Similar Search Results

Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia

Brixiova, Zuzana - 2009

From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital … board limited the Bank of Estonia’s ability to curb credit growth, while the fiscal policy framework amplified the cycle … tightened lending standards and capital outflows. Estonia is now in a severe recession. To restore high and sustainable growth …

Persistent link: https://www.econbiz.de/10012444755

Estonia and Euro Adoption : Small Country Challenges of Joining EMU

Brixiova, Zuzana - 2009

Estonia gave up the exchange rate and monetary policy tools of macroeconomic management when it introduced its currency … country’s policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the … structure of its economy also notably differs from the euro zone. To benefit fully from joining the EMU, Estonia must strengthen …

Persistent link: https://www.econbiz.de/10012445626

Labour Market Flexibility in Estonia : What more Can be Done?

Brixiova, Zuzana - 2009

, ethnic groups, and workers with different skill levels. As Estonia entered recession in 2008, the unemployment rate almost … will be a key adjustment mechanism during the recession as well as in the medium term if Estonia is to become a knowledge …

Persistent link: https://www.econbiz.de/10012446299

Stabilization Effects of Social Spending : Empirical Evidence from a Panel of OECD Countries Overcoming the Financial Crisis in the United States

Furceri, Davide - 2009

The aim of this paper is to assess the ability of social spending to smooth output shocks and to provide stabilization. The results show that overall social spending is able to smooth about 16 percent of a shock to GDP. Among its subcategories, social spending devoted to Old Age and Unemployment...

Persistent link: https://www.econbiz.de/10012442859

Counter-cyclical Economic Policy

Sutherland, Douglas; Hoeller, Peter; Égert, Balázs; … - 2010

What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins...

Persistent link: https://www.econbiz.de/10012444497

Ongoing Changes in the Business Cycle : Evidence and Causes

Dalsgaard, Thomas - 2002

This paper first reviews a number of stylised facts concerning OECD country business cycles over the past four decades. In general, the amplitude of business cycles has fallen, driven mainly by declining fluctuations of domestic demand. As a result, international divergencies of cyclical...

Persistent link: https://www.econbiz.de/10012445279

A Macroeconomic Model for Debt Analysis of the Latin America Region and Debt Accounting Models for the Highly Indebted Countries

Dittus, Peter - 1991

During the 1980s, following the Mexican payments crisis of August 1982, a number of debt "plans" and "strategies" have been introduced, but overall progress in resolving the situation has been slow. This paper results from a project to investigate the relationship between macroeconomic...

Persistent link: https://www.econbiz.de/10012446724

Automatic Stabilisers and Market Flexibility in EMU : Is There A Trade-Off?

Buti, Marco; Martinez-Mongay, Carlos; Sekkat, Khalid; … - 2002

It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of...

Persistent link: https://www.econbiz.de/10012446777

Growth-Promoting Policies and Macroeconomic Stability

Sutherland, Douglas; Hoeller, Peter - 2013

Policy reforms aimed at boosting long-run growth often have side effects – positive or negative – on an economy’s vulnerability to shocks and their propagation. Macroeconomic shocks as severe and protracted as those since 2007 warrant a reconsideration of the role growth-promoting policies...

Persistent link: https://www.econbiz.de/10014151193

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