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Investment in network infrastructure – the energy, water, transport and telecommunication networks –which performs a vital role for the functioning of the economy, can contribute to raising growth and social welfare. But more is not always better.
A characteristic feature of the Slovak housing market, and a consequence of the privatization programme initiated in the early 1990s, is the virtual absence of a private rental market.
As in other catch-up countries inflation is likely to stay high going forward due to nominal convergence in Slovakia.
Euro Area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs.
This paper analyzes the effects of fiscal convergence on business cycle volatility and growth. Our empirical results are economically and statistically significant, and robust.
This paper reviews and assesses in terms of availability, reliability and transparency existing policy and outcome indicators that have been found to be linked both directly and indirectly to economic growth and living standards.
Increasing productivity growth in the service sector, which accounts for 67% of employment and 58% of value added in Korea, is essential to sustain high potential growth.
Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending.
The age of retirement of employees should be raised by eliminating mandatory retirement and phasing out the retirement allowance. Active labour market policies should focus on policies to expand human capital rather than wage subsidies.
This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations.