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  • MPI Ethno. Forsch.  (136)
  • KOBV
  • Paris : OECD  (136)
  • Environment  (76)
  • Finance and Investment  (63)
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  • MPI Ethno. Forsch.  (136)
  • KOBV
Material
Language
Years
Subjects(RVK)
  • 1
    Online Resource
    Online Resource
    Paris : OECD
    ISBN: 9789264505377
    Language: English
    Pages: 1 Online-Ressource (378 Seiten) , Illustrationen
    Parallel Title: Erscheint auch als COVID-19 and well-being
    Keywords: Coronavirus ; Epidemie ; Lebensqualität ; Zufriedenheit ; Welt ; Education ; Social Issues/Migration/Health ; Employment ; Environment ; Governance
    Abstract: COVID-19 and Well-being: Life in the Pandemic explores the immediate implications of the pandemic for people’s lives and livelihoods in OECD countries. The report charts the course of well-being – from jobs and incomes through to social connections, health, work-life balance, safety and more – using data collected during the first 12-15 months of the pandemic. It also takes stock of what has happened to human, economic, social and natural capital that, beyond their effects on people’s lives today, shape living conditions for years to come. It shows how COVID-19 has had far-reaching consequences for how we live, work and connect with one another, and how experiences of the pandemic varied widely, depending on whether and where people work, their gender, age, race and ethnicity, education and income levels. The report also examines the role that well-being evidence can play in supporting governments’ pandemic recovery efforts. It argues that a well-being lens can prompt policy-makers to refocus on the outcomes that matter the most to people, to redesign policy content from a more multidimensional perspective, to realign policy practice across government silos, and to reconnect people with the public institutions that serve them.
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  • 2
    Online Resource
    Online Resource
    Paris : OECD
    ISBN: 9789264728455
    Language: English
    Pages: 1 Online-Ressource (247 Seiten) , Illustrationen
    Series Statement: PISA 2018 results / OECD volume 4
    Series Statement: PISA
    Series Statement: PISA 2018 results
    Parallel Title: Erscheint auch als PISA 2018 results ; volume 4: Are students smart about money?
    DDC: 330
    Keywords: Education ; Finance and Investment ; Graue Literatur
    Abstract: The OECD Programme for International Student Assessment (PISA) examines what students know in reading, mathematics and science, and what they can do with what they know. It provides the most comprehensive and rigorous international assessment of student learning outcomes to date. Results from PISA indicate the quality and equity of learning outcomes attained around the world, and allow educators and policy makers to learn from the policies and practices applied in other countries. This is one of six volumes that present the results of the PISA 2018 survey, the seventh round of the triennial assessment. Volume IV, Are Students Smart about Money?, examines 15-year-old students’ understanding about money matters in the 20 countries and economies that participated in this optional assessment.
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  • 3
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: 1 Online-Ressource (circa 64 Seiten) , Illustrationen
    Series Statement: OECD environment policy paper no. 16
    Series Statement: OECD Environment Policy Papers no.16
    Series Statement: Case study
    Keywords: Environment ; Amtsdruckschrift ; Graue Literatur
    Abstract: Embracing new technologies that could enable drastic reductions in GHG emissions will be key to delivering low-emissions pathways for growth, but it is not always obvious what the big breakthroughs will look like. This report looks at how blockchain technology can be applied to support sustainable infrastructure investment that is aligned with climate change objectives. It focuses on three key points: the financing of infrastructure initiatives, the creation of visibility and alignment of climate action, and the provisioning of awareness and access for institutions and consumers.
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  • 4
    Language: English
    Pages: 1 Online-Ressource (circa 73 Seiten) , Illustrationen
    Series Statement: OECD environment working papers no. 147
    Keywords: Environment ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper presents the potential benefits and challenges of enhanced international co-ordination on carbon pricing and outlines the different types and levels of co-ordination that are available for national and sub-national governments. These levels include, inter alia, facilitating new pricing schemes, phasing out inefficient fossil fuel subsidies, sectoral approaches, co-ordination on minimum carbon prices and carbon pricing clubs. Jurisdictions may want to adopt several of these options simultaneously and may co-ordinate at multiple levels of government or across countries and sectors. This creates a bottom-up ‘web of carbon pricing schemes’, which can be an important element in delivering the Nationally Determined Contributions of the Paris Agreement and which has the potential to support greater levels of climate action and ambition.
