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  • 1
    Online Resource
    Online Resource
    How effective are automatic fiscal stabilisers in the OECD countries? (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 24 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1635
    Keywords: automatic fiscal stabilisers ; fiscal policy ; household disposable income ; cyclical adjustment of government budget balances ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper proposes an approach to assess the extent of automatic fiscal stabilisation of aggregate household disposable income after a specific shock. The approach is based on the national account identity of household disposable income and elements of the OECD methodology to cyclically adjust budget balances. In a stylised scenario assuming a decline in household market income, automatic stabilisers in 23 OECD countries are found to offset on average around 60% of the shock on impact. Direct taxes provide larger stabilisation than social benefits and social security contributions. There are important differences in the effectiveness of automatic stabilisers across the OECD countries. They mainly reflect non-linear interactions among the size of a specific automatic stabiliser, the elasticity of the automatic stabiliser with respect to a relevant economic variable and the specific shock scenario analysed.
    DOI: 10.1787/f1fb9d6a-en
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    URL: lizenzpflichtig
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  • 2
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    Online Resource
    Automatic fiscal stabilisers : recent evolution and policy options to boost their effectiveness (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 33 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1636
    Keywords: automatic fiscal stabilisers ; fiscal policy ; business cycles ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Building on the automatic fiscal stabilisers literature, this paper assesses how automatic stabilisers have evolved over the past two decades by analysing changes in the personal income tax and social benefit systems. In three-quarters of the 35 OECD countries analysed, indicators of the strength of automatic stabilisers (aggregate elasticities of household income after tax with respect to the cycle and aggregate net replacement rates) changed little or moderately over the past two decades, suggesting broadly stable automatic stabilisers of household disposable income. The paper discusses pros and cons of several policy options to strengthen automatic stabilisers in the current environment. The effectiveness and possible side effects, particularly related to disincentives to work, vary across policy options. Consequently, policy reform proposals should be carefully assessed in a country-specific context and take into account other important policy objectives of tax and benefit systems.
    DOI: 10.1787/816b1b06-en
    URL: lizenzpflichtig
    URL: lizenzpflichtig
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  • 3
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    To shorten or to lengthen? : public debt management in the low interest rate environment (2018)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 21 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1483
    Keywords: Schuldenmanagement ; Zinsstruktur ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: With still large government debt and interest payments in many OECD countries, actively adjusting debt maturity can help to minimise debt servicing costs. Temporarily lengthening the maturity of new debt issuance may lower debt servicing costs in the longer term and reduce rollover risks if interest rates increase gradually over a prolonged period and to a high level. However, if market interest rates increase fast and stay high, shortening debt maturity would be financially more beneficial though at the cost of higher rollover risks. Illustrative scenarios considered in this paper show that adjusting debt maturity may take several years before producing fiscal savings. They are likely to be moderate at best for most G7 countries, ranging from less than 0.1% to ⅓ per cent of GDP per year on average, with the exception of Italy where they could be significantly higher. In countries where debt maturity management has small fiscal effects, lengthening the debt maturity may still be pursued to reduce rollover risks.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/192ef3ad-en
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
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  • 4
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    Online Resource
    Changes in economic and financial synchronisation : a global factor analysis (2018)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1517
    Keywords: 1995 - 2017 ; Internationale Konjunktur ; Dynamische Wirtschaftstheorie ; Vergleich ; Schwellenländer ; Industrieländer ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: We estimate dynamic factor models for two sub-samples between 1995 and 2017 for up to 42 advanced and emerging-market economies to investigate changes in the contribution of global and regional factors to fluctuations in real GDP per capita growth, inflation, 10-year government bond yields and equity prices. The combined average contribution of global and regional factors in explaining fluctuations of GDP growth and inflation increased between 1995-2006 and 2007-17. In contrast, for financial variables, the role of country-specific factors strengthened between these two periods. The general findings are robust to alternative specifications of the lag structure, data frequency and the country composition of the largest region. Country-specific factors explain a higher share of variation of financial variables in emerging-market economies compared with advanced economies. For all variables, there is large cross-country heterogeneity regarding the level of contributions of specific factors and their evolution over time.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/ba7c5c04-en
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    URL: Volltext  (lizenzpflichtig)
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  • 5
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    Expanding access to finance to boost growth and reduce inequalities in Mexico (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (55 Seiten) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1717
    Keywords: Economics ; Mexico
    Abstract: The access to formal financial services in Mexico is particularly low. Access is also significantly unequal across income levels, gender, between rural and urban areas and across regions. SMEs access to bank credit is low, hampering firms’ ability to grow and innovate. The use of cash and informal credit is still widespread, especially in rural areas, where financial infrastructure is underdeveloped. The diffusion of digital financial services is slowly advancing but remains low, hindered by a relatively low level of financial literacy and a digital divide. Expanding access to finance would enable Mexican households to invest in education and health, and better manage income shocks and smooth consumption. It would also enable Mexican firms to invest more, increase productivity and create formal jobs. Low-income households, small firms and more disadvantaged regions would particularly benefit, as it would unlock new economic opportunities for them. Boosting competition in the banking sector would facilitate SMEs access to credit by lowering interest rate margins. Upgrading the regulatory framework of the financial system would help increase competition and quality of financial services. The potential of the fintech sector is yet to be materialised, which would further increase competition and bring financial services to wider segments of the population. Strengthening financial education and digital literacy would facilitate a larger and better use of traditional and digital financial services.
