Introduction. Russia’s full-scale war against Ukraine, destruction of productive and energy infrastructure, exceptionally high defense requirements, a structural external trade deficit, and the dependence of public finances on international support have created an unusual configuration of macro-financial risks. Under t...
There are different definitions of the term “fiscal space,” and the final and comprehensive definition is still in development. Different definitions relate to the fiscal space as budgetary space for funding economic purposes, the difference between the current level of debt and the country-specific debt limit, or the...
The new administration has implemented ambitious policy measures since taking office at end-2025. The government has committed to a frontloaded fiscal adjustment to preserve debt sustainability while protecting vulnerable groups, tightened monetary conditions, ended monetary financing of the budget, unified the officia...
Hong Kong’s public finances have entered a period of heightened scrutiny following the recent expansion of the government bond issuance ceiling to HK$900 billion to finance ambitious infrastructure projects, including the Northern Metropolis (NM) development. Despite official projections maintaining a government Debt-t...
This study assesses whether Kenya's macroeconomic, financial, operational and institutional conditions justify a resumption of the monetary policy easing cycle that the Central Bank of Kenya (CBK) paused in April 2026, or whether the balance of risks now favours a more cautious stance, following ten consecutive policy-...
The global economy has weathered the latest in a series of shocks better than expected, but outcomes have diverged across countries. Resilience should not be taken for granted—there is no room for complacency in a rapidly changing world marked by heightened uncertainty, profound structural transformations, and signific...
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