    Note: Zusammenfassung in französischer Sprache
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  • 5
    Language: English
    Pages: 1 Online-Ressource (circa 53 Seiten) , Illustrationen
    Series Statement: OECD environment working papers no. 148
    Keywords: Environment ; Amtsdruckschrift ; Graue Literatur
    Abstract: Climate change and outdoor air pollution are two of the most challenging environmental issues that modern society faces. These challenges are strongly linked through their emission sources, the sectors they affect and the policies that can be implemented to reduce emissions. They also interact in the way they affect economic growth in the coming decades, although this aspect has been neglected in the literature. This paper presents the first global analysis of the joint economic consequences of climate change and outdoor air pollution to 2060, in the absence of new policies to address these challenges. A common methodology and a consistent modelling framework is used to specify the main economic interaction effects. While this paper provides a useful framework to analyse the interactions between two environmental issues in the economic system, the results need to be interpreted carefully, because of limited data availability.
    Note: Zusammenfassung in französischer Sprache
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  • 6
    Language: English
    Pages: 1 Online-Ressource (circa 94 Seiten) , Illustrationen
    Series Statement: OECD trade and environment working papers 2019, 01
    Keywords: Environment ; Trade ; Amtsdruckschrift ; Graue Literatur
    Abstract: Addressing the relationship between domestic environmental regulations and international trade policies is essential to better understand the need for consistency and complementarity between these areas. The set of trade and environment indicators developed by the OECD aims to provide insights on this relationship by shedding light on topical debates regarding the interactions between trade and environmental policies. Issues covered include: carbon emissions embodied in trade; embodied raw materials in trade; the volume of trade in environmentally-related goods; tariffs on environmentally-related goods; support measures for fossil fuels; enabling policy and regulatory environment for renewable energy; the volume of trade in waste and scrap; and nutrient balances of exported grains. Although initial insights are provided for these indicators, no detailed analyses is developed at this stage. Rather, these indicators are building blocks to analyse, for instance, the determinants of identified trends or to allow for a better understanding of the issues at hand. Possible avenues for further policy-relevant investigations using the indicators are identified and discussed for each topic covered.
    Note: Zusammenfassung in französischer Sprache
    URL: Volltext  (lizenzpflichtig)
    URL: Volltext  (lizenzpflichtig)
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  • 7
    Language: English
    Pages: 1 Online-Ressource (circa 64 Seiten) , Illustrationen
    Series Statement: OECD environment policy paper no. 17
    Series Statement: OECD Environment Policy Papers no.17
    Series Statement: Case study
    Keywords: Environment ; Amtsdruckschrift ; Graue Literatur
    Abstract: The investment choices we make in the coming years will either lock-in a climate-compatible, inclusive growth pathway, or a high-carbon, inefficient and unsustainable pathway for decades to come. Cities and regions, responsible for 60% of public investment in OECD countries, are significant contributes to spending and investment related to climate. With high levels of inequalities in many cities, the success of the transition will depend on the ability of local governments to engage in a “just” transition. This paper focuses on how national and sub-national governments can align subnational financial flows to transition towards low-carbon, resilient and inclusive cities. The paper is a contribution from the OECD Champion Mayors for Inclusive Growth initiative and to the OECD Programme on Subnational Finance and Investment.
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  • 8
    Language: English
    Pages: 1 Online-Ressource (circa 66 Seiten) , Illustrationen
    Series Statement: OECD environment policy paper no. 18
    Series Statement: OECD Environment Policy Papers no.18
    Series Statement: Case study
    Keywords: Environment ; Brazil ; South Africa ; Amtsdruckschrift ; Graue Literatur
    Abstract: National development banks (NDBs) and development finance institutions – domestically focused, publicly owned financial institutions with a specific development mandate – are poised to play a role in bridging the investment gap for climate-compatible infrastructure in developing countries. But delivering on the Paris Agreement will require NDBs to transition from their traditional role as ‘financer’ to ‘mobiliser’ of investment for infrastructure, and to be better recognised in the international climate and development finance landscape. This paper highlights the role of NDBs drawing from case studies of the Brazilian Banco Nacional de Desenvolvimento Econômico e Social and the Development Bank of Southern Africa. As such, it provides important impetus to the international discourse on decisive climate action.
