The Great Recession vs. the Great Depression
... of a larger number of crises in different countries on GDP, the stock market, unemployment etc. (e.g., Reinhart and Rogoff 2009) or analyze how the length and depth of the crises depend on certain structural characteristics, inter alia whether there had been a housing or financial crisis at the star ...
... of a larger number of crises in different countries on GDP, the stock market, unemployment etc. (e.g., Reinhart and Rogoff 2009) or analyze how the length and depth of the crises depend on certain structural characteristics, inter alia whether there had been a housing or financial crisis at the star ...
Greece: Preliminary Debt Sustainability Analysis
... The much deeper-than-expected recession necessitated significant debt relief in 2011-12 to maintain the prospect of restoring sustainability. Private creditors accepted large haircuts (concerns about contagion had largely subsided by then with the creation of a firewall); European partners provided ...
... The much deeper-than-expected recession necessitated significant debt relief in 2011-12 to maintain the prospect of restoring sustainability. Private creditors accepted large haircuts (concerns about contagion had largely subsided by then with the creation of a firewall); European partners provided ...
Chapter 6 Long-run aspects of fiscal policy and
... We immediately see that this accounting deviates from “normal” principles. Business companies typically have sharply separated capital and operating budgets. In contrast, the budget de…cit de…ned above treats that part of G which represents government net investment as parallel to government consump ...
... We immediately see that this accounting deviates from “normal” principles. Business companies typically have sharply separated capital and operating budgets. In contrast, the budget de…cit de…ned above treats that part of G which represents government net investment as parallel to government consump ...
ePub Institutional Repository
... of a larger number of crises in different countries on GDP, the stock market, unemployment etc. (e.g., Reinhart and Rogoff 2009) or analyze how the length and depth of the crises depend on certain structural characteristics, inter alia whether there had been a housing or financial crisis at the star ...
... of a larger number of crises in different countries on GDP, the stock market, unemployment etc. (e.g., Reinhart and Rogoff 2009) or analyze how the length and depth of the crises depend on certain structural characteristics, inter alia whether there had been a housing or financial crisis at the star ...
Document
... addition, revisions to the legislative framework further reinforced the corporate restructuring capacity of the Bank Asset Management Company. Thus, overall, some progress was made on this recommendation. Some progress was made on modernising public administration, reducing administrative burden and ...
... addition, revisions to the legislative framework further reinforced the corporate restructuring capacity of the Bank Asset Management Company. Thus, overall, some progress was made on this recommendation. Some progress was made on modernising public administration, reducing administrative burden and ...
Sovereign GDP-Linked Bonds: Design, Investor Response and
... currency to satisfy the preferences of those investors involved. Even when GDP warrants have been issued in exchanges they have typically promised to pay out in foreign currency even though they have been indexed to GDP in local currency. Design choice. The GDP-linked bond in The London Term Sheet i ...
... currency to satisfy the preferences of those investors involved. Even when GDP warrants have been issued in exchanges they have typically promised to pay out in foreign currency even though they have been indexed to GDP in local currency. Design choice. The GDP-linked bond in The London Term Sheet i ...
Economic Survey Spring 2015
... unemployment rate will edge up to 8.8% this year. The number of employed persons will rise somewhat, but that is mostly explained by the increased availability of work for older age groups. The development of labour productivity will remain subdued. Inflation will come in at just 0.3%, and much of t ...
... unemployment rate will edge up to 8.8% this year. The number of employed persons will rise somewhat, but that is mostly explained by the increased availability of work for older age groups. The development of labour productivity will remain subdued. Inflation will come in at just 0.3%, and much of t ...
Long-term Government Bond Yields
... primary deficit-to-GDP rises. In other words, an unhealthy fiscal deficit and a growing public debt are both accelerating faster in relation to the corresponding amounts. However, going back to Gruber W & Kamin B (2010), who found that such acceleration effect should be more present during turbulent ...
... primary deficit-to-GDP rises. In other words, an unhealthy fiscal deficit and a growing public debt are both accelerating faster in relation to the corresponding amounts. However, going back to Gruber W & Kamin B (2010), who found that such acceleration effect should be more present during turbulent ...
United Kingdom: 2016 Article IV Consultation-Press Release
... The UK economy has performed well in recent years, but it faces important challenges and risks. Economic growth has consistently been near the top among major advanced economies, the employment rate has risen to a record high, the fiscal deficit has been reduced, and major financial sector reforms h ...
