EU11 Regular Economic Report, Issue #26, January 2013
The economic report comprises two parts: a macroeconomic report and a special topic on the issue of economic policy interest. According to the first part, in 2012 the EU11 economies have outperformed the rest of the European Union (EU). In the midd...
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| Format: | Economic Updates and Modeling |
| Language: | English en_US |
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Washington, DC
2014
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/01/17183435/eu11-regular-economic-report-macroeconomic-report-faltering-recovery-special-topic-economic-growth-implications-aging-european-union http://hdl.handle.net/10986/16489 |
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okr-10986-16489 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AFFILIATES AGRICULTURE BALANCE SHEET BANK DEPOSITS BANK LENDING BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING UNION BANKRUPTCY BARRIERS TO GROWTH BASIS POINTS BENEFICIARIES BOND BOND SPREADS BORROWING BORROWING COSTS CADASTRE CAPITAL ACCUMULATION CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL OUTFLOWS CAPITALIZATIONS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COLLATERAL FOR LOANS COMMERCIAL BANKS COMMERCIAL REGISTRY COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CONSUMPTION EXPENDITURES CPI CREDIT BUREAU CREDIT DEFAULT CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT INSTITUTIONS CREDIT RATING CREDITOR CREDITORS CROSS-BORDER FLOWS CURRENCY CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT FLOWS DEBT SERVICE DEPOSIT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DISTORTIONARY TAXES DIVIDENDS DOMESTIC BONDS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENTS ECONOMIC FORECASTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SITUATION EIB EMERGING MARKETS EMPLOYMENT GROWTH ENTREPRENEURSHIP ENVIRONMENTS EQUIPMENT EQUITY CAPITAL EQUITY FLOWS EQUITY INVESTMENT EQUITY MARKETS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT PERFORMANCE EXPORTS EXTERNAL DEBT EXTERNAL DEBTS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL EFFORT FISCAL EFFORTS FISH FIXED CAPITAL FLOATING EXCHANGE RATES FORECASTS FORECLOSURES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTORS GDP GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT DEFICITS GOVERNMENT INVESTMENT GROSS FIXED CAPITAL FORMATION GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HOUSING INCOME INCOME TAXES INDEBTEDNESS INFLATION INFLATION RATE INFLATIONARY PRESSURE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVESTMENT ACTIVITY INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR MOBILITY LABOR PRODUCTIVITY LEGAL FRAMEWORK LEGAL PROTECTION LEGISLATION LENDERS LENDING PRACTICES LEVEL PLAYING FIELD LEVIES LIQUIDATION LIQUIDITY LOAN LOCAL MARKETS MACROECONOMIC ENVIRONMENT MACROECONOMICS MARKET CONDITIONS MARKET DEVELOPMENTS MATURITIES MATURITY MINISTRIES OF FINANCE MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY SYSTEMS MORAL HAZARDS MORTGAGE MORTGAGES MULTINATIONAL BANKS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES PAPER CERTIFICATES PAYMENT SYSTEMS PENSION PENSIONS PHYSICAL CAPITAL POLICY DECISIONS PORTFOLIO PORTFOLIO INVESTMENTS PRICE INCREASES PRIVATE CONSUMPTION PRIVATE SECTOR CREDIT PRIVATIZATION PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SERVICES PUBLIC SPENDING REAL WAGES RECESSION REGULATORY PRACTICES REPAYMENT REPAYMENTS REPO RETURNS SAVINGS SECONDARY MARKET SECONDARY MARKETS SECURITIES SECURITY INTERESTS SHORT-TERM DEBT SOCIAL SECURITY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN RISK STOCKS STRUCTURAL DEFICITS SUBSIDIARIES TAX TAX ADMINISTRATION TAX RATES TAX SYSTEMS TAXATION TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE BALANCES TRADE FLOWS TRADING TRANSFER PAYMENTS TRANSPARENCY TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
