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  • 1
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    Firming up the capital base of the Austrian business sector : consolidating Austria's business sector strengths and its social role in the face of new challenges (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 54 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1595
    Keywords: Economics ; Austria ; Amtsdruckschrift ; Graue Literatur
    Abstract: While small- and medium sized firms in Austria are generally more productive, export more, and engage more in higher technology activities than in comparable countries, they need to adapt better to the knowledge economy to maintain their relative performance levels. The capital structure of Austrian SMEs are biased towards debt-financing and stronger equity, growth and venture capital markets would provide them with further resources for their long-term knowledge based investments. Skills shortages, in particular in advanced digital technologies, should be overcome. As around one third of all SMEs are up for ownership transmissions, ensuring successful business transfers will be crucial for maintaining the broad-based entrepreneurial dynamism. Meeting these challenges would also help to lift constraints on upscaling that many SMEs face and would provide the fruitful soil for future innovative activities. This Working Paper relates to the 2019 OECD Economic Survey of Austria (http://www.oecd.org/economy/austria-economic-snapshot/)
    DOI: 10.1787/d132d949-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 2
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    Unconventional monetary policy and productivity : evidence on the risk-seeking channel from us corporate bond markets (2019)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 48 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 17 (January 2019)
    Series Statement: OECD productivity working papers
    Keywords: Unconventional monetary policy ; productivity ; capital reallocation ; bond markets ; United States ; United States ; Science and Technology ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US between 2008 and 2016. Using monetary policy surprises, obtained from changes in interest rates futures in narrow windows around FOMC announcements, we isolate the increased access to high-yield bond markets relative to investment-grade bond markets that is due to unconventional monetary policy (UMP). We find that through the risk-taking channel, UMP has increased investors’ appetite for high-yield US corporate bonds, thereby increasing access to high-yield bond markets for firms with a higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate effect on productivity is a priori unclear. Turning to the real economy, we thus analyse whether this additional access to finance had an effect on aggregate productivity by altering the reallocation of resources across firms. Our results show that unconventional monetary policy induced less investment in tangible capital by high-productive firms. However, before drawing conclusions on the net effects of UMP on aggregate productivity, we discuss a number of issues that this paper could not deal with due to data limitations, including prominently whether this apparent misallocation may have been offset by a shift in the composition of investments towards more intangible investment.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/06d2cce0-en
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
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  • 3
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    Liquidity shortfalls during the COVID-19 outbreak : assessment and policy responses (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 24 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1647
    Keywords: COVID-19 ; liquidity ; cash ; job retention ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: The paper investigates the financial vulnerability of non-financial firms during the Coronavirus (COVID-19) epidemic crisis. In particular, it evaluates the extent to which firms may run into a liquidity crisis following the COVID-19 outbreak and the impact of stylised policy measures to reduce the risks and depth of such crisis. The analysis relies on three ingredients: a simple accounting model, a large dataset reporting firms’ balance sheets for 14 countries and granular data on the magnitude of the shock measuring the impact of confinement measures on economic activity (notably depending on the capacity of each sector to operate by teleworking). Results suggest that, without any policy intervention, up to 38% of firms would face liquidity shortfalls after 10 months since the implementation of confinement measures. Comparing the impact of different policies (tax deferral, debt moratorium and support to wage payments), the analysis shows that government support to relieve wage bills is the most effective tool to reduce liquidity shortages, followed by debt moratorium policies. Finally, the paper zooms into labour market policies and compares the costefficiency of short-term work and wage subsidies schemes, highlighting how their relative efficiency depends on their design.
    DOI: 10.1787/581dba7f-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 4
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    Insolvency and debt overhang following the COVID-19 outbreak : assessment of risks and policy responses (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 38 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1651
    Keywords: Coronavirus ; Schock ; Verbindlichkeiten ; Kapitalstruktur ; Investitionsentscheidung ; Europa ; COVID-19 ; insolvency ; debt ; equity ; investment ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper investigates the likelihood of corporate insolvency and the potential implications of debt overhang of non-financial corporations induced by economic shock associated with the outbreak of COVID-19. Based on simple accounting models, it evaluates the extent to which firms deplete their equity buffers and increase their leverage ratios in the course of the COVID-19 crisis. Next, relying on regression analysis and looking at the historical relationship between firms’ leverage and investment, it examines the potential impact of higher debt levels on investment during the recovery. Against this background, the discussion outlines a number of policy options to flatten the curve of crisis-related insolvencies, which could potentially affect otherwise viable firms, and to lessen the risk of debt-overhang, which could slow down the speed of recovery.
