The paper describes the fiscal framework used in long-term economic scenarios, with some emphasis on revisions made since the 2013 vintage of the long-term model.

The personal tax system has a large influence on incentives to work, save and invest and hence growth. At the same time it is a key policy lever for income redistribution.

Costa Rica has made impressive economic and social progress in recent years, with robust economic growth facilitating near-universal access to education, health care and pensions.

Consecutive years of primary deficits have led to mounting public debt of almost 50% of GDP, one of the fastest increases in Latin America over the last decade.

The euro area sovereign debt crisis has exposed important flaws in the design of the Economic and Monetary Union, especially when it comes to dealing with macroeconomic shocks.

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 compact".

In many OECD countries debt has soared to levels threatening fiscal sustainability, necessitating its reduction over the medium to longer term. This paper uses stylised simulations in a small, calibrated macroeconomic model which features endogenous interactions between fiscal policy, growth and financial markets.

In several OECD countries, ongoing fiscal consolidation might have a negative impact on the static income distribution. However, this conclusion should be treated only as an approximate first step in the analysis.

The challenge for fiscal policy in Slovakia is to achieve fiscal consolidation in a way which supports the fragile recovery and protects spending on areas which are important for re-embarking on a trajectory of high trend growth and underpinning a catch-up in living standards.

This book deals with two issues. The first concerns the various measurement of fiscal decentralization in general and their usefulness for policy analysis. The second and more specific issue concerns the taxonomy of intergovernmental grants and the limits of the current classifications.

With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to robust nominal GDP growth, correcting two decades of budget deficits requires a large and sustained fiscal consolidation based on a detailed and credible multi-year plan that includes measures to control spending and raise revenue.

Intergovernmental fiscal frameworks usually reflect fundamental societal choices and history and are not foremost geared towards achieving economic policy objectives. Yet, like most institutional arrangements, fiscal relations affect the behaviour of firms, households and governments and thereby economic activity.

Italy’s policy of fiscal consolidation and growth-friendly structural reforms has substantially improved its economic prospects, but the adverse sentiment that the country has faced in the sovereign bond market over the past years has deep roots.

This study proposes a structured approach to selecting instruments of fiscal consolidation that are consistent with growth, equity and global-rebalancing objectives, which is then illustrated with a particular application.

This paper provides an overview of fiscal consolidation efforts at the central and sub-central government level, both during the current and past consolidation episodes.

Fiscal rules that constrain sub-central government (SCG) budgeting are very common across the OECD, but there are substantial cross-country differences in their implementation and impact. This paper presents the 2011 update of the fiscal rules database established in 2005.

This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them.

This paper develops a simple model-based framework for stress testing fiscal consolidation strategies under different scenarios of future shocks

Mexico has achieved a high degree of decentralisation in public services, but the Mexican fiscal federal system has important shortcomings. States and municipalities have become heavily dependent on federal transfers to finance a growing share of public spending.

Despite sustained efforts made in recent years to rein in budget deficits, a majority of OECD countries still face substantial fiscal consolidation needs. The choices made about which spending areas to curtail and which taxes to hike will have implications for near-term activity and long-term growth as well as for equity and the current account.

The recent crisis has revealed large differences in external competitiveness between euro area member countries. Since nominal exchange rate devaluation is not an option for members of a currency area, governments in troubled member countries have been considering so-called fiscal devaluation, i.e. a shift from employers’ social security contribution to value added tax, as an alternative means to restore competitiveness.

In many OECD countries, government debt reached levels over recent years that call for reduction over the medium to longer term to ensure public finance sustainability. This paper investigates the international transmission of fiscal consolidation shocks via trade flows.

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.

Governments should set prudent debt targets to ensure that public finances serve to promote economic growth and stability, according to new OECD research.

The objective of this paper is to define long-run prudent debt targets for OECD countries and country-specific fiscal rules. To this end, a semi-structural macroeconomic model for OECD countries and primary balance reaction functions are estimated.

Fiscal constitutions comprise the set of rules and frameworks guiding fiscal policy that are enshrined in a country’s fundamental laws.

With gross government debt of 226% of GDP, Japan’s fiscal situation is in uncharted territory and puts the economy at risk. Japan needs a detailed and credible fiscal consolidation plan, including specific revenue increases and measures to control spending to restore its fiscal sustainability.

This paper re-estimates the elasticities of government revenue and expenditure items with respect to the output gap for OECD countries. These elasticities are used by the OECD to calculate cyclically adjusted fiscal balances. The study updates the earlier 2005 study using the most recent datasets and tax codes, the coverage being confined in this paper to 35 countries, the 34 OECD member states and Latvia.

Across the OECD, GDP per capita is converging. In contrast, regional disparities – or differences in GDP per capita across jurisdictions – are rising, mainly as a result of widening productivity differences. Fiscal decentralisation could help reduce them again. According to new OECD research, assigning more ownsource revenue to sub-national governments dampens regional GDP disparities and underpins regional convergence.

Fiscal decentralisation can lead to a more efficient provision of local public goods and services and promote a better match between policies and citizens’ preferences.

This paper investigates the relationship between fiscal decentralisation and economy-wide disposable income inequality.

Using fiscal levers to escape the low-growth trap

The role of fiscal policy has been at the heart of the policy debate since the financial crisis. With the global economy stuck in a low-growth trap and monetary policy overburdened, it is time to re-assess the use of fiscal policy levers.

