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This working paper suggests that restoring competitiveness will require strengthening France's growth potential and to address the main long term determinants of that potential, such as fostering R&D, promoting innovation, reducing the tax burden, boosting competition and so on.
High public debt leaves virtually no room for fiscal manoeuvre to limit the impact of the crisis in Greece. The close trade and banking links established with the Balkan countries might be a risk in the near future.
The high public debt and a large pension burden heighten the urgency to improve the efficiency of the public sector to enhance fiscal viability and restore room for manoeuvre for stabilization policy.
Despite improved fundamentals, Mexico is hit hard by the financial crisis, being exposed to several simultaneous external shocks. A welcome, but weak, stimulus was passed for 2009, and policy will likely need to be supportive also in 2010.
Fiscal policy is highly dependent on volatile oil income. The balanced budget rule can create a bias for spending oil revenues as they are earned, especially as transfers to the stabilization funds are limited by caps at low levels. This can potentially lead to a pro-cyclical bias in fiscal policy. Revenues have also been lower than they could have, if gasoline prices had adjusted with international prices instead of a price smoothing
Despite progress over the past two decades Mexico’s health and education indicators remain well below the average of the OECD and some of its Latin American emerging market peers.
This paper reviews the supervisory and regulatory framework and the many reforms that have already been adopted to remedy these weaknesses. It also provides recommendations for further reforms.
This paper surveys research that has undertaken empirical analysis of aggregate data. The focus of the survey is the identification of the factors that determine the rate of growth.
This paper surveys the empirical analysis of disaggregate data on growth. The aim is to identify how economic policy can affect the choices that have been identified as influences upon the rate of growth.
This paper provides a self-contained introduction to the economic modelling of growth and reviews the theoretical evidence on the extent of the link between taxation and growth.