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This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure.
The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.
The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.
The management of government debt and assets has important implications for fiscal positions.
Bank regulation might have contributed to or even reinforced adverse systemic shocks that materialised during the financial crisis.
The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non banking sector – particularly in the corporate bond market.
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.
Ireland is recovering from an extremely large banking crisis born of over-exuberant property lending. The government has taken a wide range of measures to tackle the crisis over the past 3 years.
Mismatches between the supply and the demand of safe financial assets in fast-growing emerging countries have been singled out by economic theory as drivers of international capital flows and, ultimately, global current account imbalances.
This paper examines whether the composition of a country’s external liabilities and assets has an incidence on its risk of suffering financial turmoil.