To what extent can public deficits increase without putting fiscal sustainability at risk, given the specific current macroeconomic situation of protracted low growth and low interest rates, combined with relatively high government debt levels?

For the last five years the global economy has been in a low-growth trap, with growth disappointingly low and stuck at around 3 per cent per year. Persistent growth shortfalls have weighed on future output expectations and thereby reduced current spending and potential output gains.

Independent fiscal institutions (IFIs) serve to promote sound fiscal policy and sustainable public finances. This report outlines good practices for their effective design and operation.

Fiscal Expenditure in Qatar decreased to 192835 QAR Million in 2018 from 203265 QAR Million in 2017. Fiscal Expenditure in Qatar averaged 59512.33 QAR Million from 1974 until 2018, reaching an all time high of 250707 QAR Million in 2014 and a record low of 2464 QAR Million in 1974. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Qatar Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Cuba increased to 65497.50 CUC Millions in 2018 from 63905.70 CUC Millions in 2017. Fiscal Expenditure in Cuba averaged 42934.13 CUC Millions from 2001 until 2018, reaching an all time high of 65497.50 CUC Millions in 2018 and a record low of 15771 CUC Millions in 2001. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Cuba Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Laos increased to 31002.90 LAK Billion in 2018 from 30426.50 LAK Billion in 2017. Fiscal Expenditure in Laos averaged 11953.09 LAK Billion from 1996 until 2018, reaching an all time high of 31002.90 LAK Billion in 2018 and a record low of 364.40 LAK Billion in 1996. This page provides - Laos Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Bhutan increased to 56513.50 BTN Million in 2018 from 48017.99 BTN Million in 2017. Fiscal Expenditure in Bhutan averaged 26915.69 BTN Million from 2002 until 2018, reaching an all time high of 56513.50 BTN Million in 2018 and a record low of 9945.30 BTN Million in 2003. This page provides - Bhutan Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Bosnia And Herzegovina increased to 12738.29 BAM Million in 2018 from 11913.44 BAM Million in 2017. Fiscal Expenditure in Bosnia And Herzegovina averaged 9918.46 BAM Million from 2003 until 2018, reaching an all time high of 12738.29 BAM Million in 2018 and a record low of 5680.44 BAM Million in 2003. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Bosnia And Herzegovina Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Belize increased to 1048.50 USD Million in 2018 from 1005.80 USD Million in 2017. Fiscal Expenditure in Belize averaged 545.38 USD Million from 1993 until 2018, reaching an all time high of 1048.50 USD Million in 2018 and a record low of 208.70 USD Million in 1993. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Belize Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Suriname increased to 7934 SRD Million in 2018 from 7134.70 SRD Million in 2017. Fiscal Expenditure in Suriname averaged 4219.62 SRD Million from 2006 until 2018, reaching an all time high of 7934 SRD Million in 2018 and a record low of 1772.40 SRD Million in 2006. This page provides - Suriname Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Swaziland increased to 21831689 SZL Thousand in 2019 from 21596138 SZL Thousand in 2018. Fiscal Expenditure in Swaziland averaged 13750725.21 SZL Thousand from 2006 until 2019, reaching an all time high of 21831689 SZL Thousand in 2019 and a record low of 5828946 SZL Thousand in 2006. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Swaziland Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Kuwait increased to 1392.90 KWD Million in December from 910.70 KWD Million in November of 2015. Fiscal Expenditure in Kuwait averaged 704.85 KWD Million from 1993 until 2015, reaching an all time high of 8712.10 KWD Million in March of 2013 and a record low of 74.10 KWD Million in April of 2011. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Kuwait Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Bahrain increased to 3687.20 BHD Million in 2018 from 3579.70 BHD Million in 2017. Fiscal Expenditure in Bahrain averaged 2311.53 BHD Million from 2000 until 2018, reaching an all time high of 3707.70 BHD Million in 2014 and a record low of 787 BHD Million in 2000. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Bahrain Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Luxembourg increased to 25188.30 EUR Million in 2018 from 23757 EUR Million in 2017. Fiscal Expenditure in Luxembourg averaged 14578.99 EUR Million from 1995 until 2018, reaching an all time high of 25188.30 EUR Million in 2018 and a record low of 6417.20 EUR Million in 1995. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Luxembourg Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Faroe Islands increased to 9745 DKK Million in 2018 from 8928.90 DKK Million in 2017. Fiscal Expenditure in Faroe Islands averaged 6684.21 DKK Million from 1998 until 2018, reaching an all time high of 9745 DKK Million in 2018 and a record low of 3948.40 DKK Million in 1998. This page provides - Faroe Islands Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Belgium increased to 235976.40 EUR Million in 2018 from 228976.10 EUR Million in 2017. Fiscal Expenditure in Belgium averaged 170183.59 EUR Million from 1995 until 2018, reaching an all time high of 235976.40 EUR Million in 2018 and a record low of 110858.20 EUR Million in 1995. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Belgium Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Fiscal Expenditure in Iran increased to 2429400 IRR Billion in 2018 from 2070176.50 IRR Billion in 2017. Fiscal Expenditure in Iran averaged 723946.89 IRR Billion from 1999 until 2018, reaching an all time high of 2429400 IRR Billion in 2018 and a record low of 53545.60 IRR Billion in 1999. Fiscal expenditure refers to the sum of government expenses, including spending on goods and services, investment and transfer payments like social security and unemployment benefits. Fiscal expenditure are part of government budget balance calculation. This page provides - Iran Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.