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International Monetary Fund

This Selected Issues paper for Austria looks at the fiscal burden facing Austria owing to aging, and the policy steps necessary to address it. It gives a short description of the Austrian pension, health care, and long-term care systems, and describes how aging will affect the costs of these systems. It then analyzes the development of age-related spending and the sustainability of general government finances under different scenarios, and quantifies the primary adjustment required to keep public finances on a sustainable path in the long term.

International Monetary Fund

This 2002 Article IV Consultation highlights that after decelerating sharply in 2001, economic growth in Austria is projected to strengthen gradually during 2002, parallel to the expected improvement in the global economic climate. Real GDP growth is projected to average 1 percent in 2002, supported by a recovery in investor confidence and strong competitiveness. Despite the recent increase, the unemployment rate remains one of the lowest in Europe at about 4 percent. The government intends to stick to its fiscal adjustment plan in 2002.

Fiorella Padoa Schioppa Kostoris

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

International Monetary Fund
This 2002 Article IV Consultation highlights that after decelerating sharply in 2001, economic growth in Austria is projected to strengthen gradually during 2002, parallel to the expected improvement in the global economic climate. Real GDP growth is projected to average 1 percent in 2002, supported by a recovery in investor confidence and strong competitiveness. Despite the recent increase, the unemployment rate remains one of the lowest in Europe at about 4 percent. The government intends to stick to its fiscal adjustment plan in 2002.
International Monetary Fund
This report describes recent developments and issues in Austria. The report discusses the structural features of the Austrian labor market. Two features—the relative importance of foreign labor supply, and the comparatively low labor force participation of certain groups—are analyzed in detail. The historical structure of the Austrian balance of payments is discussed, and the developments in 1994 are analyzed. The report also examines the Austrian tourism industry and its underlying problems. Developments in public finances are also elaborated.
International Monetary Fund
This Selected Issues paper assesses the economic recovery in Estonia that began in 1994 and accelerated in 1995, highlighting the extent to which the pattern of production has changed since the beginning of the transition in 1992, the factors that made the decline in output inevitable early on, and the sound policies that made an early recovery possible. The paper lists the policy requisites to maintain, and indeed strengthen, the growth momentum. The paper also analyzes Estonia’s experience with declining but persisting inflation since the introduction of the currency board in 1992.
International Monetary Fund
This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility (PRGF) for Guinea. All but two quantitative performance criteria (PC) were met. IMF staff supports the authorities’ requests for waivers of nonobservance, based on their remedial actions. Progress of structural reforms was broadly satisfactory and all structural PCs and benchmarks for end-December 2007 were met. However, several quantitative indicative targets for end-March 2008 were missed, in part on account of a delayed response to the financial pressures arising from higher fuel prices.
International Monetary Fund
This paper presents updated and revised estimates for the World Trade Model. The model estimates import and export price and volume relationships for each of three types of merchandise trade--manufactured, raw material, and agricultural--for 14 of the largest industrial countries. The extended data set has generally resulted in estimated price and volume equations that fit the data better than previous versions of the model. In addition, the simulation properties of the model have been enhanced by imposing long-run activity elasticities of unity on the activity terms in the demand for imported manufactures equations.
Mr. Damiano Sandri and Mr. Ashoka Mody
We use the rise and dispersion of sovereign spreads to tell the story of the emergence and escalation of financial tensions within the eurozone. This process evolved through three stages. Following the onset of the Subprime crisis in July 2007, spreads rose but mainly due to common global factors. The rescue of Bear Stearns in March 2008 marked the start of a distinctively European banking crisis. During this key phase, sovereign spreads tended to rise with the growing demand for support by weakening domestic financial sectors, especially in countries with lower growth prospects and higher debt burdens. As the constraint of continued fiscal commitments became clearer, and coinciding with the nationalization of Anglo Irish in January 2009, the separation between the sovereign and the financial sector disappeared.