LEADER 07892oam 22016094 450 001 9910823142203321 005 20240405083930.0 010 $a1-4983-7072-1 010 $a1-4983-1180-6 010 $a1-4983-9559-7 035 $a(CKB)2670000000570286 035 $a(EBL)1811553 035 $a(SSID)ssj0001398972 035 $a(PQKBManifestationID)11729889 035 $a(PQKBTitleCode)TC0001398972 035 $a(PQKBWorkID)11465181 035 $a(PQKB)11340260 035 $a(MiAaPQ)EBC1811553 035 $a(Au-PeEL)EBL1811553 035 $a(CaPaEBR)ebr10951288 035 $a(CaONFJC)MIL649361 035 $a(OCoLC)892799377 035 $a(IMF)1AUTEE2014005 035 $a(IMF)1AUTEA2014005 035 $a(EXLCZ)992670000000570286 100 $a20020129d2014 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aAustria : $eStaff Report for the 2014 Article IV Consultation 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2014. 215 $a1 online resource (74 p.) 225 1 $aIMF Staff Country Reports 300 $aDescription based upon print version of record. 311 $a1-4983-3372-9 311 $a1-322-18097-0 327 $aCover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS, OUTLOOK, AND RISKS; POLICY DISCUSSIONS; A. Completing Bank Restructuring and Strengthening Macro-Financial Stability; BOXES; 1. Pre-Crisis Imbalances and Post-Crisis Growth; 2. Austria's Banking Sector as Inter-Mediator of Western European Savings; B. Rationalizing Public Expenditure to Accelerate Debt Reduction and Reduce Labor Taxes; 3. The Scope for Fiscal Expenditure Rationalization in Austria; C. Raising Potential Growth Through Higher Labor Productivity; STAFF APPRAISAL; FIGURES; 1. The Big Picture 327 $a2. Recent Economic Developments 3. Financial Market Indicators; 4. External Linkages; 5. External Sector; 6. Banking Sector; 7. Housing Prices; 8. Long-Term Government Expenditure Growth; 9. Volatility of Government Spending; 10. Tax Burden on Labor; 11. Labor Market Conditions; 12. Fiscal Developments and Outlook; 13. Composition of Government Spending, 2012; 14. Comparison of Pension Parameters; 15. Real GDP per Capita Comparisons; 16. Productivity; 17. Cyclical Indicators; 18. Capital Productivity; 19. Structural Indicators; TABLES; 1. Selected Economic Indicators, 2010-15 327 $a2. Medium-Term Macroeconomic Framework, 2010-193. Balance of Payments, 2010-19; 4. General Government Operations, 2010-19; 5. General Government Balance Sheet, 2007-12; 6. Financial Soundness Indicators, 2009-13; 7. Authorities' Response to Past IMF Policy Recommendations; ANNEX; Public Debt Sustainability Analysis (DSA) 330 3 $aKEY ISSUES Context: Austria did not experience a severe boom-bust cycle and came through the crisis relatively well. The main impact was on the banking sector and public debt. With cyclical slack low and the recovery taking hold, this is the time to resolve crisis legacies and address long-standing structural issues. Outlook and risks: The recovery is taking hold, driven by a pick-up in exports. The most acute risks are mainly geopolitical and could in particular lead to financial spillovers. Financial sector policies: Bank restructuring should now be rapidly completed and bad asset disposal accelerated. Large internationally active banks should stand ready for further capital increases, and the EU banking union framework needs to be swiftly transposed at the national level. Public expenditure reforms: More decisive expenditure reforms in key areas such as pensions, health care, subsidies, and fiscal federalism would generate savings that could be used for both an accelerated debt reduction and lower labor taxation. Boosting potential output growth: Enhancing IT adaptation, improving the performance of the education system, facilitating access to financing for innovative start- ups, and reducing administrative barriers for new businesses would raise potential growth and labor productivity. 410 0$aIMF Staff Country Reports; Country Report ;$vNo. 2014/278 606 $aBanks and Banking$2imf 606 $aInvestments: Bonds$2imf 606 $aPublic Finance$2imf 606 $aTaxation$2imf 606 $aDemography$2imf 606 $aMacroeconomics$2imf 606 $aFinance: General$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aEconomics of the Elderly$2imf 606 $aEconomics of the Handicapped$2imf 606 $aNon-labor Market Discrimination$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aPersonal Income and Other Nonbusiness Taxes and Subsidies$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aNational Government Expenditures and Health$2imf 606 $aBanking$2imf 606 $aPublic finance & taxation$2imf 606 $aPopulation & demography$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aWelfare & benefit systems$2imf 606 $aFinance$2imf 606 $aExpenditure$2imf 606 $aAging$2imf 606 $aBank resolution$2imf 606 $aSocial security contributions$2imf 606 $aPublic debt$2imf 606 $aPopulation and demographics$2imf 606 $aFinancial crises$2imf 606 $aHealth care spending$2imf 606 $aBanks and banking$2imf 606 $aExpenditures, Public$2imf 606 $aPopulation aging$2imf 606 $aCrisis management$2imf 606 $aSocial security$2imf 606 $aDebts, Public$2imf 606 $aFinancial services industry$2imf 607 $aAustria$xEconomic conditions 607 $aAustria$xEconomic policy 607 $aAustria$2imf 615 7$aBanks and Banking 615 7$aInvestments: Bonds 615 7$aPublic Finance 615 7$aTaxation 615 7$aDemography 615 7$aMacroeconomics 615 7$aFinance: General 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aNational Government Expenditures and Related Policies: General 615 7$aEconomics of the Elderly 615 7$aEconomics of the Handicapped 615 7$aNon-labor Market Discrimination 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aPersonal Income and Other Nonbusiness Taxes and Subsidies 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aNational Government Expenditures and Health 615 7$aBanking 615 7$aPublic finance & taxation 615 7$aPopulation & demography 615 7$aEconomic & financial crises & disasters 615 7$aWelfare & benefit systems 615 7$aFinance 615 7$aExpenditure 615 7$aAging 615 7$aBank resolution 615 7$aSocial security contributions 615 7$aPublic debt 615 7$aPopulation and demographics 615 7$aFinancial crises 615 7$aHealth care spending 615 7$aBanks and banking 615 7$aExpenditures, Public 615 7$aPopulation aging 615 7$aCrisis management 615 7$aSocial security 615 7$aDebts, Public 615 7$aFinancial services industry 676 $a330.9436 801 0$bDcWaIMF 906 $aBOOK 912 $a9910823142203321 996 $aAustria$9674739 997 $aUNINA