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2004 OECD Economic Surveys: Netherlands 2004

image of OECD Economic Surveys: Netherlands 2004

In this 2004 review of the Dutch economy, OECD examines the reasons for the volatility in the Dutch economy and makes recommendations in such areas as housing and pension reform, fiscal policy, labour force participation, product market competition,  innovation and productivity, and sustainable development. 

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Reforms to Housing and Pension Funds to Increase Economic Efficiency and Reduce Business Cycle Fluctuations

Housing market polices and pension fund regulation have undermined economic efficiency and amplified the current business cycle. Policies that have the effect of restricting housing supply and high tax subsidies for owner-occupied housing have underpinned large increases in house prices relative to disposable income, reducing living standards, and have contributed to macroeconomic volatility stemming from housing wealth effects. Pension fund regulation allowed pension funds to set past contribution rates too low to cover the costs of the promises being made, leading (together with some other developments, notably the fall in interest rates and the worldwide fall in equity prices) to the current ...

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