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Following very strong growth during the period 2000–12, emerging market economies (EMEs) experienced a slowdown in the last couple of years. This paper examines the supply-side drivers of the strong growth performance of 63 EMEs and investigates if the recent slowdown in growth is transitory or a more permanent phenomenon. We find that on average the recent slowdown is explained equally by structural and cyclical factors, although there are large variations across countries and regions. While the cyclical component of the slowdown can be corrected by countercyclical policies (provided that there is sufficient policy space), structural bottlenecks are harder to address. Given the expected moderation of capital accumulation and some natural constraints on labor, the strong growth momentum of 2000–12 is unlikely to be repeated going forward, unless TFP performance improves significantly via structural reforms.

Economic development --- Structural adjustment (Economic policy) --- Business cycles --- Economic cycles --- Economic fluctuations --- Cycles --- Finance: General --- Investments: General --- Macroeconomics --- Production and Operations Management --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment --- Capital --- Intangible Capital --- Labor Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Labour --- income economics --- Finance --- Total factor productivity --- Capital accumulation --- Labor --- Emerging and frontier financial markets --- Gross fixed investment --- National accounts --- Financial markets --- Industrial productivity --- Saving and investment --- Labor economics --- Financial services industry --- Brazil --- Income economics

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Income inequality in Latin America has declined during the last decade, in contrast to the experience in many other emerging and developed regions. However, Latin America remains the most unequal region in the world. This study documents the declining trend in income inequality in Latin America and proposes various reasons behind this important development. Using a panel econometric analysis for a large group of emerging and developing countries, we find that the Kuznets curve holds. Notwithstanding the limitations in the dataset and of cross-country regression analysis more generally, our results suggest that almost two-thirds of the recent decline in income inequality in Latin America is explained by policies and strong GDP growth, with policies alone explaining more than half of this total decline. Higher education spending is the most important driver, followed by stronger foreign direct investment and higher tax revenues. Results suggest that policies and to some extent positive growth dynamics could play an important role in lowering inequality further.

Income distribution --- Equality --- Macroeconomics --- Public Finance --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Personal Income, Wealth, and Their Distributions --- National Government Expenditures and Welfare Programs --- Education: Government Policy --- Government Policy --- Provision and Effects of Welfare Program --- Aggregate Factor Income Distribution --- Taxation, Subsidies, and Revenue: General --- National Government Expenditures and Education --- Public finance & taxation --- Income inequality --- Personal income --- Revenue administration --- Education spending --- National accounts --- Expenditure --- Income --- Revenue --- Expenditures, Public --- Honduras

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This paper analyzes the role of the tax and benefit system in spurring the impressive increase in Canadian female labor participation in the last decade. Using annual panel data for 10 large industrial countries over the period 1980-2001, I find that reforms in the Canadian tax and benefit system in the mid-1990s account for at least one-third of the observed increase in female participation in the period 1995-2001. The analysis indicates that policy initiatives similar to the "family-friendly" policies introduced in Canada could boost female participation in other countries and help policymakers meet the challenges of population aging.

