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This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt thresholds endogenously. We show that the nonlinear relation from debt to growth is not very robust.
Intergovernmental fiscal frameworks usually reflect fundamental societal choices and history and are not foremost geared towards achieving economic policy objectives. Yet, like most institutional arrangements, fiscal relations affect the behaviour of firms, households and governments and thereby economic activity.
Apparently, the United States enjoys a surplus of deficits. President Obama’s first State of the Union address warned that we are weakened and endangered not only by our financial deficit, but also by a deficit in trust.
English, PDF, 7,225kb
Document C/MIN(2013)4 from the Meeting of the OECD Council at Ministerial Level - Paris, 29-30 May 2013
With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to robust nominal GDP growth, correcting two decades of budget deficits requires a large and sustained fiscal consolidation based on a detailed and credible multi-year plan that includes measures to control spending and raise revenue.
The United Kingdom is using innovative approaches to strengthen resilience to disasters.
Cities can generate growth and jobs while becoming greener – this is the message of the OECD’s new Green Growth in Cities report. Drawing on case studies of Paris, Chicago, Kitakyushu and Stockholm, the report identifies green policies that can respond to urban growth priorities and suggests how to implement and finance them.
Ports are the nervous system of global trade. Over 80% of world cargo (by volume) is transported by sea. Our efforts to raise the efficiency, competitiveness and sustainability of ports can help boost trade, growth and jobs. It can also help us to promote green growth and development in the poorest regions, said OECD Secretary-General.
More than five years into an economic crisis which has taken on several names–from subprime crisis and financial crisis to great recession–no term accurately depicts the fundamental result of this economic turbulence: people facing hardship.
This programme on international regulatory co-operation is a unique attempt to gather the available evidence on the gains that can be achieved through greater co-ordination of rules and their application across jurisdictions.