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The United States faces challenging budgetary prospects, as do most other OECD countries. The federal budget deficit widened considerably during the recession, reaching about 10% of GDP in both 2009 and 2010, reflecting the operation of automatic stabilizers and the policy response to the crisis
How can governments reap the potential benefits of public-private partnerships (PPPs) in the provision of infrastructure?
Portugal has made significant progress in modernising its economy over recent years but the country needs to further pursue structural reforms to restore competitiveness and thus move to more dynamic and sustainable growth.
Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. These and other points are discussed in this working paper.
The economy is recovering from an externally driven recession. Public spending growth must be restrained as planned starting in 2011 to put public finances onto a sustainable path, including in the health sector where efficiency gains and quality improvements are possible.
This paper presents a simulation model of the main budget aggregates of federal, provincial and territorial governments in Canada. It also contains an analysis of the cyclicality of Canadian governments’ fiscal policies between 1984 and 2007.
The aim of this paper is to assess the consequences of banking crises for public debt. Using an unbalanced panel of 154 countries from 1980 to 2006, the paper shows that banking crises are associated with a significant and long-lasting increase in government debt.
Korea’s health-care system has contributed to the marked improvement in health conditions, while limiting spending to one of the lowest levels in the OECD through high patient co-payments and limited coverage of public health insurance.
Concern that unilateral greenhouse gas emission reductions could foster carbon leakage and undermine the international competitiveness of domestic industry has led to growing calls for carbon-based border-tax adjustments (BTAs).
This paper assesses the sustainability of global imbalances by testing for the presence of unit roots in the current account positions of the United States, China, Japan, Germany and the oil-exporting countries using a methodology that allows for structural breaks in levels and trends.