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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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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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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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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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21-Apr-2011
The Japanese fiscal situation has reached a critical point. Chronic budget deficits were projected to push up gross public debt to an unprecedented 200% of GDP, and net debt to 115% in 2011. A credible and detailed medium-term consolidation plan will thus be a top priority.
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18-Apr-2011
Owing to government policies, the fiscal deficit and public debt have remained low. However, the pro cyclical bias of fiscal policy should be addressed by introducing multi year public expenditure ceilings. An independent fiscal institution should provide expert input for fiscal policy decisions and assess outcomes.
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