Germany: Selected Issues
Volume/Issue:
Volume 2004
Issue 340
Publication date: November 2004
ISBN: 9781451810455
$20.00
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Topics covered in this book
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Business and Economics , Labor , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , growth rate , government , payroll burden , social security contribution rate , inflation differential , capital accumulation , equilibrium exchange rate , payroll cost , Unemployment , Labor force participation , Wages , Employment , Europe
Summary
This Selected Issues paper on Germany reviews investment trends and business capital stock in Organization for Economic Co-operation and Development (OECD) countries. Sharp wage increases are found to boost capital formation in the short term as employers substitute capital for labor at a rate that adjusts to the higher relative price for labor. To limit the political economy biases to fiscal policy, the paper explores options to strengthen budgetary institutions, notably more transparency; stronger budgetary rules; and more room for Länder governments to mobilize revenue and tailor spending to local circumstances.
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