AFFILIATES AGRICULTURE BALANCE SHEET BANK DEPOSITS BANK LENDING BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING UNION BANKRUPTCY BARRIERS TO GROWTH BASIS POINTS BENEFICIARIES BOND BOND SPREADS BORROWING BORROWING COSTS CADASTRE CAPITAL ACCUMULATION CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL OUTFLOWS CAPITALIZATIONS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COLLATERAL FOR LOANS COMMERCIAL BANKS COMMERCIAL REGISTRY COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CONSUMPTION EXPENDITURES CPI CREDIT BUREAU CREDIT DEFAULT CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT INSTITUTIONS CREDIT RATING CREDITOR CREDITORS CROSS-BORDER FLOWS CURRENCY CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT FLOWS DEBT SERVICE DEPOSIT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DISTORTIONARY TAXES DIVIDENDS DOMESTIC BONDS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENTS ECONOMIC FORECASTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SITUATION EIB EMERGING MARKETS EMPLOYMENT GROWTH ENTREPRENEURSHIP ENVIRONMENTS EQUIPMENT EQUITY CAPITAL EQUITY FLOWS EQUITY INVESTMENT EQUITY MARKETS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT PERFORMANCE EXPORTS EXTERNAL DEBT EXTERNAL DEBTS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL EFFORT FISCAL EFFORTS FISH FIXED CAPITAL FLOATING EXCHANGE RATES FORECASTS FORECLOSURES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTORS GDP GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT DEFICITS GOVERNMENT INVESTMENT GROSS FIXED CAPITAL FORMATION GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HOUSING INCOME INCOME TAXES INDEBTEDNESS INFLATION INFLATION RATE INFLATIONARY PRESSURE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVESTMENT ACTIVITY INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR MOBILITY LABOR PRODUCTIVITY LEGAL FRAMEWORK LEGAL PROTECTION LEGISLATION LENDERS LENDING PRACTICES LEVEL PLAYING FIELD LEVIES LIQUIDATION LIQUIDITY LOAN LOCAL MARKETS MACROECONOMIC ENVIRONMENT MACROECONOMICS MARKET CONDITIONS MARKET DEVELOPMENTS MATURITIES MATURITY MINISTRIES OF FINANCE MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY SYSTEMS MORAL HAZARDS MORTGAGE MORTGAGES MULTINATIONAL BANKS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES PAPER CERTIFICATES PAYMENT SYSTEMS PENSION PENSIONS PHYSICAL CAPITAL POLICY DECISIONS PORTFOLIO PORTFOLIO INVESTMENTS PRICE INCREASES PRIVATE CONSUMPTION PRIVATE SECTOR CREDIT PRIVATIZATION PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SERVICES PUBLIC SPENDING REAL WAGES RECESSION REGULATORY PRACTICES REPAYMENT REPAYMENTS REPO RETURNS SAVINGS SECONDARY MARKET SECONDARY MARKETS SECURITIES SECURITY INTERESTS SHORT-TERM DEBT SOCIAL SECURITY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN RISK STOCKS STRUCTURAL DEFICITS SUBSIDIARIES TAX TAX ADMINISTRATION TAX RATES TAX SYSTEMS TAXATION TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE BALANCES TRADE FLOWS TRADING TRANSFER PAYMENTS TRANSPARENCY TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WORLD TRADE ORGANIZATION WTO World Bank EU11 Regular Economic Report, Issue #26, January 2013 |
| geographic_facet |
Europe and Central Asia |
| relation |
EU11 regular economic report;No. 26 |
| description |
The economic report comprises two parts:
a macroeconomic report and a special topic on the issue of
economic policy interest. According to the first part, in
2012 the EU11 economies have outperformed the rest of the
European Union (EU). In the middle of a recession in the
Euro area, the EU11 region is set to expand by about 1
percent in 2012. However, the recession in the Euro area
continues to dampen the EU11 economic performance. With an
uncertain economic outlook in the medium term, the EU11 need
to pursue decisive economic policies on two fronts to
safeguard and accelerate their growth momentum. First, a
prudent macro-policy stance should continue to shore up the
confidence of financial markets. Second, the medium-term
economic growth potential of the EU11 can only be realized
if structural barriers to economic activity are removed.
