With the trough of the recession following the global financial market crisis having been passed, fiscal policy is faced with the need to return to a sustainable path. The federal government targets a reduction of the general government deficit (in the Maastricht definition) below the ceiling of...

According to the draft federal budget for 2012, the general government deficit in the Maastricht definition is to be reduced to 3.2 percent of GDP; the debt-to-GDP ratio will move further up to 74.6 percent. The share of transfers, including retirement payments, in total federal expenditure is...

Due to their very limited access to the capital market bank financing is of outstanding importance for small and medium-sized companies. Often, however, the latter can only barely provide the collateral corresponding to the enhanced capital requirements for financial institutions (Basel III). As...

In 2000, occupational pension systems comprised 430,000 individuals as eligible for a future old-age pension. With one out of six dependently employed persons entitled to a future company pension, this figure is markedly below EU average. Company pensions are most prevalent among major...

The public revenue sharing scheme regulates the distribution of tax revenues among the federal, state and local governments and that of transfers from the federal level. As a consequence of the centralised tax revenue system it is the central financing source for the state and local authorities....

The current capital accord ("Basel I") has been found inadequate in strengthening the stability of the international banking system. Its undifferentiated and inexact registration of credit risks and the breakneck pace of introducing innovative financial tools have greatly impaired its...

The cash earnings of Austrian manufacturing, estimated by WIFO at 10.3 percent of the turnover in 2008, were close to their long-term average. During the last years, i.a., due to rising cash flows, the equity ratio rose to 38.5 percent in 2007, exceeding for the first time the European average...