Spain

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Size: 71.44 MB
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Spain from the Author: International Monetary Fund. The general government in Spain is composed of the State (central) government, the social security system, 17 regional governments, and a very large number of municipalities. Over the last several years, motivated in part by a desire to qualify for participation in Stage 3 of monetary union, the Spanish authorities have achieved impressive fiscal consolidation. Between 1995 and 1999, for example, the deficit of the general government has fallen by 5.5 percent of GDP, from about 6.5 percent to about 1 percent, and the authorities aim at achieving overall fiscal balance next year.

Spain

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451879598
Size: 44.38 MB
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Spain from the Author: International Monetary Fund. This Selected Issues paper analyzes the conduct of fiscal policy in Spain, made topical by the entry into effect of the Budgetary Stability Law in 2003. This law, along with the new permanent financing arrangements with the subnational levels of government, provides a new institutional and legal framework for fiscal policy. These innovations aim to lock in the gains in fiscal consolidation represented by the achievement of the goals of the Stability and Growth Pact in 2001.

Spain Selected Issues

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498393934
Size: 36.58 MB
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Spain Selected Issues from the Author: International Monetary Fund. European Dept.. This Selected Issues paper analyzes Spain’s sustainable growth rate. It sheds some light on Spain’s medium-term growth prospects by looking into the key factors driving potential growth, both in the past and likely in the future, and international experience of countries in the aftermath of financial crisis. The paper suggests Spain is likely to face a long period of moderate growth (about 1½–2 percent) and high unemployment, but policy action—especially that directed toward reducing structural unemployment and raising productivity—could lead to much better outcomes.

Spain

Author: C.M. Watson
Publisher: International Monetary Fund
ISBN:
Size: 23.57 MB
Format: PDF
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Spain from the Author: C.M. Watson.

Spain

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1484342917
Size: 34.64 MB
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Spain from the Author: International Monetary Fund. European Dept.. This Selected Issues paper analyzes household savings ratio in Spain. The household savings ratio has fallen to its lowest historical rate in 2012, as households cut back savings to support consumption in response to negative income shocks. Household savings fell across all households, but the declines were likely more material among lower income and highly indebted groups. Declining household income and savings slowed deleveraging and put household balance sheets under pressure. Looking ahead, households may need to restrain consumption further to free resources for repaying debt. Household savings rates will likely stay below historical levels for some time then slowly increase.

France Selected Issues

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 1498362095
Size: 12.68 MB
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France Selected Issues from the Author: International Monetary Fund. European Dept.. This Selected Issues paper reviews business investment patterns in France during the crisis. The main motivation is to explore whether investment has recently evolved in line with established determinants or displayed somewhat unconventional dynamics. This paper addresses three distinct questions. First, has recent investment behavior essentially been consistent with past trends or is there any discernible structural break as a result of the crisis. Second, what drove the contraction in investment during the crisis. Third, what is the investment outlook and can a swift and strong rebound going forward be expected. The paper presents main results and the outlook for investment.

Euro Area Policies 2012 Article Iv Consultation

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1475598947
Size: 32.12 MB
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Euro Area Policies 2012 Article Iv Consultation from the Author: International Monetary Fund. This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union. The paper presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011. It also characterizes the downward spirals at play in periphery euro area countries and describes the process of financial de-integration within the euro area.

Denmark Selected Issues Paper

Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN: 149835310X
Size: 79.64 MB
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Denmark Selected Issues Paper from the Author: International Monetary Fund. European Dept.. This Selected Issues paper examines the household debt situation in Denmark and factors that have contributed to the high level of household debt in the country. Various factors seem to account for the size of household debt, including large pension assets, a highly developed mortgage market, the availability of flexible mortgage products such as deferred amortization loans, indirect subsidies through tax preferences for home ownership, and a regulated rental market that limits mobility. The paper highlights that high household debt could pose direct risks to financial stability if the number of mortgage loan defaults rises sharply in the face of adverse shocks.

Ireland Selected Issues And Statistical Appendix

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Size: 58.70 MB
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Ireland Selected Issues And Statistical Appendix from the Author: International Monetary Fund. This Selected Issues paper and Statistical Appendix on Ireland examines the productivity growth in Irish traded and nontraded goods, and provides some rough estimates of the sort of wage and inflation differentials that would be predicted by a Balassa–Samuelson framework under certain growth assumptions for the future. The paper provides a framework for judging what sort of wage growth and inflation could be sustained over the medium term without leading to a loss of competitiveness. The paper also examines traded and nontraded productivity in Ireland.

Kingdom Of The Netherlands Netherlands Selected Issues Cyclically Advanced Euro Area Economies Consequences And Policy Options

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN:
Size: 18.26 MB
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Kingdom Of The Netherlands Netherlands Selected Issues Cyclically Advanced Euro Area Economies Consequences And Policy Options from the Author: International Monetary Fund. Although the advent of the single currency has generated many advantages for the smaller economies of the euro area, it has raised the possibility that both the amplitude and the duration of cycles in these countries will prove greater than in the past. In the absence of country-specific monetary instruments, discretionary fiscal policy is the only macroeconomic instrument available for influencing aggregate demand in the short term. A business cycle boom may provide a desirable medium-term fiscal position with little risk to growth.