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Macroeconomic uncertainties, prudent debt targets and fiscal rules

Fall, Falilou; Fournier, Jean-Marc - 2015

The sharp rise in debt experienced by most OECD countries raises questions about the prudent debt level countries should target. It also raises questions about the fiscal frameworks needed to reach them and to accommodate cyclical fluctuations along the path towards a prudent debt target. The...

Persistent link: https://www.econbiz.de/10011399529

Government debt indicators : understanding the data

Bloch, Debra; Fall, Falilou - 2015

There is no single “best” indicator for analysing general government debt. This paper examines the various issues in defining and measuring debt, and explores other data which could be useful, both within and beyond the general government debt concept, to better track and analyse fiscal...

Persistent link: https://www.econbiz.de/10011399482

Limits to government debt sustainability

Fournier, Jean-Marc; Fall, Falilou - 2015

The recent euro area sovereign debt crisis has shown the importance of market reactions for the sustainability of debt. The objective of this paper is to calculate endogenous government debt limits given the markets assessment of the probability to default. The estimated primary balance reaction...

Persistent link: https://www.econbiz.de/10011399483

Fiscal constitutions : an empirical assessment

Blöchliger, Hansjörg; Kantorowicz, Jaroslaw - 2015

Fiscal constitutions comprise the set of rules and frameworks guiding fiscal policy that are enshrined in a country’s fundamental laws. This paper compares the fiscal constitutions of 15 federal countries by empirically assessing five building blocks: 1) the power of sub-national governments...

Persistent link: https://www.econbiz.de/10011399580

Russia : progress in structural reform and framework conditions 2011 - 13

Vaziakova, Yana - 2015

Since 1995 when OECD began conducting Economic Surveys of the Russian Federation many policy recommendations relating to structural reform and framework conditions have been made. This paper is an update of an earlier paper that described actions taken up to October 2011 (Vaziakova et al.,...

Persistent link: https://www.econbiz.de/10011399592

Improving public sector efficiency for more inclusive growth in Latvia

Klein, Caroline; Price, Robert W. - 2015

to achieve convergence of policy outcomes to OECD upper standards is challenging. Efficiency gains in the tax system … could bring additional revenues. The tax base should be expanded by reducing informality, strengthening tax administration … unemployment and income inequality, the tax-benefit system should also be revised as it is now relatively regressive and the tax …

Persistent link: https://www.econbiz.de/10011399630

Ensuring debt sustainability amid strong economic uncertainty in Hungary

Beynet, Pierre; Kierzenkowski, Rafał - 2012

Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries. Nonetheless, the underlying fiscal balance started deteriorating in 2010 and 2011. Recognising this, Hungary’s government launched an ambitious...

Persistent link: https://www.econbiz.de/10009690137

Assessing the sensitivity of Hungarian debt sustainability to macroeconomic shocks under two fiscal policy reactions

Beynet, Pierre; Paviot, Edouard - 2012

5-year horizon, a stochastic debt simulation has been conducted by applying random shocks derived from historical …

Persistent link: https://www.econbiz.de/10009690186

Europe's new fiscal rules

Barnes, Sebastian; Davidsson, David; Rawdanowicz, Łukasz - 2012

Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called “six pack” to upgrade the Stability and Growth Pact to a new Treaty incorporating the “fiscal...

Persistent link: https://www.econbiz.de/10009690998

Improving the fiscal framework to enhance growth in an era of fiscal consolidation in Slovakia

Klein, Caroline; Price, Robert W.; Wörgötter, Andreas - 2013

. Raising the effectiveness of tax collection, reforming the tax structure towards less distortive taxes and making more out of …

Persistent link: https://www.econbiz.de/10009711240