... The UK economy has performed well in recent years, but it faces important challenges and risks. Economic growth has consistently been near the top among major advanced economies, the employment rate has risen to a record high, the fiscal deficit has been reduced, and major financial sector reforms h ...
Fiscal Balance Program 2020
... As one of the Executive Programs announced in the Vision, the Fiscal Balance Program will be a key component in developing a more effective government, by providing intense scrutiny of government finances and acting as a spur to increased efficiency. Beyond fiscal balance and government performance, ...
... As one of the Executive Programs announced in the Vision, the Fiscal Balance Program will be a key component in developing a more effective government, by providing intense scrutiny of government finances and acting as a spur to increased efficiency. Beyond fiscal balance and government performance, ...
The Puzzle of Persistently Negative Interest Rate
... domestic financial markets, the real interest rate would reflect the domestic marginal product of capital—which should be higher than in advanced economies. Higher marginal product of investment is indeed what makes these economies grow faster.8 Open economies may have lower real interest rates than ...
... domestic financial markets, the real interest rate would reflect the domestic marginal product of capital—which should be higher than in advanced economies. Higher marginal product of investment is indeed what makes these economies grow faster.8 Open economies may have lower real interest rates than ...
France: 2016 Article IV Consultation
... subdued medium term growth outlook, Directors encouraged the authorities to pursue reforms to rebuild fiscal buffers, revive job creation, and strengthen competitiveness and productivity growth. Directors supported the government’s expenditure based fiscal consolidation strategy, which aims to secur ...
... subdued medium term growth outlook, Directors encouraged the authorities to pursue reforms to rebuild fiscal buffers, revive job creation, and strengthen competitiveness and productivity growth. Directors supported the government’s expenditure based fiscal consolidation strategy, which aims to secur ...
Chapter 6 Long-run aspects of fiscal policy and
... We immediately see that this budget accounting deviates from “regular”budgeting principles. Private companies, for instance, typically have separate capital and operating budgets. In contrast, the budget de…cit de…ned above treats that part of G which represents government net investment parallel to ...
... We immediately see that this budget accounting deviates from “regular”budgeting principles. Private companies, for instance, typically have separate capital and operating budgets. In contrast, the budget de…cit de…ned above treats that part of G which represents government net investment parallel to ...
1 The effect of illicit financial flows on time to reach the fourth
... government revenue available to provide social goods such as healthcare, education, water and sanitation. This latter pathway may be modified either positively or negatively by factors such control of corruption and the effectiveness of a government. The degree of corruption in a government also inf ...
... government revenue available to provide social goods such as healthcare, education, water and sanitation. This latter pathway may be modified either positively or negatively by factors such control of corruption and the effectiveness of a government. The degree of corruption in a government also inf ...
Options for China in a Dollar Standard World
... nonmarket approaches including credit constraints) while focusing policy on inflation targets would be consistent with such reform. Finally, some commentators have recently raised the issue of fragile finances within China. Growth of the shadow banking system as well as relatively rapid growth of in ...
... nonmarket approaches including credit constraints) while focusing policy on inflation targets would be consistent with such reform. Finally, some commentators have recently raised the issue of fragile finances within China. Growth of the shadow banking system as well as relatively rapid growth of in ...
ECONOMIC GROWTH AND DEVELOPMENT IN POST YUGOSLAV
... countries with unsustainable economic and social differences among its federal units. In last twenty years, after proclamation of independence the economic and social differences among Post Yugoslav countries increased even further, partly due to different impact of military activities and partly du ...
... countries with unsustainable economic and social differences among its federal units. In last twenty years, after proclamation of independence the economic and social differences among Post Yugoslav countries increased even further, partly due to different impact of military activities and partly du ...
Fiscal Vulnerabilities and Risks from Local Government
... financial entities, such as state-owned banks, asset management companies, and the central bank. Deriving consolidated debt of the wider (financial and nonfinancial) public sector is tricky, as it involves netting out public debt held by other parts of the public sector. That is, state-owned bank cr ...
... financial entities, such as state-owned banks, asset management companies, and the central bank. Deriving consolidated debt of the wider (financial and nonfinancial) public sector is tricky, as it involves netting out public debt held by other parts of the public sector. That is, state-owned bank cr ...
