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  • 22-July-2015

    English

    Luxembourg - addressing new challenges in a major financial sector

    Over the last two and a half decades, Luxembourg’s financial sector emerged as a leading international hub for asset management and investment funds and became a key contributor to growth.

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  • 17-June-2015

    English

    Finance and inclusive growth: How to restore a healthy financial sector that supports long-lasting, inclusive growth?

    Finance is a vital ingredient of economic growth, but there can be too much of it. Over the past 50 years, credit by banks and other institutions to households and businesses has grown three times as fast as economic activity. At these levels, further expansion is likely to slow long-term growth and raise inequality.

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  • 29-May-2015

    English

    The stabilisation properties of immovable property taxation: evidence from OECD countries

    This paper contributes to the scarce literature on the macroeconomic effects of property taxes, in particular on the relationships between property taxes, house prices and the wider economy.

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  • 30-April-2015

    English

    Maintaining an efficient and equitable housing market in Belgium

    Housing conditions in Belgium are among the best in OECD countries according to the Better Life Index, as dwellings are of high quality and large, and housing costs are average.

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  • 29-April-2015

    English

    Efficiency and contestability in the Colombian banking system

    Despite progress in the past decade, financial markets in Colombia remain relatively small and shallow. In particular the banking system suffers high intermediation costs, which limit constrains access to finance by households and firms.

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  • 29-April-2015

    English

    Fiscal decentralisation in Colombia: new evidence regarding sustainability, risk sharing and "fiscal fatigue"

    Colombia has engaged in a sustained process of fiscal decentralisation over the past decades. Evidence is presented that the current framework is conducive to fiscal sustainability, especially after the reforms in the late 1990s and early 2000s.

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  • 16-March-2015

    English

    The changing role of the exchange rate for macroeconomic adjustment

    Recent episodes of large exchange rate movements, such as for Japan or the United Kingdom, have typically not been associated with large changes in trade balances and despite the polarisation of international investment positions large currency fluctuations during the global crisis of 2008-09 did not cause significant financial dislocations.

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  • 6-March-2015

    English

    The conduct of monetary policy in the future: instrument use

    The set of monetary policy instruments has expanded since the start of the global financial crisis in the many OECD economies. Against this background, this paper analyses whether some of the new instruments should be retained in the long term when broader financial stability objectives are likely to feature more prominently as monetary policy goals than prior to the crisis.

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  • 17-October-2014

    English

    Factors behind the decline in real long-term government bond yields

    This paper describes developments in real long-term interest rates in the main OECD economies and surveys their various determinants. Real long-term government bond yields declined from the 1980s to very low levels in the recent period, though they have not reached the historical lows of the 1970s.

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  • 17-October-2014

    English

    Investment gaps after the crisis

    The downturn in fixed investment among advanced economies from the onset of the global crisis was unusually severe, widespread and long-lasting relative to comparable episodes in the past. As a result, investment gaps are large in many countries, not only in relation to past norms but also relative to projected future steady-state levels, with a gap of 2 percentage points of GDP or more in several countries.

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