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The crisis exposed weaknesses in the Hungarian financial system that pose risks to financial stability. A major lesson learnt from the crisis is that the approach to household lending should change: a stronger protection of borrowers should be combined with a tighter regulation of lenders.
This paper uses the WITCH model, a computable general equilibrium model with endogenous technological change, to explore the impact of various climate policies on energy technology choices and the costs of stabilising greenhouse gas concentrations.
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An extract on housing from the OECD Economic Outlook No. 84's general assessment.
In spite of improvements, on various measures of health outcomes the United States appears to rank relatively poorly among OECD countries. Health expenditures, in contrast, are significantly higher than in any other OECD country.
The adoption of the euro at the start of 2009 marks a major achievement for the Slovak Republic. The main policy challenge is to sustain high trend growth while adjusting to life in the euro area. This requires structural reforms.
Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs.
At a meeting with Slovak Economists, Mr. Gurría underlined that the OECD has developed a strategic response to deal with the current situation, while at the same time addressing the interaction between different policy actions in our economies.
The Slovak economy has enjoyed a stellar performance in recent years, growing significantly faster than other OECD economies. However, the economy is now facing a major slowdown reflecting the headwinds from the global economy.
As in other catch-up countries inflation is likely to stay high going forward due to nominal convergence. To better cope with the risk of a too rapid pick up of wages, three main areas for improvement are discussed in this chapter.
House prices have risen strongly in past years, helped by rising incomes and declining interest rates. At the same time, construction of new dwellings has remained fairly muted and has only recently shown signs of picking up.