NBER WORKING PAPER SERIES SOME ESTIMATES FOR OECD COUNTRIES
... We examine the effects of Þscal policy on interest rates in a broad panel of 16 OECD countries covering a maximum time span from 1960 to 2002. The results indicate statistically and economically signiÞcant effects of Þscal imbalances on long-term interest rates. In our preferred speciÞcation, a one pe ...
... We examine the effects of Þscal policy on interest rates in a broad panel of 16 OECD countries covering a maximum time span from 1960 to 2002. The results indicate statistically and economically signiÞcant effects of Þscal imbalances on long-term interest rates. In our preferred speciÞcation, a one pe ...
EUROPEAN COMMISSION Brussels, 18.3.2015 SWD(2015) 36 final
... their unwinding. The main findings of the InDepth Review contained in this Country Report are: Despite the rapid improvements in recent years, external indebtedness continues to be at unsafe levels. Rebalancing of the economy has been on-going since the crisis, driven by sustained current and capi ...
... their unwinding. The main findings of the InDepth Review contained in this Country Report are: Despite the rapid improvements in recent years, external indebtedness continues to be at unsafe levels. Rebalancing of the economy has been on-going since the crisis, driven by sustained current and capi ...
Germany
... A recovery is under way, led by domestic demand. Real GDP has been rising since the second quarter of 2013, and for the year as a whole growth was 0.5 percent (Figure 1), versus a 0.8 percent contraction in the rest of the euro area. Growth in the first quarter of 2014 was particularly strong (0.8 p ...
... A recovery is under way, led by domestic demand. Real GDP has been rising since the second quarter of 2013, and for the year as a whole growth was 0.5 percent (Figure 1), versus a 0.8 percent contraction in the rest of the euro area. Growth in the first quarter of 2014 was particularly strong (0.8 p ...
Austerity is not the solution! - Foundation for European Progressive
... saving, G is public expenditure, T is taxes, X is exports and M imports. If Greece must refund its private debt, that means that S must be higher than I. This implies that (S - I) = (X - M) - (T - G) is positive, which is already problematic given the low level of savings in some countries, which in ...
... saving, G is public expenditure, T is taxes, X is exports and M imports. If Greece must refund its private debt, that means that S must be higher than I. This implies that (S - I) = (X - M) - (T - G) is positive, which is already problematic given the low level of savings in some countries, which in ...
Executive summary
... of cash registers for doctors and other free professions. Savings on the expenditure side are envisaged to stem from the ongoing reform of the state administration – ESO. The constitutional debt brake which was triggered by the public debt ratio exceeding 55% of GDP in 2013 is expected to yield addi ...
... of cash registers for doctors and other free professions. Savings on the expenditure side are envisaged to stem from the ongoing reform of the state administration – ESO. The constitutional debt brake which was triggered by the public debt ratio exceeding 55% of GDP in 2013 is expected to yield addi ...
http://ec.europa.eu/europe2020/pdf/csr2014/swd2014_slovakia_en.pdf
... of cash registers for doctors and other free professions. Savings on the expenditure side are envisaged to stem from the ongoing reform of the state administration – ESO. The constitutional debt brake which was triggered by the public debt ratio exceeding 55% of GDP in 2013 is expected to yield addi ...
... of cash registers for doctors and other free professions. Savings on the expenditure side are envisaged to stem from the ongoing reform of the state administration – ESO. The constitutional debt brake which was triggered by the public debt ratio exceeding 55% of GDP in 2013 is expected to yield addi ...
Barbados Executive Briefing - Global Banking and Markets
... “B” (“negative” outlook) and “Caa1” (“stable” outlook), respectively. S&P assesses that there is the potential for a rating downgrade if fiscal slippage prevents planned deficit reduction, tourism investment fails to materialize and boost growth, or there is a renewed deterioration in the sizeable c ...
... “B” (“negative” outlook) and “Caa1” (“stable” outlook), respectively. S&P assesses that there is the potential for a rating downgrade if fiscal slippage prevents planned deficit reduction, tourism investment fails to materialize and boost growth, or there is a renewed deterioration in the sizeable c ...
Financing US Debt: Is There Enough Money in the World and at
... Questions about the sustainability of the US current account and the outlook for US international debt have received growing interest in recent years; the recent experience with and outlook for higher US budget deficits and debt have raised further questions regarding the international implications. ...
... Questions about the sustainability of the US current account and the outlook for US international debt have received growing interest in recent years; the recent experience with and outlook for higher US budget deficits and debt have raised further questions regarding the international implications. ...