. An overview of the fiscal reform process suggests that the contraction and restructuring of government operations are not likely to materialize soon and that there is a serious risk of widening fiscal imbalances during the transition.

Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Fiscal Policy --- Personal Income and Other Nonbusiness Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Macroeconomics --- Fiscal policy --- Revenue administration --- Income and capital gains taxes --- Income tax systems --- Expenditure --- Taxes --- Income tax --- Revenue --- Expenditures, Public --- Hungary

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An overview of crisis episodes in emerging-market economies with a pegged exchange rate regime in the 1990s suggests that sizable explicit or implicit government deficits, or market perceptions of lack of fiscal sustainability, render these economies vulnerable to currency crises under high capital mobility. It is argued in the paper that vulnerability to crisis can be mitigated by signaling a phased fiscal adjustment that involves credible implementation of key structural measures. In particular, fiscal policy rules, such as the ones being adopted in a number of emerging-market economies, constitute a potentially useful tool of crisis prevention.

Financial Risk Management --- Macroeconomics --- Public Finance --- Fiscal Policy --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Foreign Exchange --- Public Administration --- Public Sector Accounting and Audits --- Financial Crises --- Public Enterprises --- Public-Private Enterprises --- Economic & financial crises & disasters --- Public finance & taxation --- Civil service & public sector --- Fiscal policy --- Currency crises --- Contingent liabilities --- Financial crises --- Public sector --- Public financial management (PFM) --- Economic sectors --- Finance, Public --- Brazil

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Following a severe balance of payments crisis in the late 1970s, in January 1980 Turkey embarked on a far reaching stabilization and structural adjustment program.

Fiscal policy --- Turkey --- Economic policy. --- Economic conditions --- Banks and Banking --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Taxation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- Interest Rates: Determination, Term Structure, and Effects --- Trade Policy --- International Trade Organizations --- Trade: General --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary economics --- International economics --- Currency --- Foreign exchange --- Finance --- Banking --- Public finance & taxation --- Monetary base --- Demand for money --- Deposit rates --- Imports --- Money --- Financial services --- International trade --- Commercial banks --- Financial institutions --- Trade liberalization --- Money supply --- Interest rates --- Banks and banking --- Debts, External --- Commercial policy --- Exports