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The Estonian fiscal position is much better than in many OECD countries, the country stands out for having a rather lean government sector and the authorities are striving for efficient use of existing resources.
Sub-central tax competition is the strategic interaction of tax policy between jurisdictions with the objective to attract and retain mobile tax bases.
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.
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.
Homeownership rates have increased significantly in many OECD countries over recent decades.
Spain’s government has introduced ambitious consolidation measures, which should yield a sizeable improvement in discretionary fiscal efforts.
South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks.
Raising efficiency in tax collection (notably VAT) is urgently needed, plans to unify the collection of tax and social security contributions should be implemented swiftly and drawing on EU funds needs to become more efficient.
The housing market figures among the main determinants of labour mobility, as households seldom make employment and housing decisions independently of each other.