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The OECD monitors fiscal policies. Assessments shape the macroeconomic projections and policy recommendations. Work also examines the longer-term debt dynamics and sustainability of public finances, the role of fiscal policy in a monetary union and the interaction between fiscal and monetary policy.
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09-Feb-2012
This paper studies the impact of recent changes in second pension pillars of three Central and Eastern European Countries on the deficit and implicit debt of their full pension systems.
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17-Jan-2012
Chile’s fiscal rule has served the country well, but more could be done to streghen its fiscal framework. An independent fiscal council would contribute to maintaining the transparency of the fiscal rule and its accountability. Higher tax revenues will be needed to finance long-term spending increases.
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02-Jan-2012
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. Among OECD economies, this differential was unusually low for much of the last decade compared with the 1980s and the first half of the 1990s.
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02-Jan-2012
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. An anchor for the fiscal policy would be helpful, in the form of an explicit debt target coupled with corresponding spending ceilings and deficit targets.
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12-Dec-2011
Fiscal policy has been mostly prudent and Russia’s budgeting procedures are relatively advanced, but a reduction in the non-oil deficit is needed, along with a framework that better protects against the danger of policy becoming pro-cyclical.
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