OECD Economic Outlook - No. 74 December - Volume 2003 Issue 2 (Electronic book text)

Twice a year, the" OECD Economic Outlook" analyses the major trends that will mark the next two years. The present issue covers the outlook to the end of 2005 and examines the economic policies required to foster high and sustainable growth in member countries. Developments in selected major non-OECD economies are also evaluated. Together with a wide range of cross-country statistics, the "Outlook" provides a unique tool to keep abreast of world economic developments.

In addition to the themes featured regularly, this issue contains three analytical chapters addressing a number of questions related to the formulation and conduct of fiscal policy:
To what extent has fiscal policy been a stabilising or destabilising influence on economic activity in the OECD area over the past two decades? What are the economic, institutional and political factors that have shaped the observed outcomes?
How do fiscal relations between different layers of government influence public sector efficiency? What are the economic advantages and disadvantages of decentralisation; what are the trends in that regard; and how can it best be organised?
What reforms are needed to curb the growth in public spending while raising its cost effectiveness? How can the budget process and public management practices be improved?