Working Papers


  • 2-July-2013

    English

    Fiscal consolidation across government levels. Part 3: Intergovernmental grants, pro- or counter-cyclical?

    This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them.

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  • 2-July-2013

    English

    Fiscal consolidation across government levels. Part 2: Fiscal rules for sub-central governments, update of the institutional indicator

    Fiscal rules that constrain sub-central government (SCG) budgeting are very common across the OECD, but there are substantial cross-country differences in their implementation and impact. This paper presents the 2011 update of the fiscal rules database established in 2005.

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  • 2-July-2013

    English

    Fiscal consolidation across government levels. Part 1: How much, what policies?

    This paper provides an overview of fiscal consolidation efforts at the central and sub-central government level, both during the current and past consolidation episodes.

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  • 1-July-2013

    English

    Italy and the euro area crisis: securing fiscal sustainability and financial stability

    Italy’s policy of fiscal consolidation and growth-friendly structural reforms has substantially improved its economic prospects, but the adverse sentiment that the country has faced in the sovereign bond market over the past years has deep roots.

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  • 1-July-2013

    English

    The post-crisis narrowing of international imbalances - cyclical or durable?

    After peaking in the first half of 2008, international imbalances declined sharply during the global crisis of 2008-09, in part reflecting cyclical factors such as large contractions in domestic demand on the back of bursting housing bubbles in a number of deficit countries, as well as large declines in cross-border capital flows, interest rates and commodity prices.

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  • 26-June-2013

    English

    Restructuring welfare spending in Slovenia

    Restoring fiscal sustainability is a major challenge in Slovenia. Yet, the performance in terms of expenditure control is poor and public expenditure on social spending increased briskly during the crisis, significantly more than on average across the OECD.

  • 11-June-2013

    English

    The 90% public debt threshold: the rise and fall of a stylised fact

    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.

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  • 31-May-2013

    English

    Fiscal federalism and its impact on economic activity, public investment and the performance of educational systems

    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.

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  • 28-May-2013

    English

    Restoring Japan’s fiscal sustainability

    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.

  • 23-April-2013

    English

    Making the tax system less distortive in Switzerland

    The tax burden in Switzerland is low in international comparison, largely reflecting the substantial non-tax compulsory contributions towards the health and pension systems which are managed by private institutions. Taxation of personal income and labour earnings is relatively high, whereas the taxation of consumption is low.

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