“…The adoption of a medium-term top-down fiscal management framework contributed to a large reduction in public debt. …”

“…Given that OECD countries are generally not only wealthier, but also significantly older, Brazil’s pension expenditures are clearly excessive, draining resources away from other areas, such as much needed social investment in health and education. Beyond its fiscal impact, the Brazilian pension system is also unjust. …”

“…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. …”

“…Although Korea has the second-lowest level of public spending among OECD countries at 221⁄2 per cent of GDP, it faces strong upward spending pressures over the medium and longer term, which could threaten fiscal sustainability. This paper analyses the main features of Korea’s public expenditure system and reviews expenditure trends and the main forces behind them. …”

“…Labour market premia are then adjusted for fiscal factors and education cost. Returns to an additional year of tertiary education are, on average, above 8% and vary in a range from 4 to 15% in the countries and in the period under study. …”

“…Insufficient funding raises solvency issues, which could eventually lead to large fiscal costs in case of bail-outs. In response to the crisis, most funds were required by the regulator to draw up recovery plans to restore their funding over five years. …”

“…In the energy sector, reforms are needed in order to allow the state-owned oil company PEMEX to become more efficient operationally and environmentally, and to better provide fiscal revenues…”

“…If concerns for social stability have so far dictated a gradual approach to SOE restructuring, the heavy fiscal and financial burden of loss–making SOEs has forced an acceleration of the process. …”

“…Revisions to real-time output gaps also generate revisions to real-time estimates of the fiscal stance, although typically these are relatively moderate. …”

“…In 2014, Spain launched a set of administrative reforms called “The CORA reform” as part of broader fiscal reforms. The CORA was a comprehensive and ambitious programme to create conditions for a more transparent public administration closer to citizens and businesses. …”

“…Measuring cyclically-adjusted budget balances for OECD countries An important tool in the analysis of fiscal policy is the distinction between structural and cyclical components of the budget balance. …”

“…It finds that since Estonia regained its independence in 1991, its labour and social policies have been marked by a strong commitment to fiscal prudence, flexible markets, and work incentives. …”

“…Problèmes de moyen terme des finances publiques -Le système fiscal: réformes récentes et problèmes en suspens -Le système de sécurité sociale en Belgique -La nécessité de maintenir un contrôle sur la croissance des transferts sociaux -Accélérer le désendettement des administrations V. …”

“…Working papers from the Economics Department of the OECD that cover the full range of the Department's work including the economic situation, policy analysis and projections; fiscal policy, public expenditure and taxation; and structural issues including ageing, growth and productivity, migration, environment, human capital, housing, trade and investment, labour markets, regulatory reform, competition, health, and other issues. …”

“…In particular, responses to fiscal shocks depend on whether they are positive or negative and whether they follow periods of fiscal expansions or contractions. …”

“…Although Korea is currently in an enviable fiscal situation compared to other OECD and G7 countries, the growing old-age-dependency ratio will inevitably increase budget pressures in the coming years. …”

“…Large differences in pupils’ performance between regions cannot be explained by the quantity of resources available; separating the influence of socio-economic conditions from school efficiency is difficult and must be treated carefully in plans for extending fiscal federalism. The Italian government is rightly concerned to get better value for money and this chapter argues that policies to improve the information available to schools and teachers on the results they are achieving, while giving them appropriate incentives, responsibility and power to respond to such information, are necessary accompaniments to expenditure-saving policies. …”

“…Finnish municipalities enjoy ample fiscal autonomy and provide or arrange the provision of a large share of public services. …”

“…The option’s expiration date is the end of the fiscal year and its strike price is the threshold level of income below which income is not subject to tax. …”

“…A steadfast commitment to fiscal consolidation is needed to continue to reduce the large deficit that emerged in the aftermath of the slowdown and avoid crowding out private investment. …”