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.

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Do house prices impact consumption and interest rate? Evidence from OECD countries using an agnostic identification procedure

This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure.

OECD Journal: Economic Studies 2010. New International Evidence on Asset-Price Effects on Investment, and a Survey for Consumption

A survey of the literature on asset price impacts on the real economy shows a much wider range of work on consumption and related wealth effects than on investment.

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• OECD Economic Studies

Economic Policy Reforms: Going for Growth 2012

Going for Growth 2012 takes stock of recent progress in implementing policy reforms to improve labour productivity and utilisation that were identified as priorities in the 2011 edition.

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Public spending efficiency in the Czech Republic: fiscal policy framework and the main spending areas of pensions and healthcare

The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.

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• Economic Survey of the Czech Republic 2011

Explaining the interest-rate-growth differential underlying government debt dynamics

The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.

Current issues in managing government debt and assets

The management of government debt and assets has important implications for fiscal positions.

Systemically important banks and capital regulation challenges

Bank regulation might have contributed to or even reinforced adverse systemic shocks that materialised during the financial crisis.

Issues in private sector finance in Israel

The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non banking sector – particularly in the corporate bond market.

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• Economic Survey of Israel

Macroeconomic and structural policies to further stabilise the Mexican economy

Improvements in the macroeconomic policy framework over the past two decades and prudent regulation of the financial system have contributed to reduce output volatility in Mexico relative to other OECD countries.

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• Economic Survey of Mexico 2011