Electronic books. -- local. --- Gulf Cooperation Council. --- International economic integration. --- Monetary unions -- Gulf Cooperation Council countries. --- Business & Economics --- Labor & Workers' Economics --- Monetary unions --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Common markets --- Economic integration, International --- Economic union --- Integration, International economic --- Markets, Common --- Union, Economic --- Gulf Co-operation Council --- Co-operation Council for the Arab States of the Gulf --- States of Gulf Co-operation Council --- Golf-Rat --- GCC --- G.C.C. --- Majlis al-Taʻāwun al-Khalījī --- Majlis al-Taʻāwun al-Khalījī al-ʻArabī --- GKR --- Kooperationsrat Arabischer Staaten am Golf --- Cooperation Council for the Arab States of the Gulf --- Duwal Majlis al-Khalīj --- Gŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Kŏlpʻŭ Hyŏmnyŏk Wiwŏnhoe --- Majlis al-Taʻāwun li-Duwal al-Khalīj al-ʻArabīyah --- Golfkooperationsrat --- AGCC --- A.G.C.C. --- Duwal Majlis al-Taʻāwun al-Khalījī --- Sovet sotrudnichestva arabskikh gosudarstv Persidskogo zaliva --- SSAGPZ --- Arab Gulf Cooperation Council --- مجلس التعاون الخليجي --- مجلس التعاون لدول الخليج العربية --- Shūrā-yi Hamkārī-i Khalīj-i Fārs --- شوراى همکارى خليج فارس --- Persian Gulf Cooperation Council --- PGCC --- Conseil de coopération du Golfe --- Gulf Cooperative Council --- Currency question --- Money --- International economic relations --- Consiglio di cooperazione del Golfo --- Ccg --- Labor --- Macroeconomics --- Taxation --- Women''s Studies' --- Economics of Gender --- Non-labor Discrimination --- Taxation, Subsidies, and Revenue: General --- Demand and Supply of Labor: General --- Labor Economics: General --- Labor Standards: Labor Force Composition --- Labour --- income economics --- Gender studies --- women & girls --- Public finance & taxation --- Women --- Tax wedge --- Labor markets --- Labor force participation --- Tax administration and procedure --- Labor market --- Labor economics --- Canada --- Income economics --- Women & girls --- Women's Studies

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Canadian house prices have increased significantly between 2003 and early 2008, with a marked downward trend since mid-2008, especially in the resource-rich western provinces. This paper estimates the evolution of equilibrium real home prices during this period in key provinces and finds that, following recent declines, home prices are now generally close to equilibrium throughout Canada. However, house prices in Alberta and British Columbia remain around 8 percent overvalued at the end of the sample (second quarter of 2009). Despite the limitations of econometric estimates of house-price dynamics, the measured small degree of overvaluation suggests that the Canadian housing market is essentially at equilibrium.

Business & Economics --- Real Estate, Housing & Land Use --- Housing --- Econometric models. --- Prices --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Social aspects --- City planning --- Dwellings --- Human settlements --- Financial Risk Management --- Inflation --- Infrastructure --- Real Estate --- Industries: Financial Services --- Housing Supply and Markets --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Crises --- Price Level --- Deflation --- Property & real estate --- Macroeconomics --- Finance --- Economic & financial crises & disasters --- Housing prices --- Asset bubbles --- Saving and investment --- Financial crises --- Canada

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This paper documents developments in mortgage credit and the housing sector in Latin America over the past decade, and compares them with those of other emerging economies. In particular, it examines the real estate and mortgage markets to assess whether (i) growth in mortgage credit is excessive compared to long-term trends; (ii) trends in house prices reflect changes in economic fundamentals; and (iii) the extent to which household and banking sector vulnerabilities could lead to potential fragilities. Although data limitations hamper a rigorous analysis of trends, our analysis suggests that while there are no imminent misalignments in the real estate and mortgage sectors, they could emerge if current trends persist. Strengthening supervision and addressing data gaps is thus critical to ensure adequate monitoring of risks and vulnerabilities in these sectors.

Finance --- Business & Economics --- Banking --- Mortgage loans --- Housing --- Prices --- Home loans --- Mortgage lending --- Real estate loans --- Affordable housing --- Homes --- Houses --- Housing needs --- Residences --- Slum clearance --- Urban housing --- Social aspects --- Loans --- Secondary mortgage market --- City planning --- Dwellings --- Human settlements --- Mortgages --- E-books --- Hypothecation --- Real obligations --- Securities --- Security (Law) --- Conveyancing --- Liens --- Priorities of claims and liens --- Law and legislation --- Infrastructure --- Money and Monetary Policy --- Real Estate --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: General --- Real Estate Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Housing Supply and Markets --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Property & real estate --- Monetary economics --- Macroeconomics --- Housing prices --- Credit --- Credit booms --- Financial institutions --- Money --- National accounts --- Saving and investment --- Colombia