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16-January-2013
English, PDF, 456kb
Public and private debt levels are very high by historical standards. OECD-wide total financial liabilities now exceed 1 000% of GDP. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks.
28-November-2012
English
This workshop on 11-12 December 2012 is on topics around "Instruments of Fiscal Consolidation".
6-November-2012
English
Indonesia has come a long way in improving its tax system over the last decade, both in terms of revenues raised and administrative efficiency. Nonetheless, the tax take is still low, given the need for more spending on infrastructure and social protection.
17-October-2012
English
The economics profession seems to increasingly endorse the existence of a strongly negative nonlinear effect of public debt on economic growth. Reinhart and Rogoff (2010) were the first to point out that a public debt to GDP ratio higher than 90% of GDP is associated with considerably lower economic performance in advanced and emerging economies alike.
2-October-2012
English
In many OECD countries debt has soared to levels threatening fiscal sustainability, necessitating its reduction over the medium to longer term. This paper uses stylised simulations in a small, calibrated macroeconomic model which features endogenous interactions between fiscal policy, growth and financial markets.
19-September-2012
English
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11
19-September-2012
English
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11
19-September-2012
English
Owing to slow growth and a relatively weak fiscal position, Portugal’s public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit.
19-September-2012
English
This paper illustrates possible trade-offs between two different fiscal consolidation strategies in Portugal: sticking to the nominal fiscal targets in the EU-IMF programme or allowing automatic stabilisers to work, while sticking to the structural primary deficit targets implied by the programme.
30-July-2012
English
In this paper we develop a simple analytical framework to analyze “good” and “bad equilibria” in public-debt and growth dynamics.
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