Regulation of financial systems and economic growth

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

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Monetary policies and inflation targeting in emerging economies: Executive Summary

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.

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The drivers of public expenditure on health and long-term care: An integrated approach

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

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Policy Brief: Economic Survey of the Czech Republic, 2008

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

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EKONOMICKÝ PŘEHLED ČESKÉ REPUBLIKY, 2008

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

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Economic Survey of Estonia 2009: Enhancing the business environment to foster productivity

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.

Economic Survey of Estonia 2009: Removing the pro-cyclical bias of fiscal policy

The key challenge is to develop gradually its counter-cyclical role without jeopardizing sustainability.

Economic Survey of Estonia 2009: Increasing flexibility and reducing segmentation of the labour market

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.

Economic Survey of Estonia 2009: Getting back to sustainable growth path is the key policy challenge

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.

Economic Survey of Estonia 2009: Strengthening financial stability while reducing distortions in the housing market

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.