Investment has grown rapidly in China in recent years, reaching more than 40 percent of GDP. Despite good progress on bank and enterprise reforms, weaknesses remain that could contribute to inefficient investment decisions. Manufacturing, infrastructure, and real estate have been the drivers of...

In this paper we first compare house price cycles in advanced and emerging economies using a new quarterly house price data set covering the period 1990-2012. We find that house prices in emerging economies grow faster, are more volatile, less persistent and less synchronized across countries...

This Selected Issues paper for Denmark shows that a demographic shift will have several impacts on the economy. The decline in the relative size of the labor force will result in relatively fewer goods produced. This effect will be particularly strong, because a large portion of the current...

This 2006 Article IV Consultation highlights that a broad-based economic upturn is under way in Sweden, spurred by strong global growth and supportive fiscal and monetary policies. Private consumption has served as the engine of expansion, supported by resurgence in investment and buoyant...

Increases in core inflation owing to the VAT hike were smaller than expected, initially constituting a puzzle and leading to speculation about delayed increases or competitive pressures. Given Germany’s large size and openness, spillover interactions appear to have increased over time. In...

Denmark’s flexicurity model has performed well during the crisis. The actions and the improvement in economic conditions have restored overall stability to the banking system. Private consumption has been dented by the decline in housing prices and net household wealth. Exports have...

The external sector has an increasing drag on the economy. The current account deficit remains fully financed by FDI, and the underlying balance is consistent with external-debt stabilizing levels. The stock market retrenchment has been severe, but it followed substantial gains since 2006....

The paper discusses the flexicurity model, its key policy elements, and association with a low unemployment rate and a high standard of social security for the unemployed. It provides details of an empirical analysis of unemployment performance and the flexicurity model. It also presents...

This paper discusses findings of the fourth review under an Extended Fund Facility Arrangement with Portugal. One year into the program, the authorities are making progress in reducing economic imbalances. The delicate balance between orderly deleveraging and improving competitiveness also...

This statistical appendix on Algeria was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. Basic economic and financial indicators, sectoral distribution of GDP, and real GDP growth are listed....