    DOI: 10.1787/747a8226-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 5
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    Examining the impact of debt on investment for Austrian non-financial sectors and firms (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (18 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1695
    Keywords: Economics ; Austria
    Abstract: Using a micro-level model of investment, this paper finds that firm-debt and investment are negatively associated across firms in Austrian manufacturing industries. The finding is robust to various changes to the model specification. Moreover, in an extension of the basic model, different components of debt are examined, pointing out that debt owed to banks and long-term debt have a stronger negative effect than other forms of debt. Comparisons with investment models estimated for other European countries suggest that the impact of debt on investment is more negative in Austria than elsewhere. Results from interaction models of debt owed to banks with an index of credit easing show that firms in industries which are more bank-dependent invest relatively more than firms in industries that are less bank-dependent after an easing of credit conditions.
    DOI: 10.1787/f9b69c90-en
    URL: lizenzpflichtig
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  • 6
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    Helping the Austrian business sector to cope with new opportunities and challenges in Austria (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (62 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1706
    Keywords: Economics ; Austria
    Abstract: The economic shock induced by the COVID-19 pandemic is accelerating structural changes and is posing new challenges. Austria faces wider growth opportunities and new adjustment challenges related notably to two major structural transformations: transition to carbonless growth and the generalisation of more advanced forms of digitalisation. These imply new entries and exits in the business sector, more capital and labour re-allocations and greater geographic mobility of labour. A better activation of the existing talent pool, in particular female, elderly and migrant workers is also needed to address the ageing of the society. In this context public policies should aim at further stimulating business dynamism by facilitating market entries; supporting firms’ capacity to invest by helping strengthen their balance sheets; better adapting skills to jobs for all categories of workers; and providing the right incentives to R&D to boost long-term innovation.
    DOI: 10.1787/b5cd3c24-en
    URL: lizenzpflichtig
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  • 7
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    Unleashing the full potential of the Turkish business sector (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (50 p.)
    Series Statement: OECD Economics Department Working Papers no.1665
    Keywords: Economics ; Turkey
    Abstract: Productivity in Turkey has been growing stronger than in most peer countries since 2010 but has slowed down. Despite a remarkably entrepreneurial population, business dynamism has also been less vigorous in recent years. This working paper discusses the factors behind this slowdown and analyses a wide range of structural policies that would help to revive productivity growth and unleash the full potential of the Turkish business sector. The elevated number of informal, semi-formal and fully formal forms constitutes a key impediment to higher growth and more high-quality jobs. Structural reforms that allow more flexibility in labour markets, more competition in product markets and major progress with the quality of governance would foster productivity growth, job creation but also boost the digital transformation. Streamlining and simplifying the complex system of regulations and government support schemes would prevent firms from clustering around eligibility thresholds and thus remove obstacles to the upscaling of firms.
    DOI: 10.1787/3a64ce1c-en
    URL: lizenzpflichtig
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  • 8
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    Labour market and education reforms are needed to create more and better jobs in Türkiye (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (63 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1782
    Keywords: Economics ; Türkiye
    Abstract: The Turkish economy grew strongly over the past two decades and created many jobs. However, given its young and growing workforce, Türkiye needs to ramp up efforts to achieve high-quality formal job creation. A sizeable share of the workforce, mostly female workers, does not actively participate in the labour market. While informality has decreased significantly, it is still widespread and entrenches productivity differences across firms. Rigid labour market rules, particularly the high severance pay but also minimum wages, impede formal job creation. More flexible labour markets should be part of a comprehensive reform programme that shifts job loss protection to a broader-based unemployment insurance scheme, supported by well-designed activation policies. While educational attainment has risen impressively, a growing number of vacancies, significant skill mismatches and a low level of adult skills highlight the need to address the quality of education and to improve on the matching of talent to jobs.
    DOI: 10.1787/54657452-en
    URL: lizenzpflichtig
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