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Denmark: Selected Issues
New Zealand: Selected Issues
This Selected Issues paper on Denmark underlies estimates of inefficiencies in the goods and labor markets. The IMF’s new macroeconomic model, the global economic model (GEM), has been used to provide estimates of the impact of successfully implementing the European Council’s ambitious Lisbon reform agenda. GEM incorporates markups in the goods and labor markets that are summary measures of the net impact of all the regulatory structures in an economy. The euro area goods market reform in the service sector is twice that required in Denmark, the euro area must also increase competition in manufacturing.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Selected Issues
This 2018 Article IV Consultation highlights that the Danish economy continues to enjoy solid growth. The output gap has seemingly closed for the first time since the global financial crisis. Unemployment is low and close to its estimated structural level with signs of labor shortages and capacity constraints in some sectors. Inflation remains subdued. Property prices in urban areas are rising swiftly and household debt remains elevated despite recent deleveraging. The increasingly binding constraints highlight Denmark’s reduced growth potential, reflecting structurally weak productivity growth and the post-crisis investment slowdown. The outlook is for continued robust growth, which is projected to exceed its trend in the near term, reaching 2.0 percent in 2018 and 1.9 in 2019.
This book reformulates the central questions of ethics in economic thought. It reconsiders the purpose of economic activity, the ethical values of entrepreneurs, and the Aristotelian dilemma of differentiating between needs and desires to better understand the rise of consumerism. The book also examines cultural factors, the role of religion, and the significance of informal institutions, ultimately showing how less developed countries can increase opportunities for all of their citizens.
This Selected Issues paper examines Denmark’s fiscal framework. It evaluates its sufficiency with respect to accommodating medium-to-long-term demographic spending increases and future challenges facing the tax system. It reviews the framework’s transparency, consistency and enforceability, taking into account local government responsibilities. The paper concludes that Denmark has already made commendable progress with public finance consolidation, changing relatively large budget deficits to solid surpluses and almost halving the debt-to-GDP ratio since 1993. The fiscal framework is transparent and appears to enjoy wide public acceptance.
Vibrational mechanics is a new, intensively developing section of nonlinear dynamics and of the theory of nonlinear oscillations. It presents a general approach to the study of the effects of vibration on nonlinear systems. This approach is characterized by simplicity of application and by physical clearness. In recent years a number of new, essential results have been obtained both on the development of the mathematical apparatus of vibrational mechanics and on the solution of certain applied problems. This book reflects those results through the ingenious presentation of the authors OCo well-known scientists from Germany, Denmark and Russia. For the convenience of readers, the main content is preceded by a brief description of the main theses of vibrational mechanics. Contents: The Basis of Vibrational Mechanics; Pendulum and Pendulum Systems under High-Frequency Excitation OCo Non-Trivial Effects; Problems of the Theory of Selfsynchronization; Problems of Creating Dynamic Materials; Vibrational Hydrodynamics and Hydraulics; Some Mathematical Supplements and Generalizations. Readership: Researchers in theoretical and applied mechanics, nonlinear dynamics and nonlinear oscillation theory, as well as mathematicians."