Working Papers


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.

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".

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.

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.

Related Documents

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.

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.

Related Documents

10-April-2012

English

Tax reform in Norway: a focus on capital taxation

Norway’s dual income tax system achieves high levels of revenue collection and income redistribution, without overly undermining economic performance and while paying attention to environmental externalities.

Related Documents

13-March-2012

English

Assessing the sensitivity of Hungarian debt sustainability to macroeconomic shocks under two fiscal policy reactions

Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011.

Related Documents

13-March-2012

English

Work incentives and recent reforms of the tax and benefit system in Hungary

Reducing the extent of inactivity and promoting labour supply is essential to foster labour market outcomes in Hungary in the medium term.

Related Documents

13-March-2012

English

Non-Keynesian effects of fiscal consolidation: an analysis with an estimated DSGE model for the Hungarian economy

Using an estimated DSGE model for Hungary, the paper identifies the possible non-Keynesian channels through which a fiscal consolidation may manifest as expansionary.

Related Documents
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