Second, the current and projected low fertility levels for
Europe imply that the region will go through an
unprecedented process of population aging, causing dramatic
changes in the age structure of European societies. These
changes in the age structure can have significant effects on
economic growth. This paper analyzes the quantitative impact
of the projected demographic changes on economic growth
through their effect on the factors of production, as well
as the role that these will play in shaping income
convergence in the region in the decades to come. The
empirical results indicate that EU11 is likely to experience
a sizable reduction in income per capita growth and thus in
the speed of income convergence to the rest of the EU due to
the expected demographic developments in the region.
However, increasing labor force participation as well as
improving the skill level of the labor force in the EU11
appears to be a powerful instrument for fostering economic
growth and further convergence in the EU in the context of
aging societies. |
| format |
Economic & Sector Work :: Economic Updates and Modeling |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
EU11 Regular Economic Report, Issue #26, January 2013 |
| title_short |
EU11 Regular Economic Report, Issue #26, January 2013 |
| title_full |
EU11 Regular Economic Report, Issue #26, January 2013 |
| title_fullStr |
EU11 Regular Economic Report, Issue #26, January 2013 |
| title_full_unstemmed |
EU11 Regular Economic Report, Issue #26, January 2013 |
| title_sort |
eu11 regular economic report, issue #26, january 2013 |
| publisher |
Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2013/01/17183435/eu11-regular-economic-report-macroeconomic-report-faltering-recovery-special-topic-economic-growth-implications-aging-european-union http://hdl.handle.net/10986/16489 |
| _version_ |
1764434134177939456 |
| spelling |
okr-10986-164892021-04-23T14:03:31Z EU11 Regular Economic Report, Issue #26, January 2013 World Bank AFFILIATES AGRICULTURE BALANCE SHEET BANK DEPOSITS BANK LENDING BANK SUPERVISION BANKING SECTOR BANKING SECTORS BANKING UNION BANKRUPTCY BARRIERS TO GROWTH BASIS POINTS BENEFICIARIES BOND BOND SPREADS BORROWING BORROWING COSTS CADASTRE CAPITAL ACCUMULATION CAPITAL ADEQUACY CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL OUTFLOWS CAPITALIZATIONS CDS CENTRAL BANK CENTRAL BANKS COLLATERAL COLLATERAL FOR LOANS COMMERCIAL BANKS COMMERCIAL REGISTRY COMPETITIVENESS CONSOLIDATION CONSUMER PRICE INDEX CONSUMERS CONSUMPTION EXPENDITURES CPI CREDIT BUREAU CREDIT DEFAULT CREDIT GROWTH CREDIT INFORMATION CREDIT INFORMATION SYSTEMS CREDIT INSTITUTIONS CREDIT RATING CREDITOR CREDITORS CROSS-BORDER FLOWS CURRENCY CURRENT ACCOUNT DEFICIT DEBT DEBT CRISIS DEBT FLOWS DEBT SERVICE DEPOSIT DEPOSITS DEVELOPING COUNTRIES DIRECT INVESTMENTS DISTORTIONARY TAXES DIVIDENDS DOMESTIC BONDS ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC DEVELOPMENTS ECONOMIC FORECASTS ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC SITUATION EIB EMERGING MARKETS EMPLOYMENT GROWTH ENTREPRENEURSHIP ENVIRONMENTS EQUIPMENT EQUITY CAPITAL EQUITY FLOWS EQUITY INVESTMENT EQUITY MARKETS EUROPEAN CENTRAL BANK EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPORT PERFORMANCE EXPORTS EXTERNAL DEBT EXTERNAL DEBTS FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICIT FISCAL DEFICITS FISCAL EFFORT FISCAL EFFORTS FISH FIXED CAPITAL FLOATING EXCHANGE RATES FORECASTS FORECLOSURES FOREIGN BANKS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN INVESTORS GDP GLOBAL ECONOMY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT DEFICITS GOVERNMENT INVESTMENT GROSS FIXED CAPITAL FORMATION GROWTH POTENTIAL GROWTH RATE HIGH UNEMPLOYMENT HOUSING INCOME INCOME TAXES INDEBTEDNESS INFLATION INFLATION RATE INFLATIONARY PRESSURE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL