This paper develops a method for adjusting structural budget balances for asset price cycles and presents estimates of structural budget balances corrected for house-price and equity-price cycles for OECD countries.
English, , 342kb
The recovery is projected to strengthen in the near term, but there are concerns about the longer-term legacy of the crisis, particularly because of the emergence of unsustainable fiscal imbalances as well as the possible damage to long-term growth prospects.
English, , 423kb
Increased international capital flows can support long-term income growth through a better international allocation of saving and investment.
The financial crisis revealed flaws in pre-crisis policy frameworks.
This paper presents a stylised model in which either a savings glut or an exchange rate peg in emerging economies drives down the level of interest rates in advanced economies and, when it hits the zero-rate bound, produces a welfare loss.
Statement by Secretary-General Angel Gurría at the occasion of the OECD-WB Conference on challenges and policies for promoting inclusive growth, 24-25 March 2011 at OECD, Paris.
Homeownership rates have increased significantly in many OECD countries over recent decades.
Chinese, , 2,272kb
Spain’s government has introduced ambitious consolidation measures, which should yield a sizeable improvement in discretionary fiscal efforts.
English, , 1,741kb
This paper depicts the rapid development and transformation of the Chinese economy so far and discusses how to sustain vigorous and inclusive growth.