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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

Structural Reforms to Boost Turkey's Long-Term Growth

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

Turkey can achieve strong sustainable growth and job creation but further reforms in the labour market, education and product markets are required for such gains to materialise. In recent years, growth has been largely driven by the industrial catch-up of Anatolian regions, although the Marmara...

Persistent link: https://www.econbiz.de/10011276807

Solow or Lucas?: Testing Growth Models Using Panel Data from OECD Countries

Arnold, Jens; Bassanini, Andrea; Scarpetta, Stefano - Economics Department, Organisation de Coopération et … - 2007

convergence and short term dynamics to vary across countries. While there are indeed good reasons to believe in common long … direct investment, the theoretical models imply that the speed of convergence to the steady state differs across countries …, standard dynamic fixed effect specifications, by imposing cross-country homogeneity restrictions on speed of convergence and …

Persistent link: https://www.econbiz.de/10005045653

Reducing Macroeconomic Imbalances in Turkey

Röhn, Oliver; Gönenç, Rauf; Koen, Vincent; Coşar, … - Economics Department, Organisation de Coopération et … - 2014

Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these...

Persistent link: https://www.econbiz.de/10011277023

Austria: Public Sector Inefficiencies Have Become Less Affordable

Fischer, Karin; Gönenç, Rauf; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2011

Performance of fiscal policy, while good in international comparison, is not sufficient to prepare for future ageing-related spending increases. Subject to macroeconomic developments, the pace of consolidation could be more ambitious than currently planned, with a view to reducing the debt...

Persistent link: https://www.econbiz.de/10009358637

Turkey's Improving Integration with the Global Capital Market: Impacts on Risk Premia and Capital Costs

Gönenç, Rauf; Sahinöz, Saygin; Tuncel, Ozge - Economics Department, Organisation de Coopération et … - 2010

Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs. This has had broad effects on capital supply conditions in the entire economy. Real interest rates have...

Persistent link: https://www.econbiz.de/10008692918

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

Rationalising Public Expenditure in the Slovak Republic

Gönenç, Rauf; Walkenhorst, Peter - Economics Department, Organisation de Coopération et … - 2004

Over the past decade, public expenditure in Slovakia was characterised by substantial social transfers and high public sector wage expenses. This paper analyses the main features of Slovakia’s public expenditure system, reviews expenditure trends, and discusses recent reform initiatives. The...

Persistent link: https://www.econbiz.de/10005045749

Do Corporate Taxes Reduce Productivity and Investment at the Firm Level?: Cross-Country Evidence from the Amadeus Dataset

Schwellnus, Cyrille; Arnold, Jens - Economics Department, Organisation de Coopération et … - 2008

This paper uses a stratified sample of firms across OECD economies over the period 1996-2004 to analyse the effects of corporate taxes on productivity and investment. Applying a differences-in-differences estimation strategy which exploits differential effects of corporate taxes on firms with...

Persistent link: https://www.econbiz.de/10005046045

Do Tax Structures Affect Aggregate Economic Growth?: Empirical Evidence from a Panel of OECD Countries

Arnold, Jens - Economics Department, Organisation de Coopération et … - 2008

This paper examines the relationship between tax structures and economic growth by entering indicators of the tax structure into a set of panel growth regressions for 21 OECD countries, in which both the accumulation of physical and human capital are accounted for. The results of the analysis...

Persistent link: https://www.econbiz.de/10005046159