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Bringing French Public Debt Down: The Options for Fiscal Consolidation

Égert, Balázs - Economics Department, Organisation de Coopération et … - 2011

France has a track record of persistent general government deficits, partly reflecting pro-cyclical fiscal policies in upswings. This has resulted in a quadrupling of its public debt-to-GDP ratio since the 1970s to above 80% of GDP. Reducing public debt is crucial because a high level of public...

Persistent link: https://www.econbiz.de/10009003060

Monetary Transmission Mechanism in Central and Eastern Europe: Surveying the Surveyable

Égert, Balázs; MacDonald, Ronald - Economics Department, Organisation de Coopération et … - 2008

This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe (CEE). Our results indicate that the strength of the exchange rate pass-through substantially declined over time mainly due to a fall in...

Persistent link: https://www.econbiz.de/10005045716

Infrastructure and Growth: Empirical Evidence

Égert, Balázs; Koźluk, Tomasz; Sutherland, Douglas - Economics Department, Organisation de Coopération et … - 2009

Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities and...

Persistent link: https://www.econbiz.de/10005046058

The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate: Evidence from South Africa

Égert, Balázs - Economics Department, Organisation de Coopération et … - 2009

This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on...

Persistent link: https://www.econbiz.de/10005046067

Fiscal Policy Reaction to the Cycle in the OECD: Pro- or Counter-cyclical?

Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010

This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However,...

Persistent link: https://www.econbiz.de/10008542496

Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits

Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010

periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and … être vérifiée durant des périodes de forte croissance économique. Ces résultats suggèrent que la convergence des niveaux de … prix provient de la convergence des niveaux de prix des biens échangeables, des biens non-échangeables marchands et non …

Persistent link: https://www.econbiz.de/10008461038

The Fiscal Challenge in Portugal

Guichard, Stéphanie; Leibfritz, Willi - Economics Department, Organisation de Coopération et … - 2006

Portugal’s fiscal policy has failed to durably reduce the deficit below the Stability and Growth Pact threshold of 3% of GDP and was submitted to the excessive deficit procedure of the EU Commission for a second time in 2005. The paper describes fiscal developments in Portugal over the past...

Persistent link: https://www.econbiz.de/10005045607

Reforming Turkey's Public Expenditure Management

Gönenç, Rauf; Leibfritz, Willi; Yilmaz, Erdal - Economics Department, Organisation de Coopération et … - 2005

Fiscal imbalances were a main cause for chronic high inflation and macroeconomic instability before the 2000/2001 crisis. Fiscal consolidation is the cornerstone of post-crisis stabilization. It has been quite successful over the past three years as sizeable primary surpluses have been sustained...

Persistent link: https://www.econbiz.de/10005045722

The French Tax System: Main Characteristics, Recent Developments and Some Considerations for Reform

Leibfritz, Willi; O'Brien, Paul - Economics Department, Organisation de Coopération et … - 2005

France belongs to the group of OECD countries with relatively high tax levels. In recent years French governments have been increasingly aware that the tax system may have negative effects on growth and employment and some reforms have been introduced to reduce tax distortions. There has,...

Persistent link: https://www.econbiz.de/10005046028

Slovakia's Introduction of a Flat Tax as Part of Wider Economic Reforms

Brook, Anne-Marie; Leibfritz, Willi - Economics Department, Organisation de Coopération et … - 2005

Slovakia’s fundamental tax reform of 2004 considerably improved the simplicity and efficiency of the tax system by eliminating exemptions and special regimes and setting the rates for the personal income tax (PIT), the corporate income tax (CIT) and the value added tax (VAT) all equal to 19%....

Persistent link: https://www.econbiz.de/10005046076