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Securing fiscal sustainability requires a reform of the fiscal federalism system. The current transfer system does not align spending and taxing responsibilities and the organisation of the federation is not promoting public spending efficiency.
Public finances are shifting further away from fiscal sustainability, emphasising the need for the reform of the fiscal policy making and strategies to deal with the costs of ageing.
This paper analyses trends in and driving forces of the revenue composition of sub-central governments (SCG).
This report recommends that Chile move towards a territorial approach to development in order to better adapt public management to the different opportunities and needs of the diverse territories of the country.
To shed further light on this issue in the context of emerging market economies, this paper uses Brazilian data to estimate the determinants of the current account in a smooth transition vector autoregressive (ST VAR) setting.
To investigate the possible impact of terms of trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008.
Austria entered the most severe recession in decades. This triggered prompt policy measures to stabilise the real economy and financial markets, which will deteriorate significantly the fiscal position.
As in most other OECD countries, the fiscal situation in the UK has deteriorated sharply. While to date the discretionary fiscal stimulus has been relatively modest, after around the turn of the century the underlying fiscal position weakened more than anticipated. While there was some subsequent improvement, particularly in tax receipts, the severe impact of the downturn on the public finances and the borrowing related to the rescue
International experts and policy practitioners from around the world assessed policy options to restore the economy of the L'Aquila region. The workshop was held in Rome on 3 July 2009 and was organised by the OECD in partnership with the Italian Ministry of Economy and Finance.
Italy is suffering a serious economic recession, which started earlier than elsewhere but has now accelerated following the downturn elsewhere and collapse in world trade.