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English, , 590kb
This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more
Monetary policies and inflation targeting in emerging economies: Executive Summary. Several emerging-market economies have adopted inflation targeting as their institutional framework for conducting monetary policy.
English, , 1,070kb
This paper proposes a framework for projecting public health and long-term care expenditures. It considers demographic and other (non-demographic) drivers of expenditures. The paper extends demographic drivers by incorporating death-related costs and the health status of the population. Concerning health care, the projections incorporate income and the effects of technology cum relative prices. For long-term care, the effects of
English, , 249kb
The strong growth that has emerged in recent years is encouraging and the risks to underlying inflation are manageable. However, there are policy challenges. Most important is a need to ensure fiscal sustainability through public-finance reform to put the economy in a better shape to cope with population ageing. Reforms should entail:• More ambitious deficit targeting backed by improvements to central government budgeting and to the
Czech, , 366kb
Silný ekonomický růst posledních let je povzbudivý a rizika spojená s inflací zvládnutelná. Existují však některé výzvy. Nejdůležitější z nich je zabezpečení fiskální udržitelnosti reformou veřejných financí tak, aby se česká ekonomika lépe vypořádala se stárnutím populace. Reformy by měly zahrnovat:• Ambicióznější stanovování cílů pro deficit rozpočtu podpořené zlepšením rozpočtování na centrální úrovni a zdokonalením fungování
Estonia is particularly well regarded in ICT network readiness and well-functioning e-government. However, the share of production in high tech and knowledge intensive sectors is relatively low.
The key challenge is to develop gradually its counter-cyclical role without jeopardizing sustainability.
More flexible labour markets will be a key adjustment mechanism in the current recession as well as in the medium term if Estonia is to become a knowledge-based economy.
Estonia is facing its most challenging economic situation since the early 1990s. Past overexpansion was financed by rapid credit growth. Growth was in general biased towards domestic demand.
Co-operation is required between regional financial supervisory authorities to mitigate risks to financial stability as well as cyclical volatility in housing and construction. Financial stability could be strengthened by increasing households’ financial literacy.