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Herd, Richard; Hill, Sam; Koen, Vincent - Economics Department, Organisation de Coopération et … - 2011

Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act. While deficits widened anew in 2008 and 2009, against the backdrop of the global financial and economic crisis, efforts to reduce them have resumed since. To ensure...

Persistent link: https://www.econbiz.de/10009364448

Portugal - Solid Foundations for a Sustainable Fiscal Consolidation

Haugh, David; Sorbe, Stéphane - Economics Department, Organisation de Coopération et … - 2012

Owing to slow growth and a relatively weak fiscal position, Portugal’s public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial...

Persistent link: https://www.econbiz.de/10011277000

Improving the Fiscal Framework to Enhance Growth in an Era of Fiscal Consolidation in Slovakia

Klein, Caroline; Price, Robert W.R.; Wörgötter, Andreas - Economics Department, Organisation de Coopération et … - 2013

The challenge for fiscal policy in Slovakia is to achieve fiscal consolidation in a way which supports the fragile recovery and protects spending on areas which are important for re-embarking on a trajectory of high trend growth and underpinning a catch-up in living standards. While the recently...

Persistent link: https://www.econbiz.de/10011277021

Preparing for Euro Adoption in Poland

Kierzenkowski, Rafal - Economics Department, Organisation de Coopération et … - 2010

real and nominal convergence remains largely incomplete, which requires a substantial strengthening of alternative …, euro adoption should speed up the convergence process. This Working Paper relates to the 2010 OECD Economic Survey of …'autant plus cruciales à l'approche de l'adoption de la monnaie unique que le processus de convergence réelle et nominale reste …

Persistent link: https://www.econbiz.de/10008461039

Tackling Turkey's External and Domestic Macroeconomic Imbalances

Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; … - Economics Department, Organisation de Coopération et … - 2012

Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....

Persistent link: https://www.econbiz.de/10011277032

The Economic Integration of Germany's New Länder

Wurzel, Eckhard - Economics Department, Organisation de Coopération et … - 2001

second half of the 1990s economic growth in the east decelerated, and income convergence has stalled and employment stagnated …

Persistent link: https://www.econbiz.de/10005045764

Policy Frameworks in the Post-Crisis Environment

Pain, Nigel; Röhn, Oliver - Economics Department, Organisation de Coopération et … - 2011

The financial crisis revealed flaws in pre-crisis policy frameworks. Particular gaps included the failure of monetary and financial policies to incorporate fully the implications of the rapid pro-cyclical growth in financial leverage and risk-taking, especially across national borders, and the...

Persistent link: https://www.econbiz.de/10009003058

Getting Back on Track: Restoring Fiscal Sustainability in Ireland

Haugh, David - Economics Department, Organisation de Coopération et … - 2011

Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been eliminated, has soared once again. The rapid deterioration...

Persistent link: https://www.econbiz.de/10009364451

Fiscal Consolidation: Part 5. What Factors Determine the Success of Consolidation Efforts?

Molnar, Margit - Economics Department, Organisation de Coopération et … - 2012

The global economic and financial crisis exacerbated the need for fiscal consolidation in many OECD countries. Drawing lessons from past episodes of fiscal consolidation, this paper investigates the economic environments, political settings and policy measures conducive to fiscal consolidation...

Persistent link: https://www.econbiz.de/10009393768

Strengthening the Macroeconomic Policy Framework in South Africa

Lysenko, Tatiana; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2011

South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of...

Persistent link: https://www.econbiz.de/10008854030