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Path-breaking research on one of the most important macroeconomic policy challenges in the post-crisis world, presented in accessible language Written and researched by a team of experts from the International Monetary Fund, other policy-making institutions, and academia, this timely book looks at fiscal adjustment plans in advanced economies, comparing the planned or projected reductions in debts and deficits to the actual outcomes, and explaining why objectives were met in some cases but missed in others. An overview reveals pitfalls to avoid and lessons learned for securing successful fiscal adjustment. Written by experts in the field Addresses public concern about skyrocketing government debts Contains cutting edge research that changes the way we look at fiscal adjustment Presents meticulous archival research in compelling and engaging case studies Explores lessons learned and policy implications going forward Includes country coverage of all G7 and European Union economies Educating and informing investors, economists, and the general public, this important book looks at why some attempts to curb debts and deficits succeed whereas others fail, as well as how to ensure successful fiscal adjustment in the period ahead.

The causes & effects of political corruption are studied; specific attention is dedicated to examining how corrupt behavior influences the composition of government expenditure. Several causes (eg, government subsidies, natural resource endowments, & sociological factors) & consequences (eg, a reduction in people's willingness to invest & losses in tax revenues) of political corruption are identified. Indices of corruption developed by two private firms illustrate the consequences of corruption for investment & for government expenditure. Analysis reveals that political corruption significantly affects investment & expenditure on public education & health. Despite the study's findings on the consequences of corruption, additional research is needed to understand the causality of corrupt behavior. 2 Tables, 23 References. J. W. Parker

Individuals drive the global distribution of income and consumption -- Macroeconomic and demographic driving factors -- Global income distribution-past, present, future -- Ensuing shifts in consumption patterns worldwide -- Infrastructure needs -- Implications for public policies -- World on the move

In this paper, we identify the groups of countries where international risk-sharing opportunities are most attractive. We show that the bulk of risk-sharing gains can be achieved in groups consisting of as few as seven members, and that further marginal benefits quickly become negligible. For many such small groups, the welfare gains associated with risk sharing can amount to one order of magnitude larger than Lucas's classic calibration suggested for the United States, under similar assumptions on utility. Why do we not observe more arrangements of this type? Large welfare gains can only be a