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  • 9
    Online Resource
    Online Resource
    Paris : OECD
    ISBN: 9789264302549
    Language: English
    Pages: 1 Online-Ressource (179 Seiten) , Diagramme
    Series Statement: Multi-Dimensional Review of Panama volume 2
    Series Statement: OECD Development Pathways
    Series Statement: Multi-dimensional review of Panama
    Parallel Title: Erscheint auch als Multi-dimensional review of Panama ; Volume 2: In-depth analysis and recommendations
    Parallel Title: Erscheint auch als Multi-dimensional review of Panama ; Volume 2: In-depth analysis and recommendations
    Keywords: Panama Economic conditions ; Panama Economic policy ; Congresses ; Panama Social conditions ; Congresses ; Panama Economic policy ; Electronic books ; Education ; Finance and Investment ; Governance ; Taxation ; Development ; Economics ; Panama
    Abstract: Panama has achieved socio-economic improvements in recent decades thanks to strong economic growth and consequent poverty reduction. Its growth model is characterised by a dual economy in which a small number of activities, including those related to the Canal and Special Economic Zones, have exhibited high productivity growth but limited job creation. Panama should now embark on a new reform agenda to become a sustainable and inclusive high-income country. This report urges greater productivity in sectors that contribute to job formalisation to reduce disparities in income and among regions. As developing these policies requires further resources, taxation system and private sector involvement through public-private partnerships should also be reinforced. Focusing on skills and jobs, regional development and development financing, the volume provides analysis and recommendations on three areas which are key for Panama.
    URL: Volltext  (lizenzpflichtig)
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  • 10
    ISBN: 9789264062382 , 9789264085169 , 9789264298804
    Language: English
    Pages: 1 Online-Ressource (454 Seiten) , Diagramme
    Parallel Title: Erscheint auch als Atkinson, Giles, 1969 - Cost benefit analysis and the environment
    RVK:
    Keywords: Kosten-Nutzen-Analyse ; Umweltökonomik ; Environment ; Governance ; Economics ; Kosten-Nutzen-Analyse ; Umweltökonomik ; Kosten-Nutzen-Analyse ; Umweltökonomie
    Abstract: This book explores recent developments in environmental cost-benefit analysis (CBA). This is defined as the application of CBA to projects or policies that have the deliberate aim of environmental improvement or are actions that affect, in some way, the natural environment as an indirect consequence. It builds on the previous OECD book by David Pearce et al. (2006), which took as its starting point that a number of developments in CBA, taken together, altered the way in which many economists would argue CBA should be carried out and that this was particularly so in the context of policies and projects with significant environmental impacts. It is a primary objective of the current book not only to assess more recent advances in CBA theory but also to identify how specific developments illustrate key thematic narratives with implications for practical use of environmental CBA in policy formulation and appraisal of investment projects. Perhaps the most significant development is the contribution of climate economics in its response to the challenge of appraising policy actions to mitigate (or adapt to) climate change. Work in this area has increased the focus on how to value costs and benefits that occur far into the future, particularly by showing how conventional procedures for establishing the social discount rate become highly problematic in this intergenerational context and what new approaches might be needed. The contribution of climate economics has also entailed thinking further about uncertainty in CBA, especially where uncertain outcomes might be associated with large (and adverse) impacts.
    URL: Volltext  (kostenfrei)
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  • 11
    Language: English
    Pages: 1 Online-Ressource (circa 47 Seiten) , Illustrationen
    Series Statement: OECD working papers on sovereign borrowing and public debt management no. 8
    Keywords: government insurance programmes ; fiscal risk ; contingent liabilities ; public private partnerships ; public debt management ; government credit guarantees ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: Contingent liabilities are major sources of fiscal risks due to the uncertain financial commitments they involve. Their effective management, therefore, is essential for increasing stability and predictability in public finance. This paper explores the role of public debt managers in contingent liability management based on the results of a background OECD survey and the information provided by seven task force countries. The results indicate that there are certain roles and responsibilities assumed by the public debt managers in this field, while the degree of involvement differs widely across countries. We also observed that the debt management offices’ (DMOs) involvement is more prominent in the management of government credit guarantees, while contingent liabilities arising from Public Private Partnerships (PPPs) and government sponsored insurance programmes appear to be outside the domain of public debt managers in most cases. Drawing on leading country practices and lessons from the past, this paper advises public debt managers on possible motives and areas of involvement.
