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It is shown that the inefficiencies created by the “soft” budget constraint, enjoyed by enterprises in Eastern Europe and elsewhere, will continue so long as governments are unable credibly to threaten not to bail out loss-makers. Commitment to a “hard” budget constraint can best be...
Persistent link: https://www.econbiz.de/10014396100
This paper considers the implications of the prospective aging of the U.S. population for the social security system and concludes that the large and growing cashflow surpluses of the social security trust funds should be saved to help insulate living stands against this change. A number of...
Persistent link: https://www.econbiz.de/10014396207
The paper surveys the major economic, financial, and administrative issues that confront social security systems in Latin America. The larger systems have contributed substantially to public sector financial disequilibria. Expenditures of the younger systems with more limited coverage could...
Persistent link: https://www.econbiz.de/10014396279
This Selected Issues paper focuses on the medium-term budgetary framework (MTBF) for Austria. Austria is part of a … trend among many countries to consider some form of MTBF. This paper describes the proposed framework in Austria and …
Persistent link: https://www.econbiz.de/10014404925
This 2007 Article IV Consultation highlights that the favorable economic outcome for Austria is owed to a combination …
Persistent link: https://www.econbiz.de/10014405063
Austria’s recession had limited effects on unemployment. Investment declined sharply but consumption helped cushion the … recession, supported by tax cuts and various labor market measures together with large increases in real wages. Austria’s fiscal …
Persistent link: https://www.econbiz.de/10014405917
This Selected Issues paper estimates a dynamic model of foreign currency loans to households in Austria to analyze … developments in Austria’s economic linkages with Germany and the Central and Eastern European countries (CEECs). It finds that … become stronger. The paper also discusses the dynamics of Austria’s economic linkages with Germany, and examines these …
Persistent link: https://www.econbiz.de/10014406061
Austria’s Financial System Stability Assessment highlights Reports on the Observance of Standards and Codes on banking …, and is generally sound and resilient. Austria enjoys a high standard of supervision based on strong institutions and a …
Persistent link: https://www.econbiz.de/10014406132
Austria’s 2004 Article IV Consultation reports that the economy has continued to perform relatively well, unemployment …
Persistent link: https://www.econbiz.de/10014406133
This 2005 Article IV Consultation highlights that economic activity in Austria gathered speed in 2004, supported mostly … structural area has been impressive, and this has contributed to Austria’s relatively favorable growth performance in the past …
Persistent link: https://www.econbiz.de/10014406237