This paper shows how growth and demography, two important determinants of the savings rate in the life-cycle approach, explain a large part of the diversity in savings behavior in Asia across eight countries as well as over time. Inflation and adverse movements in the terms of trade are found to...

The paper analyzes the development of government social expenditure during the economic stabilization period, with specific reference to the changing needs for such expenditure arising from the change in Israel’s demographic structure. The results reveal a real cut in direct services. The...

This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized countries. In Belgium, the problem is particularly acute in...

This 2007 Article IV Consultation highlights that growth in Finland has outpaced the euro area average. Inflation is among the lowest in the European Union, and the external current account and general government budget are both comfortably in surplus. The labor market has improved markedly...

This Selected Issues paper investigates the possible contribution of activation strategies—in a broad sense—to improve employment rates in Finland. It summarizes recent labor market developments in Finland, and investigates respectively the limitation of current unemployment and disability...

This report reviews observance of Standards and Codes for the Financial Action Task Force (FATF) 40+9 Recommendations and the Anti-money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Finland. The report describes the level of compliance with the FATF 40+9...

This 2005 Article IV Consultation highlights that Finland’s economic performance in recent years continued to be favorable. Growth has outpaced that in the euro area and is expected to pick up to more than 3 percent in 2006. The external current account has remained comfortably in surplus, and...

The Selected Issues paper on Finland underlies public finances and structural reform. The structural reforms encompassing labor and product markets as well the pension system would substantially improve the outlook for fiscal sustainability. Reductions in labor and product market inefficiencies...

Finland has undergone a fundamental structural shift from a resource-based to a knowledge-based economy. The productivity surge in the dynamic information and communications technology sector fueled a strong export-driven recovery. However, the optimism of the past year has dissipated, as the...

This 2002 Article IV Consultation highlights that the economic growth in Finland slowed sharply in 2001 in the face of a deteriorating external environment, but is expected to pick up significantly by 2003 after staying somewhat lackluster in 2002. The abrupt contraction of the information and...