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After peaking in the first half of 2008, international imbalances declined sharply during the global
crisis of 2008-09, in part reflecting cyclical factors such as large contractions in domestic demand on the back of bursting housing bubbles in a number of deficit countries, as well as large declines in cross-border capital flows, interest rates and commodity prices.
Iceland has made progress in coping with the legacy of the crisis but needs to go further in fiscal consolidation, strengthening monetary and financial stability arrangements and to remove capital controls in an orderly fashion.
The aim of this High-Level Capacity Building Seminar is to have an international exchange of information on inclusive entrepreneurship actions across the European Union and on how the European Union Structural Funds can be used to support actions that combine entrepreneurship promotion and social inclusion.
This paper provides new projections of public spending on health and long-term care for OECD countries and the BRIICS countries (Brazil, Russia, India, Indonesia, China and South Africa). Despite the inevitable uncertainty surrounding projections, they suggest a rapidly rising trend over the next 50 years.
Restoring fiscal sustainability is a major challenge in Slovenia. Yet, the performance in terms of expenditure control is poor and public expenditure on social spending increased briskly during the crisis, significantly more than on average across the OECD.
Slovenia is facing the legacy of a boom-bust cycle that has been compounded by weak corporate governance of state-owned banks. The levels of non-performing loans and capital adequacy ratios compare poorly in international perspective and may deteriorate further, which could require significant bank recapitalisation.
This paper derives estimates of the efficiency of welfare spending in Slovenia and the other OECD countries from data envelopment analysis based on model specifications used in earlier OECD studies.
This paper proposes a new set of public health and long-term care expenditure projections until 2060,
seven years after a first set of projections was published by the OECD. It disentangles health from long-term care expenditure, as well as the demographic from the non-demographic drivers, and refines the previous methodology, in particular by extending the country coverage.
Well-functioning judicial systems play a crucial role in determining economic performance – notably by guaranteeing the security of property rights and the enforcement of contracts – but not all countries’ judiciaries operate at the same level of efficiency.
Unit labour costs (ULCs) in OECD countries decreased by 0.1% in the first quarter of 2013, compared with a rise of 1.1% in the fourth quarter of 2012. This was driven by lower growth of labour compensation per unit of labour input (0.3% compared with 0.9% in the previous quarter), and increased labour productivity growth (0.4% compared with minus 0.2%).