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This paper analyzes the effects of fiscal convergence on business cycle volatility and growth. Our empirical results are economically and statistically significant, and robust.
This paper reviews and assesses in terms of availability, reliability and transparency existing policy and outcome indicators that have been found to be linked both directly and indirectly to economic growth and living standards.
The aim of this paper is to assess the ability of social spending to smooth output shocks and to provide stabilization. The results show that overall social spending is able to smooth about 16 percent of a shock to GDP.
Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done.
Increasing productivity growth in the service sector, which accounts for 67% of employment and 58% of value added in Korea, is essential to sustain high potential growth.
The global financial crisis that emerged in mid 2007 has caused considerable economic disruptions in the United States and elsewhere, and exposed major flaws in the global financial system.
Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending.
The age of retirement of employees should be raised by eliminating mandatory retirement and phasing out the retirement allowance. Active labour market policies should focus on policies to expand human capital rather than wage subsidies.
This paper discusses measures to make the regulation of product markets more conducive to competition play a prominent role in the government’s “growth package” of measures to stimulate economic growth which are in the process of being implemented.
This overview paper examines the financial crisis in light of past country experience and economic theory and sets out some preliminary policy recommendations.