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As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant control over money market interest rates.
This paper analyses the factors influencing the level and volatility of real house prices in a panel of OECD countries over the period 1980-2005.
This paper considers the increase in current account imbalances in euro area countries since the early 1990s.
This paper describes the dynamics of the external positions of euro area countries since the formation of EMU.
The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.
Some euro area countries accumulated large and persistent external imbalances during the upswing, revealing important weaknesses in the macroeconomic management of the monetary union.
There is growing interest in the role of independent fiscal institutions, or fiscal councils, in helping to improve fiscal performance.
Despite large differences across countries, Latin America’s average investment-to-GDP ratio and the overall quality of infrastructure in the region are relatively low by international comparison.
This paper tests the hypothesis that, by giving people more voice in the government decision-making process, fiscal decentralisation fosters social capital, measured in terms of interpersonal trust.
The euro area is recovering from a severe recession. The build-up of large economic, fiscal and financial imbalances poses a major challenge. A new cross-cutting approach to these policy areas, together with structural reforms, is now required to make national economies more stable.