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22-Jul-2009
This paper provides an overview of the organisation and financing of the National Health Service, reviews its performance, assesses the reforms since the start of the decade and provides recommendations for further development.
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22-Jul-2009
The UK financial market has been severely affected by the recent financial crisis. This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses.
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22-Jul-2009
This paper analyses recent large movements in the yield spread for sovereign bonds as between Germany and other Euro Area countries. While the general increase in risk aversion that has characterised the financial crisis is an important factor on its own, it is found that this has also magnified the importance of fiscal performance.
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15-Jul-2009
We find evidence of two cointegrating vectors, which we identify as bank loan demand and supply functions by testing for a number of exclusion and exogeneity restrictions on the cointegrating relationships.
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15-Jul-2009
The main empirical findings are that government spending is a powerful determinant of education outcomes, but this is not the case for health, and that spending on non education programmes are also at least as important.
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10-Jul-2009
Indonesia is a very interesting case for empirically testing the impact of minimum-wage legislation on employment and informality. The country went through a process of fiscal decentralisation in 2001 that, among other things, devolved minimum-wage setting responsibilities to the provinces and local governments.
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06-Jul-2009
The computation of non linear impulse response functions suggests that the system’s history, as well as the sign and magnitude of shocks, affect the current account’s responses to exogenous changes in income, government consumption and investment. In particular, responses to fiscal shocks depend on whether they are positive or negative and whether they follow periods of fiscal expansions or contractions.
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06-Jul-2009
Brazil, like other natural resource exporting countries, has benefited from a sharp increase in commodity prices over the last few years. To investigate the possible impact of terms of trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008.
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20-Apr-2009
The severe economic downturn and high output volatility, in the context of the currency board, underscore the importance of well-designed fiscal policies to help mitigate shocks. Since Estonia’s fiscal policy now exercises a pro-cyclical bias, the key challenge is to develop gradually its counter-cyclical role without jeopardizing sustainability. The government could achieve this objective by modifying the rule of annually balanced budgets and balance the budget over the business cycle while letting the automatic stabilizers respond freely to short-term fluctuations.
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Economic Survey of Denmark 2009
Economic Survey of Ireland 2009
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