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  • 1
    Online Resource
    Online Resource
    La contribution des marchés du logement à la résilience économique (2005)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2004, no. 1, p. 139-173
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 48 p
    Parallel Title: Parallelausg. The Contribution of Housing Markets to Cyclical Resilience
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2004, no. 1, p. 139-173
    Keywords: Economics
    Abstract: Les pays de l’OCDE ont témoigné de degrés variables de résilience économique au cours de la récente récession conjoncturelle, certains ayant négocié et surmonté mieux que d’autres une série de chocs communs. Dans une certaine mesure, les différences de résilience économique semblent liées à la performance des marchés du logement. En particulier, le dynamisme des prix immobiliers dans certains pays parait avoir dopé la consommation privée et la construction résidentielle et, par là même, contribué à compenser les faiblesses existantes dans d’autres secteurs. On constate que le cadre institutionnel des marchés du logement et des marchés hypothécaires détermine dans une large mesure non seulement l’efficience économique d’ensemble et les revenus réels, mais aussi la propagation des chocs et...
    DOI: 10.1787/eco_studies-v2004-art6-fr
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  • 2
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    La bourse, le marché de l'immobilier et le comportement des consommateurs (2003)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2002, no. 2, p. 197-224
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 53 p
    Parallel Title: Parallelausg. The Stock Market, the Housing Market and Consumer Behaviour
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2002, no. 2, p. 197-224
    Keywords: Economics
    Abstract: Après l’euphorie boursière de la fin des années 90, les cours des actions se sont repliés, dans l’ensemble, depuis 2001. Les prix des logements, en revanche, ont continué de grimper, progressant plus rapidement que le niveau général des prix dans plusieurs pays. Ces évolutions ont entraîné un regain d’intérêt pour l’impact du prix des actifs sur la consommation et la demande globale. Ce document analyse l’influence des patrimoines financier et immobilier des ménages sur leur consommation, dans les pays du G7 (à l’exception de l’Allemagne). Il fournit des estimations de la sensibilité de la consommation à diverses formes de richesse et s’interroge, en procédant à des tests, sur les éventuelles variations de ces sensibilités au fil du temps. Il quantifie également l’impact des récentes évolutions des marchés financier et immobilier sur la consommation. Il ressort de ce document, premièrement, que pour tous les pays, les mécanismes de la richesse sont identifiés, deuxièmement, que ces effets varient considérablement d’un pays à l’autre et, troisièmement, que pour certains pays, leur importance a eu tendance à croître très nettement dans un passé récent.
    DOI: 10.1787/eco_studies-v2002-art12-fr
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  • 3
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    The Contribution of Housing Markets to Cyclical Resilience (2005)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2004, no. 1, p. 125-156
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 44 p
    Parallel Title: Parallelausg. La contribution des marchés du logement à la résilience économique
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2004, no. 1, p. 125-156
    Keywords: Economics
    Abstract: This paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not.
    DOI: 10.1787/eco_studies-v2004-art6-en
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  • 4
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    L'investissement en capital humain : Le rôle de l'enseignement secondaire du 2e cycle et de l'enseignement supérieur (2003)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2002, no. 1, p. 43-96
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 67 p
    Parallel Title: Parallelausg. Investment in human capital through upper-secondary and tertiary education
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2002, no. 1, p. 43-96
    Keywords: Economics
    Abstract: Le présent document porte sur divers aspects de l’équité et de l’efficience qui sont liés à l’acquisition de qualifications par les jeunes et les adultes relativement âgés. L’analyse donne à penser que ce type d’investissement dans le capital humain procure aux personnes d’importants avantages sur le marché du travail, notamment des gains, après impôt, plus élevés et de meilleures perspectives d’emploi, avantages qui compensent largement le coût des investissements, c’est-à-dire principalement, le manque à gagner et les frais d’études. Il ressort également de cette analyse que les avantages nets varient considérablement sous l’effet de facteurs liés à l’action des pouvoirs publics, tels que la durée de la scolarisation, les allocations d’études et le soutien apporté aux élèves et étudiants. Globalement, les estimations indiquées dans le rapport montrent que l’élève moyen serait fortement incité à poursuivre ses études au-delà de l’âge de l’obligation scolaire et elles mettent également en évidence les avantages que cet investissement dans l’éducation procure à la société dans son ensemble. Toutefois, les gains nets sont d’autant plus faibles que l’étudiant est âgé, ce qui tient surtout au fait que les avantages découlant de la formation s’étalent sur une plus courte durée. Enfin, il est signalé dans le document que les étudiants de l’enseignement supérieur appartiennent en général aux classes aisées et qu’ils profitent donc d’importantes subventions publiques alors que les jeunes issus de milieux défavorisés ont moins de chances de faire des études supérieures et, partant, de bénéficier des subventions publiques.
    DOI: 10.1787/eco_studies-v2002-art3-fr
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  • 5
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    The Stock Market, the Housing Market and Consumer Behaviour (2003)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2002, no. 2, p. 175-200
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 38 p
    Parallel Title: Parallelausg. La bourse, le marché de l'immobilier et le comportement des consommateurs
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2002, no. 2, p. 175-200
    Keywords: Economics
    Abstract: After the buoyancy of stock markets in the late nineties, share prices have generally trended downwards since 2001. By contrast, house prices have continued to increase, rising more rapidly than the general price level in several countries. These developments have led to renewed interest in the impact of asset prices on consumption and overall demand. This paper analyses the roles of household financial wealth and housing wealth across G7 countries (with the exception of Germany), in determining private consumption. It provides some estimates of the sensitivity of consumption to various forms of wealth and tests whether these sensitivities have changed over time. The impacts of recent financial and housing market developments on consumption are also quantified. The main results are, first, that for all countries, wealth channels are identified, second, that these effects vary significantly across countries, and third that for some countries, their importance has tended to rise markedly over the recent past.
