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This is a Working Paper and the author(s) would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund. The views expressed are those of the author(s) and do not necessarily represent those of the Fund. WP/97/181 INTERNATIONAL MONETARY FUND Asia and Pacific Department Empirical Determinants of Household Saving: Evidence from OECD Countries Prepared by Tim Callen and Christian Thimann-Authorized for distribution by Joshua Felman

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No abstract

International audienceThis paper argues there are two main problems holding back private sector employment creation in the stressed eurozone countries. First, there is a persisten competitiveness problem due to high labor costs relative to underlying productivity. Over the first ten years of the euro, wage developments relative to productivity diverged strongly across the eurozone. Second, widespread structural barriers make job creation in these coun- tries far more arduous than in many other advanced economies, and even more arduous than in some key emerging economies and formerly planned economies