This Selected Issues paper examines conditions in Colombian labor markets, which present a big challenge to the country. At end-2004, the unemployment rate amounted to 12 percent, and about one-third of the labor force was considered underemployed. The paper reviews labor market developments...

This Selected Issues paper on Portugal reviews the considerations regarding productivity slowdown. The favorable evolution of income growth from the 1970s to the mid-1990s in Portugal was associated with above-average productivity growth but also reflected a more moderate decline in the amount...

Based on the economic literature, various policy measures and institutions in the product and labor markets that increase growth and employment are studied. From a cross-country approach, this study finds a significant relationship between Vertical Fiscal Imbalances (VFIs) and fiscal performance...

Denmark’s flexicurity model has performed well during the crisis. The actions and the improvement in economic conditions have restored overall stability to the banking system. Private consumption has been dented by the decline in housing prices and net household wealth. Exports have...

The paper discusses the flexicurity model, its key policy elements, and association with a low unemployment rate and a high standard of social security for the unemployed. It provides details of an empirical analysis of unemployment performance and the flexicurity model. It also presents...

Belgium has effected a remarkable fiscal adjustment, best illustrated by the decline in its public debt. While benefiting from an appreciable decline in interest rates, most of the underlying consolidation reflected a considerable increase in the tax burden, one of the highest in the...

This report analyzes the Israeli economy and its financial system in detail. A strong macroprudential framework is believed to be an effective tool in identifying in advance and extenuating threats that arise within the financial domain. It is also stated that the present fragile global economic...

EXECUTIVE SUMMARY This report is provided to support the work of the ‘Sheshinski II’ committee in reviewing the fiscal regime for mining. Mining is, and will remain, relatively minor both as a source of government revenue and within the wider economy. Nonetheless, it is important...

This Selected Issues paper examines the housing market in Israel. Property prices in Israel are currently about 25 percent above their equilibrium value, owing largely to low mortgage interest rates and supply shortages. Price-to-income and price-to-rent ratios are well above their equilibrium...

This 2013 Article IV Consultation highlights that Israel’s economic fundamentals has remained strong. GDP growth is solid, unemployment is low, and inflation remains firmly anchored within the 1–3 percent target range. The financial sector is in good health, and the external...