    DOI: 10.1787/eco_studies-v2002-art12-en
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  • 6
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    Investment in human capital through upper-secondary and tertiary education (2003)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2002, no. 1, p. 41-89
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 60 p
    Parallel Title: Parallelausg. L'investissement en capital humain : Le rôle de l'enseignement secondaire du 2e cycle et de l'enseignement supérieur
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2002, no. 1, p. 41-89
    Keywords: Economics
    Abstract: This article examines various efficiency and equity aspects related to the skill acquisition of young people and older adults. The analysis suggests that human capital investment is associated with significant labour-market gains for individuals, including higher post-tax earnings and better employment prospects, which exceed the investment costs, mainly foregone earnings and tuition fees, by a significant margin. It also shows that the net benefits are strongly influenced by policy related factors, such as study length, tuition subsidies and student support. Overall, the estimates reported in the article indicate that there are strong incentives for the average student to continue studying beyond the compulsory schooling age, and also point to the benefits of such investment in education for society as a whole. However, the net gains fall with age, mainly reflecting a shorter period to take advantage of the benefits that come with education. Finally, the article notes that students in higher education tend to come from more affluent backgrounds and that they benefit from large public subsidies, whereas young people from disadvantaged backgrounds are less likely to participate in tertiary education and thus benefit from public subsidies.
    DOI: 10.1787/eco_studies-v2002-art3-en
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  • 7
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    The European Union's Trade Policies and their Economic Effects (1998)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 117 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.194
    Keywords: Economics ; European Union
    Abstract: This paper retraces the Communities external liberalisation efforts, and discusses, where relevant, the repercussions of internal liberalisation on foreign competitors. The aim of the paper is to clarify, and when feasible, to quantify the economic effects of the EU’s trade policies. To this end, it provides an overview of past liberalisation efforts, reviews trade indicators in international comparison and lays out the future trade agenda of the Community. The empirical evidence provided in the paper points to little evidence for trade diversion due to integration in Europe, while trade is likely to have boosted area-wide income significantly. It is openness in general, rather than regional integration, that has favoured growth in Europe ...
    DOI: 10.1787/880866526574
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  • 8
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    House Prices and Economic Activity (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.279
    Keywords: Economics
    Abstract: This paper reviews the role of house prices in influencing private consumption and residential investment in OECD countries. Deregulation of the mortgage markets in most OECD countries since the 1970s has made it easier for households to borrow for current consumption on the basis of their housing wealth, and the easing of borrowing constraints has often been accompanied by sizeable withdrawal of housing equity. The analysis presented in the paper and a review of existing empirical work for the major OECD countries suggest that house prices have a significant positive impact on private consumption through wealth effects and/or an easing of liquidity constraints. House prices also influence the profitability of house building, and in many countries there is a close association between profitability of house construction and private residential investment. A corollary of these results is that residential property prices can be useful indicators of demand pressures in the economy ...
    DOI: 10.1787/061034430132
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  • 9
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    Recent House Price Developments : The Role of Fundamentals (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.475
    Keywords: Economics
    Abstract: In the vast majority of OECD economies, house prices in real terms have been moving up strongly since the mid-1990s. Because of the important role housing wealth has been playing during the current upswing, this paper will look more closely at what is underlying these developments for 18 OECD countries over the period from 1970 to the present, with a view to shedding some light on whether or not prices are in line with fundamentals. The paper begins by putting the most recent housing price run-ups in the context of the experiences of the past 35 years. It then examines current valuations against a range of benchmarks. It concludes with a review of the links between a possible correction of housing prices and real activity. The main highlights from this analysis are as follows: 1) The size and duration of the current real house price increases; the degree to which they have tended to move together across countries; and the extent to which they have disconnected from the business cycle are unprecedented. 2) Overvaluation of real house prices may only apply to a relatively small number of countries. However, the extent to which these prices look to be fairly valued depends largely on longer-term interest rates remaining at or close to their current low levels. 3) If house prices were to adjust downward, the historical record suggests that the drops might be large and that the process could be protracted, given the observed stickiness of nominal house prices and the current low rates of inflation.
    DOI: 10.1787/864035447847
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  • 10
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    Financial Market Liberalisation, Wealth and Consumption (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 30 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.308
    Keywords: Economics
    Abstract: The past two decades have seen substantial deregulation in the financial sectors of most OECD countries. The main motivation was to improve efficiency within the financial system, but the macroeconomic implications might go beyond this objective with impacts on the business cycle and the transmission mechanisms of monetary and fiscal policies. More specifically, financial liberalisation and heightened competition in the financial services sector, through a rapid expansion of credit, may have eased the liquidity constraints facing households, thus raising the targeted level of consumption. The objective of this paper is to test whether financial deregulation, through an easing of liquidity constraints, has had an impact on the relationship between consumption and income, and more specifically on the wealth effect. A range of different procedures is used to assess the impact of financial deregulation on global wealth and on its different components (financial, housing and others) ...
    DOI: 10.1787/586625524684
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