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This paper studies the financial sustainability of the Albanian pension fund and assesses possible options for its reform. The paper concludes that the pension fund is not sustainable in its current form and proposes for the urban scheme a combination of parametric changes to the existing pay-as-you-go system that would be conducive to broadening the contribution base and strengthening the financial performance of the pension fund. In addition, it proposes the establishment of a voluntary funded pillar in the urban scheme. For the rural scheme, the paper concludes that it should either be merged with the scheme for the urban self-employed or be replaced by a mandatory and funded second pillar. The paper also proposes administrative reforms to strengthen revenue collections.

Labor --- Public Finance --- Demography --- Fiscal Policy --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Tax Evasion and Avoidance --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Retirement --- Retirement Policies --- Wages, Compensation, and Labor Costs: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Pensions --- Labour --- income economics --- Population & demography --- Pension spending --- Wages --- Aging --- Expenditure --- Population and demographics --- Population aging --- Albania --- Income economics

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This paper assesses the effectiveness of stabilization policies and structural reforms in Albania since 1997 and seeks to identify the remaining key challenges in various policy areas. It also draws lessons for other transition economies from the recent Albanian experience. While progress has been made toward macroeconomic stability and the establishment of a modern institutional framework, much remains to be done to enhance the sustainability of the recent favorable macroeconomic performance and reduce unemployment and poverty. Crucial areas of reform are the creation of functioning institutions, notably in the judicial field, and the establishment of a reliable supply of electricity, which has recently become an obstacle for rapid growth.

Exports and Imports --- Inflation --- Macroeconomics --- Public Finance --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Studies of Particular Policy Episodes --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Related Policies: General --- Remittances --- Price Level --- Deflation --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Public finance & taxation --- International economics --- Revenue administration --- Expenditure --- Balance of payments --- Prices --- Economic sectors --- Revenue --- Expenditures, Public --- International finance --- Albania

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With the steady increase of crude oil production and the surge in oil prices in the mid- and late 1970s, Oman embarked upon an economic development path that transformed it into a prosperous country. Today Oman boasts impressive physical infrastructure, much improved socioeconomic conditions, and a high standard of living. The purpose of this background study is to contribute to a better understanding of developments in the Omani economy since 1980 and of the policy challenges the government faces in the medium term. The study focuses on some central aspects of Oman's economic experience, including the potential structural impediments to growth.

Diversification in industry --- Petroleum industry and trade --- Sustainable development --- 330.05 --- 338.95353 --- 338.22 <535> --- 338.22 <535> Economische organisatieleer. Economisch beleid. Economische politiek--Oman. Sultanaat van Maskat en Oman-Gwada --- Economische organisatieleer. Economisch beleid. Economische politiek--Oman. Sultanaat van Maskat en Oman-Gwada --- Development, Sustainable --- Ecologically sustainable development --- Economic development, Sustainable --- Economic sustainability --- ESD (Ecologically sustainable development) --- Smart growth --- Sustainable economic development --- Economic development --- Energy industries --- Oil industries --- Industrial diversification --- Product diversification --- Input-output analysis --- Barriers to entry (Industrial organization) --- Multiproduct firms --- Environmental aspects --- Industrial policy --- Oman --- Economic policy. --- Industrial economics --- Sultanate of Oman --- ʻUmān (Sultanate) --- Salṭanat ʻUmān --- Muscat --- Mascate --- عمان --- سلطنة عُمان --- オマーン --- オーマン --- Muscat and Oman --- Banks and Banking --- Exports and Imports --- Investments: General --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Trade: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- International economics --- Banking --- Investment & securities --- Fiscal policy --- Expenditure --- Fiscal stance --- Treasury bills and bonds --- Oil prices --- Financial institutions --- Commercial banks --- Expenditures, Public --- Banks and banking --- Government securities --- Saving and investment

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This paper applies the Growth Identification and Facilitation Framework developed by Lin and Monga (2010) to Nigeria. It identifies as appropriate comparator countries China, India, Indonesia, and Vietnam, and selects a wide range of industries in which these comparator countries may be losing their comparative advantage and which may therefore lend themselves to targeted interventions of the government to fast-track growth. These industries include food processing, light manufacturing, suitcases, shoes, car parts, and petrochemicals. The paper also discusses binding constraints to growth in each of these value chains as well as mechanisms through which governance-related issues in the implementation of industrial policy could be addressed.

E-Business --- Economic Theory & Research --- Employment intensity --- Environmental Economics & Policies --- Facilitation framework --- Growth identification --- Growth performance --- Labor Policies --- Macroeconomics and Economic Growth --- Technological innovation --- Transport Economics Policy & Planning

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The simmering sovereign debt crisis in the Euro Zone represents a looming threat to the recovery of the world economy and could lead to a renewed global financial crisis. The purpose of this paper is to analyze the root causes of the crisis in Europe and assess the extent to which it was driven by the global financial crisis and by factors internal to Europe, notably the adoption of the common currency. Adoption of the euro led to convergence of interest rates in periphery countries to the levels in core countries and, in combination with rising capital inflows owing to greater financial integration, set off a consumption and real estate boom in periphery countries, leading to higher growth and increases in government revenue and spending. The resulting real appreciation led to a loss of competitiveness in periphery countries, adversely affecting export performance and causing rising current account imbalances. While the fiscal position remained manageable before the crisis owing to rising revenue, the recession brought about by the global financial crisis led to the burst of real estate bubbles and a financial sector crisis and to sharply increased budget deficits and worsened debt indicators and triggered the sovereign debt crisis. Core countries, in particular Germany, maintained a competitive edge through wage restraint allowing them to increase exports to periphery countries, while their banks profited from increased lending to non-core countries. In sum, the euro exacerbated intra-European imbalances whose unsustainability became evident in the aftermath of the global financial crisis and triggered the current sovereign debt crisis.

Access to Finance --- Adoption of Euro --- Banks & Banking Reform --- Currencies and Exchange Rates --- Debt Markets --- Emerging Markets --- Financial integration --- Global financial crisis --- Macroeconomics and Economic Growth --- Real estate bubble --- Sovereign debt crisis in Europe