The Polish tax system has commendable features, in particular a capacity to generate strong revenue on a continuous basis. But it also has a number of less desirable features, which could hamper growth in the future and come under increased criticism both domestically and internationally. The...

The paper examines evidence concerning the impact of financial liberalisation and innovation on monetary policy. The indicator value of monetary aggregates and the role of liquidity constraints in the transmission mechanism affecting aggregate demand are examined. Countries where financial...

This paper examines whether information asymmetries and agency costs vary across OECD countries depending on the nature of their financial system. It does this by examining whether the predictive power of the spread between yields on private and government securities (which, it has been argued,...

An unprecedented “boom and bust” investment cycle occurred in the high-tech industries at the turn of the century, in particular in the telecommunications sector. Regulatory reforms and technological innovation fuelled expectations of robust growth in traffic, revenue and earnings....

This paper examines the recent slowdown in bank lending that has affected several large OECD countries. The analysis begins with a description of the importance of bank credit in the financial systems of the countries considered. The origins of the lending slowdown are analysed - - including the...

The unprecedented 11 September 2001 terrorist attacks in the United States caused massive casualties and damage, and ushered in an era of greater uncertainty. While a prompt and vigorous policy response helped limit the immediate economic impact of the aggression, the heightened terrorist threat...

This paper brings together a number of interrelated issues concerning the implications of financial liberalisation for macroeconomic outcomes. Deregulation has tended to reduce the importance of liquidity constraints within and between countries, while at the same time giving markets a much...

Income inequality and relative poverty in the United States are among the highest in the OECD and have substantially increased over the past decades. These developments have been associated with a number of other worrying statistics, including low intergenerational social mobility and weak real...

The Polish tax system has commendable features, in particular a capacity to generate strong revenue on a continuous basis. But it also has a number of less desirable features, which could hamper growth in the future and come under increased criticism both domestically and internationally. The...