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Cover -- A Balancing Act: Reform Options for Paraguay's Fiscal Responsibility Law -- I. INTRODUCTION -- II. IMPLEMENTATION OF THE FRL IN PARAGUAY -- III. LESSONS FOR PARAGUAY FROM THE INTERNATIONAL EXPERIENCE WITH FISCAL RULES -- IV. REVISITING PARAGUAY'S FRL AND REFORM OPTIONS -- V. SIMULATIONS -- VI. IMPLEMENTATION ISSUES -- VII. CONCLUSION AND POLICY RECOMMENDATIONS -- References -- ANNEX I: EQUATIONS UNDERLYING THE SIMULATED DEBT TRAJECTORIES -- ANNEX II: ELASTICITIES OF REVENUE AND EXPENDITURE TO GDP IN PARAGUAY.

This paper compiles and compares recent and past measures introduced to contain the public wage bill in a number of emerging and advanced economies to assess their effectiveness in bringing down expenditure in a sustained way. In the aftermath of the Great Recession a number of countries have approved measures on the wage bill as part of fiscal consolidation efforts. These recent episodes are compared to past cases implemented in advanced economies over the period 1979-2009. Findings suggest that public wage bill consolidation episodes pre and post 2009 are similar in many respects. Moreover

An index of ethnic segregation conveys the extent of spatial mixing of ethnic groups, whereas an index of ethnic polarization and similar diversity measures show the overall balance between the groups. We present a game-theoretic model of conflict in which local success of one ethnic group encourages attacks by its co-ethnics in neighboring areas. Conditional on conflict breaking out, we find that for highly ethnically polarized societies, increasing ethnic segregation decreases the incidence and intensity of conflict. In contrast, in societies with low ethnic polarization, increasing segregation increases conflict. This is because segregation and polarization jointly determine the spread of conflict, an important channel that has been neglected previously. We find strong empirical support for model predictions in two very different conflicts: Hindu–Muslim riots in the 1980s and 1990s in India and the Bosnian Civil War from 1992 to 1995.

Cover -- Contents -- I. Introduction -- II. Structure of an Input-Output Table -- A. Calculating Gross Output and Exports -- III. The Matrix Algebra of Input-Output Tables -- A. Basics -- B. Calculating domestic and foreign value added -- C. Detailed Decomposition of Gross Exports -- IV. Measures of Global Value Chain Participation -- V. Eora vs. Other Input-Output Tables -- VI. Conclusion -- References -- Figures -- 1. Example of Basic Input-Output Table -- 2. Example of Eora MRIO Input-Output Table -- 3. Value-Added Content of Trade -- 4. Decomposition of Gross Exports -- 5. World Value-Added Exports by Country and Region -- 6. The Shifting Pattern of GVC Participation and Position -- 7. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 1995 -- 8. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2000 -- 9. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2005 -- 10. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2008 -- 11. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2009 -- 12. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2010 -- 13. Comparing FVA from Eora and OECD-WTO Trade in Value-Added, 2011 -- Table -- 1. Eora Sector Classification.