FINANCIAL MARKET INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INVENTORIES INVESTMENT ACTIVITY INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE LABOR COSTS LABOR FORCE LABOR MARKET LABOR MARKETS LABOR MOBILITY LABOR PRODUCTIVITY LEGAL FRAMEWORK LEGAL PROTECTION LEGISLATION LENDERS LENDING PRACTICES LEVEL PLAYING FIELD LEVIES LIQUIDATION LIQUIDITY LOAN LOCAL MARKETS MACROECONOMIC ENVIRONMENT MACROECONOMICS MARKET CONDITIONS MARKET DEVELOPMENTS MATURITIES MATURITY MINISTRIES OF FINANCE MINORITY SHAREHOLDERS MONETARY AUTHORITIES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONETARY SYSTEMS MORAL HAZARDS MORTGAGE MORTGAGES MULTINATIONAL BANKS NET EXPORTS NONPERFORMING LOANS NPL OIL OIL PRICES PAPER CERTIFICATES PAYMENT SYSTEMS PENSION PENSIONS PHYSICAL CAPITAL POLICY DECISIONS PORTFOLIO PORTFOLIO INVESTMENTS PRICE INCREASES PRIVATE CONSUMPTION PRIVATE SECTOR CREDIT PRIVATIZATION PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC SERVICES PUBLIC SPENDING REAL WAGES RECESSION REGULATORY PRACTICES REPAYMENT REPAYMENTS REPO RETURNS SAVINGS SECONDARY MARKET SECONDARY MARKETS SECURITIES SECURITY INTERESTS SHORT-TERM DEBT SOCIAL SECURITY SOVEREIGN DEBT SOVEREIGN DEBT PROBLEMS SOVEREIGN RISK STOCKS STRUCTURAL DEFICITS SUBSIDIARIES TAX TAX ADMINISTRATION TAX RATES TAX SYSTEMS TAXATION TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE BALANCES TRADE FLOWS TRADING TRANSFER PAYMENTS TRANSPARENCY TRANSPORT UNEMPLOYMENT UNEMPLOYMENT RATE UNEMPLOYMENT RATES WORLD TRADE ORGANIZATION WTO The economic report comprises two parts: a macroeconomic report and a special topic on the issue of economic policy interest. According to the first part, in 2012 the EU11 economies have outperformed the rest of the European Union (EU). In the middle of a recession in the Euro area, the EU11 region is set to expand by about 1 percent in 2012. However, the recession in the Euro area continues to dampen the EU11 economic performance. With an uncertain economic outlook in the medium term, the EU11 need to pursue decisive economic policies on two fronts to safeguard and accelerate their growth momentum. First, a prudent macro-policy stance should continue to shore up the confidence of financial markets. Second, the medium-term economic growth potential of the EU11 can only be realized if structural barriers to economic activity are removed. Second, the current and projected low fertility levels for Europe imply that the region will go through an unprecedented process of population aging, causing dramatic changes in the age structure of European societies. These changes in the age structure can have significant effects on economic growth. This paper analyzes the quantitative impact of the projected demographic changes on economic growth through their effect on the factors of production, as well as the role that these will play in shaping income convergence in the region in the decades to come. The empirical results indicate that EU11 is likely to experience a sizable reduction in income per capita growth and thus in the speed of income convergence to the rest of the EU due to the expected demographic developments in the region. However, increasing labor force participation as well as improving the skill level of the labor force in the EU11 appears to be a powerful instrument for fostering economic growth and further convergence in the EU in the context of aging societies. 2014-01-03T21:44:49Z 2014-01-03T21:44:49Z 2013-01 http://documents.worldbank.org/curated/en/2013/01/17183435/eu11-regular-economic-report-macroeconomic-report-faltering-recovery-special-topic-economic-growth-implications-aging-european-union http://hdl.handle.net/10986/16489 English en_US EU11 regular economic report;No. 26 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Europe and Central Asia |