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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  • 12
    Language: English
    Pages: 1 Online-Ressource (circa 48 Seiten) , Illustrationen
    Series Statement: OECD development co-operation working paper 32
    Series Statement: OECD Development Co-operation Working Papers no.32
    Keywords: Entwicklungshilfe ; Privatwirtschaft ; Entwicklung ; Entwicklungsländer ; Finance and Investment ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: This Working Paper provides an analytical framework of development co-operation for private sector development (PSD) and a measurement to capture relevant Official Development Finance (ODF). PSD is defined as development co-operation which addresses relevant policies and institutions, market functioning and enterprise resources. It aims to improve the investment climate and productive capacity of the local private sector—particularly of small- and medium-sized enterprises—including through developing physical infrastructure. The analysis shows that development partners disbursed roughly a third of total ODF each on helping improve the investment climate, productive capacity, and physical infrastructure. For the investment climate, large amounts were allocated to macro-economic stability and public governance. To boost productive capacity, support to financial services – particularly to commercial banks that on-lend to SMEs and investments in equity funds – was particularly high. Finally, for physical infrastructure, about half the ODF went to transport, particularly roads, and a third to energy.
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  • 13
    Language: English
    Pages: 1 Online-Ressource (circa 26 Seiten) , Illustrationen
    Series Statement: OECD development co-operation working paper 33
    Series Statement: OECD Development Co-operation Working Papers no.33
    Keywords: Entwicklungshilfe ; Transparenz ; Schwellenländer ; Südafrika ; China ; Finance and Investment ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: This paper shows that development co-operation from emerging providers – i.e. countries beyond the OECD Development Assistance Committee (DAC) – significantly increased in recent years, reaching 17% of total global development co-operation in 2014. It also presents a rough estimate, of USD 300 billion, of broader international co-operation by emerging providers and it sets out what types of instruments are used to provide this broader international co-operation. Very little is known about broader international co-operation by emerging providers and the scarce information that is available on different countries cannot be compared. This paper concludes that more information on, and a global measure of, international co-operation for development are needed to enable developing countries to manage the external support they receive and to enable further analysis of the increasingly important role that emerging providers play in developing countries.
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  • 14
    Language: English
    Pages: Online-Ressource (25 S.) , graph. Darst.
    Series Statement: OECD environment working papers 88
    Keywords: Elektrizität ; Energiesteuer ; Steuervergünstigung ; Wettbewerb ; Ökosteuer ; Deutschland ; Environment ; Germany ; Arbeitspapier ; Graue Literatur
    Abstract: Proposals to increase environmentally related taxes are often challenged on competitiveness grounds. The concern is that value creation in certain sectors might decline domestically if a country introduces environmentally related taxes unilaterally. Furthermore, environmental goals might not be reached if pollution shifts abroad. A competing view argues that properly implemented environmentally related taxes foster innovation, thereby boosting productivity and competitiveness. Empirical research is needed to gain insight into the strength of these various effects. This paper provides evidence on the short-term competitiveness impacts of the German electricity tax introduced unilaterally in 1999. Germany’s manufacturing sector uses significant amounts of electricity, and to counteract potential negative effects on competitiveness, relief was provided: firms using more electricity than specified thresholds benefitted from reduced electricity tax rates. The tax reduction amounted up to EUR 14.6 per megawatt hour, about 80% of the full tax rate. When measured as an effective rate on the carbon content in the average unit of electricity, the electricity tax translates into EUR 44.4 per tonne of carbon dioxide, indicating the magnitude of the tax. The econometric analysis – a regression discontinuity design – shows no robust effects in either direction of the reduced electricity tax rates on firms’ competitiveness. Firms subject to the full tax rates, but otherwise similar to firms facing reduced rates, did not perform worse in terms of turnover, exports, value added, investment and employment. The analysis questions the relevance of the tax reduction for competitiveness reasons and suggests that it could be gradually removed. The energy use threshold, above which a reduced tax rate applies, could be raised over time and competitiveness impacts monitored.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
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  • 15
    Language: English
    Pages: Online-Ressource (49 S.) , graph. Darst.
