... . Many of the tail risks that concerned us in the last edition have not come to pass, in particular in the United States, which did not fall off the "fiscal cliff"; in Europe, where the breakup of the euro zone was avoided and where sovereign bond differentials have drastically narrowed; and in China, where fears of a hard landing have ... we have seen in recent years, notably in the European context. The government cannot provide services efficiently if it has to make high-interest payments on its past debts. Running fiscal deficits limits the government's future ability to react to bus...

• Word Count: 4162
• Approx Pages: 17
• Has Bibliography
• Grade Level: Graduate

... to even worse poverty, as they frequently assumed heavy debts to pay for the poor quality land they received in remote locations without credit or access to markets and in policy situations unfriendly to small farmers. When communal lands are privatized, as in Mexico and many places in Africa and Asia, increased competition can result in the collapse of community-based ... the long term, it causes poverty and waste, which tend to be self-perpetuating. "Paternalistic intervention" in the economy by the government can often impede economic progress rather than enhance fiscal development (...

• Word Count: 2958
• Approx Pages: 12
• Has Bibliography
• Grade Level: Graduate