|
|
|
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.
|
|
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.
|
|
17-Jul-2009
Economic growth is the basis of increased prosperity. This makes the attainment of growth a key objective for governments across the world. The rate of growth can be affected by policy choices through the effect that taxation has upon economic decisions and through productive public expenditures.
|
|
17-Jul-2009
Economic growth is the basis of increased prosperity. This paper surveys research that has undertaken empirical analysis of aggregate data. The focus of the survey is the identification of the factors that determine the rate of growth.
|
|
17-Jul-2009
This paper surveys the empirical analysis of disaggregate data on growth. The aim is to identify how economic policy can affect the choices that have been identified as influences upon the rate of growth.
|
|
08-Jul-2009
This pilot study presents indicators that assess sub-central government (SCG) spending power by policy area. Results tend to confirm the limited discretion of SCGs over their own budget. Education in particular – the main SCG budget item in most countries – is strongly shaped by central government regulation.
|
|
08-Jul-2009
The economic crisis will both sharply reduce SCG’s own tax revenues and – via budget constraints at the central level – increase pressure on the grant system. The crisis could hence help rethink the SCG revenue mix, their tax structure and the size and design of intergovernmental transfers.
|
|
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.
|
|
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.
|
|
09-Dec-2008
Despite high expenditures, health outcomes in the United States rank relatively poorly. Reforms to expand health insurance coverage and increase cost efficiency would improve outcomes relative to costs.
|
|
|
