Assessing the sensitivity of Hungarian debt sustainability to macroeconomic shocks under two fiscal policy reactions

Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011.

Related Documents

• Economic Survey of Hungary 2012

Do house prices impact consumption and interest rate? Evidence from OECD countries using an agnostic identification procedure

This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure.

Empowering Women Through Financial Awareness and Education, OECD Working Papers on Finance, Insurance and Private Pensions, No.14

The potential implications of gender differences in financial literacy are far-reaching. This paper describes the findings of a review of the literature on gender differences in financial literacy with the aim to better understand their causes and consequences, as well as possible policy responses. It provides a starting point to collect further evidence, develop analytical work and case studies, and to identify areas that deserve

A Critical Analysis of the Technical Assumptions of the Standard Micro Portfolio Approach to Sovereign Debt Management, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.4

The study concludes that two technical key assumptions need to hold for the standard micro portfolio approach to yield optimal (i.e. cost-minimising) results.We argue that these assumptions do not hold in the current borrowing environment characterized by fiscal dominance with complex links between public debt management and monetary policy.

Interactions between Sovereign Debt Management and Monetary Policy under Fiscal Dominance and Financial Instability, OECD Working Paper on Sovereign Borrowing and Public Debt Management, No.3

This paper argues that serious fiscal vulnerabilities arising from many years of high government debt will create new and complex interactions between public debt management and monetary policy.

Explaining the interest-rate-growth differential underlying government debt dynamics

The differential between the interest rate paid to service government debt and the growth rate of the economy is a key concept in assessing fiscal sustainability.

Public spending efficiency in the Czech Republic: fiscal policy framework and the main spending areas of pensions and healthcare

The Czech fiscal position is generally sound and policy making is prudent. However, the fiscal framework was not strong enough to contain spending in the upturn and it would benefit from independent budget oversight.

Related Documents

• Economic Survey of the Czech Republic 2011

Current issues in managing government debt and assets

The management of government debt and assets has important implications for fiscal positions.

Systemically important banks and capital regulation challenges

Bank regulation might have contributed to or even reinforced adverse systemic shocks that materialised during the financial crisis.

Issues in private sector finance in Israel

The 2008-09 global financial crisis did not result in the failure of any major financial institution in Israel, but it did reveal vulnerabilities in the non banking sector – particularly in the corporate bond market.

Related Documents

• Economic Survey of Israel