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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.
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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.
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.
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.
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.
The management of government debt and assets has important implications for fiscal positions.
Bank regulation might have contributed to or even reinforced adverse systemic shocks that materialised during the financial crisis.
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.
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.
Ireland is recovering from an extremely large banking crisis born of over-exuberant property lending. The government has taken a wide range of measures to tackle the crisis over the past 3 years.