By Charles Arthur Conant
...With An Account Of the commercial Crises Of The 19th Century And The drawback Of 1907
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Extra resources for A History Of Modern Banks Of Issue
HICP excluding energy, food, alcohol and tobacco. Source: EUROSTAT; OECD. © OECD 2003 2002 -4 32 OECD Economic Surveys: Portugal declined to 41 per cent,6 reflecting: i) the reduction of wage pressures as the economy weakened; ii) relatively low import prices; and iii) the fall of unprocessed food prices from the abnormal levels observed in 2001. The two percentage points rise in the VAT rate led to a mechanical effect from June 2002 onwards7 estimated at about ½ percentage points as part of the impact was absorbed by a reduction in profit margins, given the weak demand environment.
72, and for 2005-2006 on the Stability and Growth Programme, December 2002. Source: OECD. The above strategy was successful in both reducing the cost of public debt and making the budget less sensitive to interest and exchange rate shocks. The implicit interest rate on the debt fell in 2001, reflecting the progress made in public debt management and a reduction in the rate spread vis-à-vis Germany (of some 20 basis points) following the fall in the liquidity premium on Portuguese securities. 8 years.
Even if the receipts to be expected from a reform of property tax are small, the main objective is to improve the equity of the system. However, a smooth transition to the new system of taxation of property is desirable in order to avoid disruptive effects. The vehicle tax also needs to be looked at again because it does not satisfy environmental considerations (see last part of Chapter IV). © OECD 2003 III. The effectiveness of public expenditure in Portugal Introduction and overview of issues Over the past decade, OECD Economic Surveys have made frequent reference to problems of public expenditure control in Portugal.