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26-Nov-2011
Improvements in the macroeconomic policy framework over the past two decades and prudent regulation of the financial system have contributed to reduce output volatility in Mexico relative to other OECD countries. The sharp recession in 2008-09 illustrated that output volatility has nonetheless remained high.
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18-Nov-2011
With slow growth and high inequality Mexico needs investments in infrastructure, education and social policies. Mexico has increased spending in all of these areas. This was easily financed thanks to fiscal reforms in 2007 and 2009 as well as high oil prices in recent years.
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26-Oct-2011
This paper identifies refinements to the macroeconomic framework that will help Brazil to achieve strong performance in a new environment in which population will age at a rapid pace, heavy reliance on oil resources will increase public revenue volatility and uncertainties regarding the external environment are higher, possibly permanently.
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26-Oct-2011
Low investment rates are limiting Brazil’s future potential growth rate. This paper analyses a number of potential reasons for these low investment rates and discusses policy options to achieve faster capital accumulation.
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19-Oct-2011
Performance of fiscal policy, while good in international comparison, is not sufficient to prepare for future ageing-related spending increases. Subject to macroeconomic developments, the pace of consolidation could be more ambitious than currently planned, with a view to reducing the debt burden below 60% of GDP by 2020.
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20-Sep-2011
Iceland has managed its large fishing industry in a sustainable and profitable way. The foundations of this success are setting Total Allowable Catches (TACs) based on scientific recommendations of what is biologically sustainable and the Individual Transferable Quota (ITQ) system, which gives each holder the right to catch a certain of the TAC in various species.
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02-Aug-2011
Substantial fiscal adjustment has been achieved so far. The current path of consolidation has to continue together with the implementation of the large privatisation programme, and deep fiscal and other structural reforms to restore public debt sustainability.
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02-Aug-2011
Fiscal deterioration over the past decade reflects major failings in expenditure control. Efforts to overhaul the public remuneration system, restructure state-owned enterprises, better target social spending and enhance budget monitoring and the fiscal framework need to continue.
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02-Aug-2011
Greek fiscal consolidation requires rapid and meaningful progress in tax collection efficiency. Fighting tax evasion and improving the tax system needs to continue. Efforts also need to visibly ensure a fair burden-sharing of the adjustment.
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12-Jul-2011
The crisis has enhanced the urgency for fiscal consolidation, which should aim at spending restraint at all levels of government and controlling ageing-related spending increases. A stronger fiscal framework including spending rules, multi-annual budgeting and a larger role for independent analysis and assessments would reinforce the political commitment towards fiscal sustainability.
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