1 Subjects: “...Budget planning and preparation...”

2 “... macroeconomic and financial variables can play major roles in determining the severity and duration...”

3 “... G-7 factor and the idiosyncratic country factors play different roles at different times in shaping...”

4 “.... We then evaluate the roles played by a variety of global shocks, including shocks to interest rates...”

5 “.... We then evaluate the roles played by a variety of global shocks, including shocks to interest rates...”