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Portugal - Solid Foundations for a Sustainable Fiscal Consolidation

Haugh, David; Sorbe, Stéphane - Economics Department, Organisation de Coopération et … - 2012

Owing to slow growth and a relatively weak fiscal position, Portugal’s public debt had been rising for almost a decade when the global crisis struck, sharply increasing the deficit. The loss of confidence in Portuguese and other euro area sovereign bonds required international financial...

Persistent link: https://www.econbiz.de/10011277000

Preparing for Euro Adoption in Poland

Kierzenkowski, Rafal - Economics Department, Organisation de Coopération et … - 2010

real and nominal convergence remains largely incomplete, which requires a substantial strengthening of alternative …, euro adoption should speed up the convergence process. This Working Paper relates to the 2010 OECD Economic Survey of …'autant plus cruciales à l'approche de l'adoption de la monnaie unique que le processus de convergence réelle et nominale reste …

Persistent link: https://www.econbiz.de/10008461039

Constraints and demands on public finances: Considerations of resilient fiscal policy

Rawdanowicz, Łukasz - 2021

Over the past several decades, public debt has increased substantially in many OECD countries, particularly in the aftermath of recessions. The extent of this increase and the resulting debt levels varied across countries, partly reflecting differences in average budget balances. Despite rising...

Persistent link: https://www.econbiz.de/10012801149

Nothing Ventured, Nothing Gained : The Long-Run Fiscal Reward of Structural Reforms

Hoeller, Peter - 2006

The recent reform of the Stability and Growth Pact provides more leeway for EU governments to temporarily breach the 3% deficit limit if this facilitates the implementation of initially expensive reforms. But the implementation of this principle is not obvious as budgets would need to specify...

Persistent link: https://www.econbiz.de/10012442916

Short-Term Pain for Long-Term Gain : The Impact of Structural Reform on Fiscal of Outcomes in EMU

van den Noord, Paul - 2006

The 2005 reform of the EU Stability and Growth Pact has provided leeway for governments to let their fiscal deficit temporarily breach the 3% rule to finance the immediate budgetary cost of structural reform, such as compensation schemes to offset redistributive effects. Against this backdrop,...

Persistent link: https://www.econbiz.de/10012443961

The Fiscal Challenge in Portugal

Guichard, Stéphanie - 2006

Portugal’s fiscal policy has failed to durably reduce the deficit below the Stability and Growth Pact threshold of 3% of GDP and was submitted to the excessive deficit procedure of the EU Commission for a second time in 2005. The paper describes fiscal developments in Portugal over the past...

Persistent link: https://www.econbiz.de/10012444186

Brazil's Fiscal Stance during 1995-2005 : The Effect of Indebtedness on Fiscal Policy Over the Business Cycle

de Mello, Luiz - 2006

Brazil's fiscal adjustment since the floating of the real in 1999 has been impressive, even in periods of lacklustre growth. This suggests a remarkable fiscal effort to ensure public debt sustainability. To better gauge the magnitude of this adjustment effort, this paper applies the methodology...

Persistent link: https://www.econbiz.de/10012444388

Macroeconomic Policy and Economic Performance

de Lima, Pedro - 2003

This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that,...

Persistent link: https://www.econbiz.de/10012444501

Government Consumption Volatility and the Size of Nations

Furceri, Davide - 2009

The aim of this paper is to analyze the relation between the volatility of government consumption and country size. Using a sample of 160 countries from 1960 to 2000 the main findings of our empirical analysis suggest that: 1) smaller countries have more volatile non-discretionary and...

Persistent link: https://www.econbiz.de/10012444578

Estimating a Fiscal Reaction Function : The Case of Debt Sustainability in Brazil

de Mello, Luiz - 2005

This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period...

Persistent link: https://www.econbiz.de/10012445160