This Selected Issues paper on France underlies public intervention in financial markets. Econometric analysis indicates that in the long term, consumption tracks disposable income closely but is also affected by wealth effects. A counterfactual exercise suggests that a lower return to experience...

The implementation of Georgia’s poverty reduction strategy has proceeded well, with impressive achievements in curbing corruption, improving the business climate, and continued improvement in public finances. Particular emphasis should be given to enhancing macroeconomic management,...