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Certain growth-promoting policies can have negative side-effects by increasing the vulnerability of economies to financial crises. Typical examples are greater openness to financial flows or more liberalised financial markets.
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This paper explores the relationship between policy settings and extreme positive and negative growth events, what we call GDP tail risks, using quantile regression methods.
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The Danish financial sector is big and there is a high degree of inter-connectedness between banks, mortgage institutions and pension funds.
This paper seeks to provide up to date financial conditions indices for six countries, France, Germany, Italy, Japan, the United Kingdom and the United States, as well as the euro area, updating earlier results by the OECD.
The global financial crisis and its high economic and social costs have revived academic and policy interest in “early warning indicators” of crises. This paper aims to investigate the performance of vulnerability indicators as advance warning indicators of past severe GDP per capita recessions in Turkey.
Non-residential investment has fallen over the past 20 years as a share of GDP and is now lower than in several other high-income OECD countries.
To support the recovery, structural reforms that yield short-run as well as long-run gains should be prioritised.
The Canadian economy is adjusting to the fall in the terms of trade. The main challenges are to reduce financial stability risks, boost productivity growth and make growth greener and more inclusive.
Concerns around weak productivity growth are everywhere these days. As the latest OECD Economic Outlook notes, since the mid-2000s, productivity growth has been markedly lower than at any other time since the 1950s.
The ECB, the Bank of Japan and five other central banks in Europe have applied negative interest rates on commercial banks’ reserves. This additional monetary policy stimulus, following large asset purchases by central banks in some of these areas, should boost the economy and thus raise inflation closer to target.