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This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment and growth that is robust to different model specifications and estimation methods. The paper also presents country experiences to delve deeper into the mechanisms that may underlie this statistical relationship.

Economic stabilization -- Developing countries. --- Electronic books. -- local. --- Fiscal policy -- Developing countries. --- Business & Economics --- Economic History --- Economic stabilization --- Fiscal policy --- Macroeconomics --- Public Finance --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- Institutions and the Macroeconomy --- Public finance & taxation --- Fiscal consolidation --- Government debt management --- Fiscal stance --- Structural reforms --- Debts, Public --- Russian Federation

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The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.

Deflation (Finance) -- European Union countries. --- Electronic books. -- local. --- European Union countries -- Economic conditions. --- European Union countries -- Economic policy. --- Inflation (Finance) -- European Union countries. --- Finance --- Business & Economics --- Money --- Deflation (Finance) --- Inflation (Finance) --- European Union countries --- Economic conditions. --- Economic policy. --- Disinflation --- Natural rate of unemployment --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Price Level --- Deflation --- Macroeconomics: Production --- Institutions and the Macroeconomy --- Currency --- Foreign exchange --- Output gap --- Exchange rates --- Structural reforms --- Prices --- Production --- Economic theory --- Hungary

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The staff report for the Stand-By Arrangement on Paraguay highlights the request for a two-month extension by the authorities. The authorities are not requesting any change in the cumulative access under the arrangement and intend to continue to treat it as precautionary. The policy of publication of staff reports and other documents allows for the deletion of market-sensitive information. The continuous performance criteria on the nonaccumulation of arrears and noncontracting of short-term external debt appear to have been met.

Conditionality (International relations) --- Political conditionality --- International relations --- Economic assistance --- Loans, Foreign --- Paraguay --- Dēmokratia tēs Paragouaēs --- Lýðveldið Paraguei --- Pâ-lâ-kûi --- Paragaĭmudin Orn --- Paragoayi --- Paragouaē --- Paragua --- Paraguai --- Paraguaidh --- Paraguay Vabariik --- Paraguei --- Paragvæ --- Paragvaĭ --- Paragvaj --- Paragvaja Respubliko --- Paragvajo --- Pʻaragwai --- Parahvaĭ --- Paraqvay --- Parawayi --- Parawayi Republika --- Pharaguay --- Pobblaght ny Paraguay --- Republic of Paraguay --- República del Paraguay --- Republika Paragvaĭ --- Republika Paragvaj --- République du Paraguay --- Rėspublika Parahvaĭ --- Tetã Paraguái --- Παραγουάη --- Δημοκρατία της Παραγουάης --- Рэспубліка Парагвай --- Република Парагвай --- Парагаймудин Орн --- Парагвай --- パラグアイ --- 파라과이 --- Economic conditions --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Fiscal Policy --- Nonprofit Organizations and Public Enterprise: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Institutions and the Macroeconomy --- International Lending and Debt Problems --- Public ownership --- nationalization --- Banking --- International economics --- Macro-fiscal framework --- Public enterprises --- Structural reforms --- External debt --- Fiscal policy --- Economic sectors --- Macrostructural analysis --- Arrears --- Government business enterprises --- Banks and banking --- Debts, External --- Nationalization