    Series Statement: OECD environment working papers 91
    Keywords: 2013 ; Rohstoffversorgung ; Kritische Metalle ; Kreislaufwirtschaft ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Raw materials are essential for the global economy and future development depends on their continued supply. Like fossil fuels, minerals are non-renewable. In general, their deposits in the Earth’s crust are also geographically clustered, making security of supply a potential risk. In many cases, the exhaustion of economically competitive minerals deposits in industrialized countries has made supplies increasingly dependent on the political stability of mineral-rich emerging economies. At the same time, increasing demand from these emerging markets, new technologies that require large amounts of rare minerals , low substitutability in applications and low rates of recycling have made economies more vulnerable to potential supply disruptions. Consequently policy-makers in several OECD countries and regions have developed reports that assess the vulnerability of their respective economies to disruptions in the supply of minerals. A common aim of many of these studies is the identification of a list of so-called ‘critical minerals’, defined as minerals for which the risk of disruptions in supply is relatively high and for which supply disruptions will be associated with large economic impacts.
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  • 16
    Language: English
    Pages: Online-Ressource (29 S.) , graph. Darst., Kt.
    Series Statement: OECD environment working papers 96
    Keywords: Ballungsraum ; Luftverschmutzung ; Suburbanisierung ; Bayes-Statistik ; Europa ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper investigates the relationship between local air pollution and urban structure with an emphasis on urban fragmentation. Using a unique dataset of 249 Large Urban Zones (LUZ) across Europe, a Bayesian Model Averaging selection method is employed to empirically identify the determinants of within-LUZ concentration of three air pollutants: NO2, PM10 and SO2 for the year 2006. Several indices of land use are considered among possible determinants. These are supplemented by a dataset on various economic, demographic and meteorological variables that can explain the variation of air pollution. The results of this econometric analysis support the hypothesis that urban structure has significant effects on pollution concentration. In particular, they suggest that fragmented urban areas experience higher concentrations of NO2 and PM10 and that densely populated urban areas suffer from higher SO2 concentration. The findings suggest that policies favouring continuous urban areas may result in environmental improvements.
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  • 17
    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 18
    Keywords: Öffentliches Unternehmen ; Anti-Korruption ; Corporate Governance ; Südafrika ; Finance and Investment ; Governance ; South Africa ; Arbeitspapier ; Graue Literatur
    Abstract: This report aims to provide an overview of business integrity and anti-bribery legislation, policies and practices applicable to state-owned enterprises (SOEs) operating across the Southern African Development Community (SADC) region. Part 1 provides a rationale for considering the impact that corruption-prevention and business integrity measures have had in some jurisdictions, based on available academic literature on this subject. Part 2 summarises the framework in seven SADC countries for combating corruption and for encouraging responsible business practices. It also focuses on the application of this framework to SOEs by governments, as well as measures taken by SOEs to limit their exposure to the risks of corruption. The report was undertaken on behalf of the OECD Network on Corporate Governance of State-Owned Enterprises in Southern Africa and is based on voluntary responses to a questionnaire and supplemented with desk research.
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  • 18
    Language: English
    Pages: Online-Ressource (32 S.) , graph. Darst.
