More than five years into an economic crisis which has taken on several names–from subprime crisis and financial crisis to great recession–no term accurately depicts the fundamental result of this economic turbulence: people facing hardship.

Ports are the nervous system of global trade. Over 80% of world cargo (by volume) is transported by sea. Our efforts to raise the efficiency, competitiveness and sustainability of ports can help boost trade, growth and jobs. It can also help us to promote green growth and development in the poorest regions, said OECD Secretary-General.

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.

This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt thresholds endogenously. We show that the nonlinear relation from debt to growth is not very robust.

After peaking in the first half of 2008, international imbalances declined sharply during the global crisis of 2008-09, in part reflecting cyclical factors such as large contractions in domestic demand on the back of bursting housing bubbles in a number of deficit countries, as well as large declines in cross-border capital flows, interest rates and commodity prices.

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

The Spanish government has launched a series of ambitious public administration reforms as part of wider efforts to promote economic competitiveness and strengthen trust in government and public institutions.

In the run-up to the financial crisis, indebtedness of households and non-financial businesses rose to historically high levels in many OECD countries; gross debt of financial companies rose dramatically relative to GDP. Much of the debt accumulation appears to have been based on excessive risk-taking and exceptional macro-economic conditions and therefore not sustainable.

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.

This working paper presents the background and the details of the simulations behind Box 1.4 of the May 2013 OECD Economic Outlook. A small simulation model is used to evaluate the contribution that the three pillars of the government’s strategy – fiscal consolidation, growth-boosting structural reforms and higher inflation – could make to reversing the rise in Japan’s public debt ratio.

Newsletter on regional development for autumn 2013.

On 19 September 1893 New Zealand became the first self-governing country in the world to grant the right to vote to all adult women. New Zealand's Permanent Representative to the OECD Rosemary Banks says the 120th anniversary of this decision is an time to reflect on that achievement.

This workshop served to discuss how benchmarking and measuring regulatory performance can help advance a regulatory policy at the sub-national level.

The OECD, in co-ordination with Mexico's Ministry of Economy and COFEMER, organised a workshop to train federal officials to understake competition assessment as part of the RIA framework.

The OECD and the Municipality of San Luis Potosí in Mexico launched a programme to improve municipal formalities according to the OECD Guide.

This working paper offers an evaluation of the performance of the inland ports of the Slovak Republic within the framework of the Danube Axis, an analysis of the impact of the ports on their territory and an assessment of policies in this field. It examines port performance over the last decades and identifies the principal factors that have contributed to it.

This working paper offers an evaluation of the performance of ports of Antofagasta, an analysis of the impact of the ports on their territory and an assessment of policies in this field. It examines port performance over the last decades and identifies the principal factors that have contributed to it.

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.

Today’s post is from Kate Lancaster, editor in charge of publications on government finance at the OECD. Government budgets are news. Tough choices have had to be made in these challenging economic times and we’re all interested in how our governments are managing our money.

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.

This report provides a framework to understand the changing relationships between urban and rural areas. Specifically, it documents the characteristics of these partnerships and the factors that can hinder as well as enable rural-urban co-operation.

The 9th OECD Rural Development Policy Conference in Bologna, on 23-25 October 2013, will launch the publication "Rural-Urban partnerships: an integrated approach to economic development".

Wikiprogress online discussion on Latin America entitled "Quality Urban Life: How to make it a reality?".

Ministers responsible for regional, urban and territorial development from around the world will gather in Marseille, France on 5-6 December 2013 to share good practices and future opportunities in three areas: effective public investment strategies, inclusive growth in cities and regions, and new frameworks for fitting policies to places.

The economic crisis has hit certain regions and cities harder than others in the OECD area, calling for better regional policies across levels of governments to foster an inclusive and sustainable recovery, according to two new OECD reports.

This blog, by Wikichild co-ordinator Melinda George, takes a look at the well-being aspects and the quality of public service provision in the OECD's "Government at a Glance 2013" report. The post is part of Wikiprogress' December spotlight on governance.

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.

Strengthening OECD firewalls can only do so much to combat a phenomenon which thrives on weak governance. This report highlights that donor agencies can support this goal through their central role in linking OECD and developing countries, and using their aid to support governments willing to tackle these issues.

In the wake of the financial crisis there has been renewed focus on the importance of a country’s net external debt position in determining domestic interest rates and, relatedly, its vulnerability to a crisis. This paper extends the panel estimation of OECD countries described in Turner and Spinelli (2012) to investigate the effect of external debt and its interaction with government debt on the interest-rate-growth differential.

A major flooding of the Seine River similar to the flood disaster of 1910 could affect up to 5 million residents in the greater Paris area and cause up to 30 billion euros worth of damage, according to a new OECD report.

This blog, written by David Satterthwaite with the International Institute for Environment and Development (IIED), discusses what indicators are needed in order to assess the quality of life of the urban poor.

This review addresses the territorial dimension of a range of policy challenges in the Ukraine, including Ukraine's productivity challenge, large inter-regional disparities, and need for decentralisation.

The OECD has launched a public consultation on its draft principles on the governance of critical risks.

The Netherlands is a global pioneer in water management with a long history of containing flood risks and reclaiming land from the sea. Yet it will need to adapt its water governance policies to meet the looming challenges of shifting demographics, regional development and climate change, according to an OECD report.

Japanese users of the Better Life Index (BLI) worry most about safety, Australians seek work-life balance, Latin Americans strive for better education, and Danes want to be happy – user feedback shows as the Index marks its third birthday.

The OECD Recommendation on the Governance of Critical Risks seeks to foster future cooperation between countries and with key partners,including the private sector, building common ground and promoting continuous improvement regarding the governance and management of critical risks.

This is the spring 2014 edition of the regional development policy newsletter.

Finnish municipalities enjoy ample fiscal autonomy and provide or arrange the provision of a large share of public services. In recent years, their spending and debt has been increasing steadily, especially because of population ageing and increases in the cost of health care and social services.

World Economic Forum: Global Agenda Council Launches Guide to Good Government and Trust-Building

Co-organised by the Italian Co-Chair of the G20 Anti-Corruption Working Group and the OECD, participants discussed progress in advancing the key elements of the global anti-corruption agenda and innovative solutions to address the latest challenges facing countries, business and civil society.

Workshop held in The Hague on 17-18 June 2014 to evaluate stakeholder engagement in regulatory policy

The OECD Framework for Regulatory Policy Evaluation assists countries in systematically evaluating the design and implementation of regulatory policy, against the achievement of strategic regulatory objectives.

Latin American and Caribbean countries need to do more to improve budget management, tax collection and public sector pay equality if they are to catch up with advanced economies in terms of government performance, according to a joint report by the OECD and the Inter-American Development Bank (IDB).

Life expectancy, air quality, safety and other indicators of well-being can vary dramatically within countries, depending on which region you live in. Looking beyond national averages is vital to get an accurate picture of quality of life and to guide local government policy.