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This paper examines the economic implications of fiscal policy coordination in the West African Economic and Monetary Union (WAEMU) in the light of the January 1994 devaluation of the CFA franc. Diverging tax, tariff, and budgetary politics are identified and it is argued that the resulting fiscal externalities have prevented the zone from reaping the full benefits of a monetary union. The paper shows that the devaluation makes it more desirable than ever to have a closer policy coordination to prevent such detrimental fiscal externalities. Recent efforts in this field are reviewed and evaluated. Finally, the paper offers some recommendations with respect to the optimal design of tax and tariff rate structures, and the choice of budgetary convergence criteria.

Public Finance --- Taxation --- Fiscal Policy --- Economic Integration --- International Fiscal Issues --- International Public Goods --- Business Taxes and Subsidies --- Trade Policy --- International Trade Organizations --- Public finance & taxation --- Macroeconomics --- Excise taxes --- Value-added tax --- Fiscal policy --- Tariffs --- Consumption taxes --- Excises --- Taxes --- Spendings tax --- Tariff --- Excise tax --- Côte d'Ivoire

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The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.

Debt --- Corporate debt --- Households --- Indebtedness --- Finance --- Population --- Families --- Home economics --- Corporations --- Debt financing (Corporations) --- Economic aspects --- International Monetary Fund. --- Internationaal monetair fonds --- International monetary fund --- Debt relief --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- E-books --- Corporate Finance --- Finance: General --- Financial Risk Management --- Macroeconomics --- Bankruptcy --- Liquidation --- Debt Management --- Sovereign Debt --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Financial Crises --- Economic & financial crises & disasters --- Solvency --- Private debt --- Corporate insolvency --- Financial crises --- Financial sector policy and analysis --- Asset and liability management --- National accounts --- Debts, External --- Latvia, Republic of

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The paper traces the Baltics’ adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics undertook an internal devaluation that relied on unprecedented fiscal and nominal wage adjustment, steps to preserve financial sector stability as well as complementary efforts to facilitate voluntary private debt restructuring. One-and-half years on, the strategy is making good progress but not yet complete. Confidence in the exchange rate was maintained, the banking system was supported by its parent banks, external imbalances and inflation have largely disappeared, competitiveness is improving, and fiscal deficits are gradually being brought back towards pre-crisis levels. However, amid record levels of unemployment, further reforms are needed to foster a return to more balanced growth, fiscal sustainability, and a healthier banking system.

Global Financial Crisis, 2008-2009. --- Financial crises. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Banks and Banking --- Labor --- Macroeconomics --- Money and Monetary Policy --- Current Account Adjustment --- Short-term Capital Movements --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- Financial Crises --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Unemployment: Models, Duration, Incidence, and Job Search --- Wages, Compensation, and Labor Costs: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Labor Economics: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Banking --- Monetary economics --- Unemployment --- Wages --- Currencies --- Money --- Labor markets --- Banks and banking --- Labor economics --- Labor market --- Latvia, Republic of

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The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency, and capital structure mismatches. This framework draws attention to the vulnerabilities created by debts among residents, particularly those denominated in foreign currency, and it helps to explain how problems in one sector can spill over into other sectors, eventually triggering an external balance of payments crisis. The paper also discusses the potential of macroeconomic policies and official intervention to mitigate the cost of such a crisis.

Financial crises --- Financial statements --- Balance of payments --- Risk assessment --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Evaluation --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Money and Monetary Policy --- Exports and Imports --- Macroeconomics and Monetary Economics: General --- International Economic Order and Integration --- Current Account Adjustment --- Short-term Capital Movements --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- International Policy Coordination and Transmission --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Crises --- Financial reporting, financial statements --- Monetary economics --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Finance --- International economics --- Currencies --- Exchange rates --- Currency mismatches --- Public financial management (PFM) --- Money --- External debt --- Finance, Public --- Financial risk management --- Debts, External --- Thailand