    Series Statement: OECD environment working papers 85
    Keywords: Umweltschutz ; Ausschreibung ; Umweltkosten ; Victoria (Staat) ; Australien ; Environment ; Australia ; Arbeitspapier ; Graue Literatur
    Abstract: A striking variety of policy instruments are used in Victoria, Australia to achieve conservation objectives. These include highly active voluntary programmes, a variety of conservation grants, and a reverse auction for the provision of ecosystem services, known as EcoTender. An open question regarding such payments for ecosystem services (i.e. grants and tenders) is whether they achieve ‘additionality.’ That is, do they lead to conservation above the status quo? Critics of these instruments allege that the majority of funds for such programmes are merely paying individuals for conservation work they are already doing. A related concern is that monetary incentives for conservation may skew landowners’ motives more towards monetary concerns, and erode nature conservation values. The practical implication of this ‘moral crowding out’ is that, if funding is ever suspended for conservation grants or EcoTenders, then conservation may decline below its original, pre-programme level. To investigate both of these concerns, a telephone survey was conducted with 266 farmers in Victoria. Analysis of the data suggests that there is a strong correlation between stated levels of own-property conservation effort and activity in local volunteer groups, as well as having received a conservation grant or tender. However, this does not address the additionality question, because landowners already engaged in such efforts may be more likely to be awarded grants or tenders. This presents an endogeneity problem. While panel data are ultimately necessary to answer this question definitively, application of instrumental variables methods provides some insight. The methods imply that grants and tenders may achieve ‘additionality’ only when they reach those otherwise uninvolved with conservation programmes, in particular those not volunteering. This suggests that conservation tenders can improve their cost-effectiveness by increasing participation among those not already volunteering in other conservation programmes. Meanwhile, there is fairly strong evidence in the data for the potential for moral-crowding-out; tender or grant receipt appears to shift stated motivations towards more monetary concerns. However, the practical implications of this finding – that is, whether this erosion of attitudes translates in blunted conservation efforts – remain unknown.
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  • 19
    Language: English
    Pages: Online-Ressource (55 S.) , graph. Darst.
    Series Statement: OECD environment working papers 86
    Keywords: 2012 - 2020 ; Verteilungswirkung ; Haushaltseinkommen ; Fossile Energie ; Subvention ; CGE-Modell ; Indonesien ; Environment ; Indonesia ; Arbeitspapier ; Graue Literatur
    Abstract: This report develops an analytical framework that assesses the macroeconomic, environmental and distributional consequences of energy subsidy reforms. The framework is applied to the case of Indonesia to study the consequences in this country of a gradual phase out of all energy consumption subsidies between 2012 and 2020. The energy subsidy estimates used as inputs to this modelling analysis are those calculated by the International Energy Agency, using a synthetic indicator known as “price gaps”. The analysis relies on simulations made with an extended version of the OECD’s ENV-Linkages model. The phase out of energy consumption subsidies was simulated under three stylised redistribution schemes: direct payment on a per household basis, support to labour incomes, and subsidies on food products. The modelling results in this report indicate that if Indonesia were to remove its fossil fuel and electricity consumption subsidies, it would record real GDP gains of 0.4% to 0.7% in 2020, according to the redistribution scheme envisaged. The redistribution through direct payment on a per household basis performs best in terms of GDP gains. The aggregate gains for consumers in terms of welfare are higher, ranging from 0.8% to 1.6% in 2020. Both GDP and welfare gains arise from a more efficient allocation of resources across sectors resulting from phasing out energy subsidies. Meanwhile, a redistribution scheme through food subsidies tends to create other inefficiencies. The simulations show that the redistribution scheme ultimately matters in determining the overall distributional performance of the reform. Cash transfers, and to a lesser extent food subsidies, can make the reform more attractive for poorer households and reduce poverty. Mechanisms that compensate households via payments proportional to labour income are, on the contrary, more beneficial to higher income households and increase poverty. This is because households with informal labour earnings, which are not eligible for these payments, are more represented among the poor. The analysis also shows that phasing out energy subsidies is projected to reduce Indonesian CO2 emissions from fuel combustion by 10.8% to 12.6% and GHG emissions by 7.9% to 8.3%, in 2020 in the various scenarios, with respect to the baseline. These emission reductions exclude emissions from deforestation, which are large but highly uncertain and for which the model cannot make reliable projections.
