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The paper analyzes the scope and implications of greater economic integration in the Middle East and North Africa (MENA). After reviewing whether MENA satisfies the defining characteristics of a region, it documents the low level of regional economic interaction. It argues that gains from greater regional interactions will depend primarily on implementing domestic reform and external policies that, in any case, are needed for the region to benefit from the broader process of globalization of the world economy. It also discusses measures aimed directly at facilitating regional interaction.

Economic Integration --- Economic integration --- Exports and Imports --- Financial Aspects of Economic Integration --- Income economics --- International economic integration --- International economics --- International Policy Coordination and Transmission --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Regional integration --- Israel

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This paper presents a methodology to analyze the responsiveness of fiscal sustainability to the “endogenous fiscal discipline” that will be strengthened by the EMU. This discipline arises in response to the harmonization of tax systems, the loss of control of current and prospective money financing, and the deepening of financial market-based discipline. The model used in this paper is a generalization of Blanchard’s (1984) model, in which the interest rate is determined endogenously. This provides the framework to analyze more features of the linkage between sustainability and endogenous fiscal discipline. This paper also presents a new intratemporal fiscal sustainability index.

Budgeting --- Macroeconomics --- Public Finance --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Financial Aspects of Economic Integration --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- National Budget --- Budget Systems --- Public finance & taxation --- Budgeting & financial management --- Fiscal sustainability --- Public debt --- Fiscal stance --- Government debt management --- Budget planning and preparation --- Fiscal policy --- Public financial management (PFM) --- Debts, Public --- Budget --- Italy

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This paper discusses the implications for tax systems of globalization of capital markets and of economies. It shows the extent to which particular taxes are affected by the globalization process. It speculates on future developments in this area and on tax competition.

Business Taxes and Subsidies --- Competition --- Corporate & business tax --- Corporate income tax --- Corporate Taxation --- Corporations --- Economic Integration --- Environmental Taxes and Subsidies --- Finance --- Finance: General --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Income and capital gains taxes --- Income tax systems --- Income tax --- International Business --- International Fiscal Issues --- International Policy Coordination and Transmission --- International Public Goods --- Multinational Firms --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Public Finance --- Redistributive Effects --- Revenue administration --- Revenue --- Tax Evasion and Avoidance --- Taxation and Subsidies: Externalities --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- United States

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This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized countries. In Belgium, the problem is particularly acute in the pension system for civil servants. The impact of amending indexation of pension benefits and their ceilings, of harmonizing pension schemes for public and private sector employees, and of increasing the mandatory retirement age is discussed. We also calculate rates of return on the participation in the Belgian pension system and present some evidence on the intergenerational impact of the different reform options.

Aggregate Human Capital --- Aggregate Labor Productivity --- Aging --- Civil service & public sector --- Civil service --- Demography --- Economic sectors --- Economics of the Elderly --- Economics of the Handicapped --- Employment --- Expenditure --- Finance, Public --- Forecasting and Other Model Applications --- Intergenerational Income Distribution --- Labor --- Macroeconomics --- Non-labor Market Discrimination --- Nonwage Labor Costs and Benefits --- Pension spending --- Pensions --- Policy Coordination --- Policy Designs and Consistency --- Policy Objectives --- Population & demography --- Population aging --- Population and demographics --- Private Pensions --- Public Enterprises --- Public Finance --- Public sector --- Public-Private Enterprises --- Social Security and Public Pensions --- Unemployment --- Wages --- Belgium