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Israel’s post-stabilization experience of moderate inflation and eventual disinflation is compared with experiences in other countries. Lessons that emerge from an examination of international experiences indicate the importance of establishing early on credibility in the nominal anchor and a commitment to persevere with disinflation policies, achieving and maintaining a tight fiscal position, measures to reduce nominal rigidities, and widespread structural reform. Israel falls short on several criteria which explains why taming inflation in the post-stabilization period has been difficult. The paper concludes with a consideration of institutional arrangements that could sustain the current low inflation levels.

Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Price Level --- Deflation --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Monetary Policy --- Fiscal Policy --- Institutions and the Macroeconomy --- Monetary economics --- Inflation targeting --- Disinflation --- Fiscal policy --- Structural reforms --- Prices --- Monetary policy --- Macrostructural analysis --- Israel

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This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes, highlighting the role of exogenous factors and the macroeconomic and structural policies adopted by the countries. We find that both stabilization policies and structural reforms, particularly privatization, contribute to growth. We also conclude that the faster is the speed of reforms, the quicker is the recovery and the higher is growth.

Inflation --- Macroeconomics --- Public Finance --- Institutions and the Macroeconomy --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Price Level --- Deflation --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Public finance & taxation --- Structural reforms --- Fiscal stance --- Government debt management --- Economic sectors --- Macrostructural analysis --- Prices --- Fiscal policy --- Public financial management (PFM) --- Debts, Public --- Russian Federation

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The first part of the study investigates Australia’s recent growth and productivity performance and then analyzes the impact of structural reforms on productivity growth. The short- and long-term effects of structural reforms on productivity growth are estimated using pooled and fixed effect distributed lag models. The study also includes the following statistical data: labor market, selected price index, selected fiscal indicators, credit aggregates, money supply, banking soundness statistics, current account, exports and imports, exports by commodity group, direction of trade, capital and financial account, interest rates, and so on.

Banks and Banking --- Inflation --- Labor --- Macroeconomics --- Production and Operations Management --- Macroeconomics: Production --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Institutions and the Macroeconomy --- Finance --- Labour --- income economics --- Public finance & taxation --- Productivity --- Total factor productivity --- Labor productivity --- Capital productivity --- Structural reforms --- Macrostructural analysis --- Industrial productivity --- Prices --- Australia --- Income economics

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Africa is the world’s poorest continent, but amid all the bad news, there is hope for change. This pamphlet examines the lessons to be learned from some of the more successful economies south of the Sahara, and discusses a policy framework to promote sustainable economic growth and reduce poverty across the region.

339.96 --- Economic development --- -Taxation --- -330.05 --- 338.96 --- 339.96 Ontwikkelingshulp. Ontwikkelingssamenwerking. Ontwikkelingsproblematiek --- Ontwikkelingshulp. Ontwikkelingssamenwerking. Ontwikkelingsproblematiek --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- -Exports and Imports --- Investments: General --- Macroeconomics --- Public Finance --- Investment --- Capital --- Intangible Capital --- Capacity --- Debt --- Debt Management --- Sovereign Debt --- Macroeconomics: Consumption --- Saving --- Wealth --- Institutions and the Macroeconomy --- Trade: General --- Public finance & taxation --- International economics --- Private investment --- Government debt management --- Domestic savings --- Structural reforms --- Export performance --- Saving and investment --- Debts, Public --- Exports --- Exports and Imports

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This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991–98. The paper’s main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that progress in achieving macroeconomic stabilization and implementing broad-based economic reforms remain the key determinants of growth in transition economies.

Infrastructure --- Macroeconomics --- Public Finance --- Criminology --- Environmental Economics --- Price Level --- Inflation --- Deflation --- Fiscal Policies and Behavior of Economic Agents: General --- Legal Procedure, the Legal System, and Illegal Behavior: General --- Economic Growth and Aggregate Productivity: General --- Taxation, Subsidies, and Revenue: General --- Institutions and the Macroeconomy --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Environmental Economics: General --- Public finance & taxation --- Corporate crime --- white-collar crime --- Environmental economics --- Legal support in revenue administration --- Structural reforms --- Institutional arrangements for revenue administration --- Revenue administration --- Macrostructural analysis --- Crime --- National accounts --- Environment --- Revenue --- Saving and investment --- Environmental sciences --- Russian Federation --- White-collar crime