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  • 20
    Language: English
    Pages: Online-Ressource (92 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 17
    Keywords: 1970 - 2014 ; Corporate Governance ; Shareholder Value ; Institutioneller Investor ; Japan ; Finance and Investment ; Governance ; Japan ; Arbeitspapier ; Graue Literatur
    Abstract: This research analyses the improvements to corporate governance within Japanese listed companies and the influence of institutional shareholders. Firstly, in order to analyse the external factors that have promoted the recent corporate governance reform, the report starts with an overview of the changes in the Japanese market post 1970s. The main players before the 1990s were the banks, who provided credit to companies as well as being shareholders. Corporate governance in Japan was characterised by the “main bank” system. However, after the “bubble economy” burst in the early 1990s, institutional investors, including domestic pension funds and foreign asset managers, started to have a greater presence. Secondly, the report analyses the recent developments in corporate governance within listed companies. Developments were influenced considerably by institutional shareholders through proxy voting. Further, the report reviews the legislation and relevant rules on corporate governance including the reform of the Companies Act and the Cabinet Office Ordinance on Disclosure of Corporate Information. Thirdly, the report examines the influence of institutional shareholders and their activities towards good corporate governance. In 2009, the “Report by the Financial System Council’s Study Group on the Internationalization of Japanese Financial and Capital Markets” was published and asset managers, such as investment trusts and investment advisory companies, started to disclose policy and results of proxy voting. In February 2014, pursuant to the recommendation of the “Japan Revitalization Strategy 2013”, Japan’s Stewardship Code was published and it is now expected that institutional shareholders play a significant role to engage with investee companies and improve corporate governance within them. The report also analyses the historical changes to practices within shareholder meetings along with examination of the role that institutional shareholders have played in the improvement of corporate governance within Japanese listed companies.
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  • 21
    Language: English
    Pages: Online-Ressource (65 S.) , graph. Darst.
    Series Statement: OECD environment working papers 83
    Keywords: Klimaschutz ; Umweltschutzinvestition ; Öffentliche Ausgaben ; Private Investition ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Quantifying the effect of public interventions aimed at mobilising private finance for climate activities is technically complex and challenging. As a step towards addressing this complexity, the report presents a framework of key decision points for estimating publicly mobilised private finance. This framework outlines different methodological options and choices needed to make these estimates. It assesses trade-offs and implications of these choices in terms of their accuracy, the incentives they provide, their potential to be standardised across entities, and their practicality (data availability, expertise and resource demands). The report further identifies and suggests practical options available in the short-term for estimating mobilised private finance, while underlining the need to provide transparency about underlying definitions, assumptions and limitations. It also recommends longer-term actions to improve these methods, including the need to converge on definitions, to build data systems and to improve and standardise estimation methods. The primary objective of this report is to inform the development of methods to measure in a transparent manner progress towards the fulfilment of the financial commitments made by developed countries in the context of international negotiations under the United Nations Framework Convention on Climate Change. It also aims to encourage careful examination of the links between public interventions and private climate finance. This is to ensure that methods to estimate mobilisation help encourage the efficiency and effectiveness of public interventions aimed at mobilising such finance.
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  • 22
    Language: English
    Pages: Online-Ressource (29 S.) , graph. Darst.
    Series Statement: OECD environment working papers 84
    Keywords: Nachhaltiger Konsum ; Gruppenentscheidung ; Experiment ; Verhaltensökonomik ; Austauschtheorie ; Haushaltsökonomik ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Consumers only occasionally choose to buy sustainable products. At the same time these consumers say in surveys that sustainability is important to them, and that the government should promote sustainable consumption. Most likely, a social dilemma is at play here. Everyone would be better off if we all consume sustainably; but because of the higher prices for sustainable products, there is an incentive for each individual to leave sustainability efforts to others. Government measures to promote sustainable consumption would resolve the social dilemma. But do consumers really want to increase sustainability? This study takes a closer look at public support for sustainable consumption and the associated dilemmas, with the help of a behavioural economics experiment of group decisions. In the experiment, participants had to decide whether they were willing to buy more sustainable varieties of meat or chocolate instead of less sustainable conventional varieties. They actually had to buy the product agreed upon for one week. The results show that a large number of participants, who did not usually buy sustainable products, were willing to commit to buying sustainable products. This gap may partially be explained by ‘conditional cooperation’ phenomena. In addition participants appear insensitive to the size of the collective benefit. However, the participants in our experiment seem to have difficulties to force others to buy sustainable products. They seem to be caught in a moral dilemma in which they weigh the feel-good effect of contributing to a collective good against the higher individual costs of buying sustainable products and forcing others to do so. Also we found that the preference of the participants for, or dislike of, a measure beforehand did not say much about their appreciation of the measure afterwards. Based on the results we draw the following policy conclusions. Since consumers do not always act in accordance with their values, the presently low market shares of sustainable products do not adequately reflect consumer support for government policy to promote sustainable consumption. To stimulate consumption of sustainable products, it may be useful to emphasize the feel-good effect (‘warm glow’) of individual contributions to sustainability. Furthermore, the government could make use of the fact that most consumers are ‘conditionally cooperative’, e.g. by convincing individual consumers that enough others are switching to sustainable products, too. In this context, it appears that consumers prefer ‘soft’ incentive measures (e.g. subsidies) over ‘hard’ restrictive regulations, even if their individual financial benefit from the former will be smaller. The freedom of choice is apparently worth it. However, rules and regulations, even in the form of bans of less sustainable product varieties, can be acceptable and more effective – as long as the government takes the lead in setting up these rules and regulations.