    DOI: 10.1787/2de3cd7d-en
    URL: lizenzpflichtig
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  • 6
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    Online Resource
    Determinants of and barriers to people’s financial inclusion in Mexico (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (38 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1728
    Keywords: Economics ; Mexico
    Abstract: Individuals’ access to finance is particularly low in Mexico. Widening access to finance would boost growth and inclusion. This paper uses microdata from the National Survey for Financial Inclusion to assess the drivers of and the barriers to people’s financial inclusion in Mexico. Results show that working in the formal sector, the level of wealth and income, educational attainment, and age are the socio-economic characteristics that most affect the likelihood of holding any formal financial product. The relative importance of these characteristics, however, varies across financial products. Economic barriers to individuals’ financial inclusion are strongly associated with widespread informality and a low level of education and income. These results suggest that financial education programmes and credit registries considering a wider set of data to assess informal workers' credit worthiness would be promising avenues to help more Mexicans access financial services.
    DOI: 10.1787/73e9341b-en
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  • 7
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    The pass-through of the monetary policy rate into lending rates in Mexico (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (35 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1734
    Keywords: Economics ; Mexico
    Abstract: This paper estimates the pass-through of monetary policy rates into five lending rates in Mexico using auto regressive distributed lags models (ARDLs) and taking into account several financial market characteristics. Results show that the pass-through of monetary policy into the average short-term lending rate is full and fast, as it takes around 3 months to be fully transmitted. However, the pass-through is heterogeneous across credit markets, being especially weak in the mortgage and automotive credit markets. A higher market concentration in the credit sector is associated with a higher level of the corresponding lending rate. Other financial market characteristics, such as the measure of bank profitability and the ratio of capital to bank assets, are also found to affect the long-run level of one or more lending rates. Higher competition in credit markets and reducing asymmetric information would improve the transmission of monetary policy and contribute to reduce the level of lending rates.
    DOI: 10.1787/acf23bc6-en
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  • 8
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    Improving the quality and efficiency of education and training in Costa Rica to better support growth and equity (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (52 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1758
    Keywords: Economics ; Costa Rica
    Abstract: Education and training are a high priority for Costa Rica that devotes to them more than 6.5% of GDP, one of the highest spending shares among OECD countries. However, educational outcomes remain poor and firms struggle to fill their vacancies, particularly in technical and scientific positions, which may endanger Costa Rica’s capacity to keep attracting foreign direct investment. Its complex fiscal situation requires Costa Rica to improve efficiency and quality of public spending in education to better support growth and equity. There is a fundamental need to improve the quality of early and general basic education to avoid that too many Costa Ricans leave education too early and without the skills needed to find a formal job. This requires a more targeted support to students with learning gaps, improving teachers’ selection and training and expanding access to early education. Revisiting the university funding mechanism will improve its accountability and can help increase the number of graduates in scientific areas. Reforms in vocational education may increase the supply of high-quality technicians, which will reduce existing skills mismatches and help more Costa Ricans access better-paid formal jobs.
    DOI: 10.1787/2367677a-en
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  • 9
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    Online Resource
    Independent fiscal institutions : A typology of OECD institutions and a roadmap for Latin America (2024)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (35 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1789
    Keywords: Economics
    Abstract: The paper reviews the diverse experience of OECD countries in establishing and running independent fiscal institutions, offering insights that could be useful for Latin American countries seeking to set-up and strengthen those institutions in the region. Through cluster analysis, we identify different types of OECD independent fiscal institutions and draw practical lessons from cases studies. We also identify key features that could serve as a road map for Latin American countries in their efforts to establish or enhance independent fiscal institutions.
    DOI: 10.1787/cbeaa057-en
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