Reforming China’s monetary policy framework to meet domestic objectives

As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant control over money market interest rates.

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• Economic Survey of China 2010

Real house prices in OECD countries: the role of demand shocks and structural and policy factors

This paper analyses the factors influencing the level and volatility of real house prices in a panel of OECD countries over the period 1980-2005.

Improving fiscal performance through fiscal councils

There is growing interest in the role of independent fiscal institutions, or fiscal councils, in helping to improve fiscal performance.

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• Economic Survey of Euro Area 2010

Does fiscal decentralisation strengthen social capital? Cross-country evidence and the experiences of Brazil and Indonesia

This paper tests the hypothesis that, by giving people more voice in the government decision-making process, fiscal decentralisation fosters social capital, measured in terms of interpersonal trust.

Fiscal decentralisation and public investment: The experience of Latin America

Despite large differences across countries, Latin America’s average investment-to-GDP ratio and the overall quality of infrastructure in the region are relatively low by international comparison.

The land transport sector: Policy and performance

This paper provides a broad overview of policy goals and instruments and commonly used performance and policy indicators related to land transport.

Fiscal-consolidation strategies for Canadian governments

Although Canada remains in an advantageous fiscal position relative to many other OECD countries as the global economy recovers from the 2008/09 recession, the deterioration in the country’s public finances has been substantial.

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• Economic Survey of Canada 2010

The 2008-09 crisis in Turkey: performance, policy responses and challenges for sustaining the recovery

Turkey is recovering from its most severe recession in several decades.

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• Economic Survey of Turkey 2010

Towards a less distortive and more efficient tax system in Portugal

The process of fiscal consolidation and the need to step up the poor long term economic performance provide an opportunity to implement tax measures to improve efficiency and rebalance the economy.

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• Economic Survey of Portugal 2010

Are global imbalances sustainable? Shedding further light on the causes of current account reversals

Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.