Publications & Documents


  • 19-September-2012

    English

    Portugal: solid foundations for a sustainable fiscal consolidation

    Owing to slow growth and a relatively weak fiscal position, Portugal’s public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit.

  • 19-September-2012

    English

    Portugal: assessing the risks around the speed of fiscal consolidation in an uncertain environment

    This paper illustrates possible trade-offs between two different fiscal consolidation strategies in Portugal: sticking to the nominal fiscal targets in the EU-IMF programme or allowing automatic stabilisers to work, while sticking to the structural primary deficit targets implied by the programme.

  • 30-July-2012

    English

    Avoiding debt traps: financial backstops and structural reforms

    In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics.

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  • 30-July-2012

    English

    Implications of output gap uncertainty in times of crisis

    This paper analyses the monetary and fiscal policy implications of output gap estimates in times of crisis. The widening of output gaps observed in major OECD economies in the wake of the recent crisis has been mainly due to total factor productivity gaps, except in the United States where it essentially resulted from a large increase in the unemployment gap.

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  • 6-July-2012

    English

    Avoiding debt traps: financial backstops and structural reforms

    In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics.

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  • 2-July-2012

    English

    Europe's new fiscal rules

    Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".

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  • 11-June-2012

    English

    Credit crises and the shortcomings of traditional policy responses

    Economic downturns which have their roots in preceding credit excesses and debt overhang have tended historically to be long lasting, whether the financial sector remained healthy or not.

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  • 30-May-2012

    English

    Ensuring debt sustainability amid strong economic uncertainty in Hungary

    Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries.

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  • 3-May-2012

    English

    Options for benchmarking infrastructure performance

    Three main approaches can be used to assess infrastructure performance. The first employs macro econometric techniques to estimate the impact of the existing infrastructure capital stock on growth and to infer its growth maximising level.

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  • 3-May-2012

    English

    Bringing Belgian public finances to a sustainable path

    Economic growth is projected to be strengthening from mid-2011 onwards, but will be insufficient to restore the sustainability of public finances.

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