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  • 23
    Language: English
    Pages: Online-Ressource (58 S.) , graph. Darst.
    Series Statement: OECD environment working papers 89
    Keywords: Umwelttechnik ; Innovation ; Patent ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper refines indicators to measure innovation in environment-related technologies, drawing on recent methodological advances that allow a more accurate assessment of environment-related innovation in a broader range of countries and covering a greater variety of the relevant technologies. Three indicators are discussed in the paper: an indicator of technology development (a measure of inventive activity) in over 80 specific environmental technologies; an indicator of international collaboration in technology development (a measure of co-invention); and an indicator of technology diffusion (a measure of market protection). These indicators provide a range of tools for assessing innovative performance in country and policy studies. The indicators are based on patent data because they have a number of attractive properties compared to other alternatives: they are widely available, quantitative, commensurable, output-oriented and capable of being disaggregated – an important advantage when analysing environmental technologies. At the same time, not all innovations or inventions are patented, and measuring the number of patents by itself does not provide an indication of their relative importance and impact. Techniques have been developed to overcome these limitations, yet it is important to carefully interpret patent-based indicators.
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  • 24
    Language: English
    Pages: Online-Ressource (47 S.) , graph. Darst.
    Series Statement: OECD environment working papers 92
    Keywords: Treibhausgas-Emissionen ; Kosten-Nutzen-Analyse ; Klimapolitik ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Cost-benefit analyses and other quantitative appraisals are used in many countries to support decision-making in different areas of public policy, including many investment projects in sectors such as transport and energy. These decisions can have significant effects – either negative or positive – on future emissions of carbon dioxide and other greenhouse gases and it is important whether, and how, countries incorporate estimates of the marginal value of changes in carbon dioxide emissions into these analyses. This paper discusses the range of approaches which can be employed to value changes in carbon emissions in policy appraisals, setting out the key issues in the choice of valuation principles, and presents some case studies and a survey of current practice in OECD countries.
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  • 25
    Language: English
    Pages: Online-Ressource (26 S.) , graph. Darst., Kt.
    Series Statement: OECD environment working papers 93
    Keywords: Ökosystem ; Artenvielfalt ; Wirtschaftswissenschaft ; Welt ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: The topic of biodiversity loss has been the subject of a vast and growing scientific and economic literature. Species are estimated to be going extinct at rates 100 to 1000 times faster than in geological times. Globally, terrestrial biodiversity is projected to decrease by a further 10% by 2050. As with biodiversity, the planet has also experienced major losses in the services derived from ecosystems. During the last century, for example, the planet has lost 50% of its wetlands, 40% of its forests and 35% of its mangroves. Around 60% of global ecosystem services have been degraded in just 50 years. While there is a large and growing literature on the values associated with the services that ecosystems provide, much less has been done in analysing the causality in the other direction – i.e. in assessing the linkages from changes in ecosystem services to the functioning of the economy. This report contributes to an effort to identify environmental pressures under different structural and environmental policy assumptions and the associated damages that will result under different economic scenarios to 2050. Based on these it aims, inter alia, to examine how the environmental pressures may affect economic growth paths. This report contributes to that goal by looking at the consequences of the loss of biodiversity and ecosystem services. It does so by reviewing the main findings in the literature and key issues involved in the valuation of biodiversity and ecosystems services, as well as key issues involved in linking loss of biodiversity and ecosystems services to economic activity. The report finishes by identifying the main opportunities and obstacles in including biodiversity and eco-system services into a dynamic general equilibrium framework.
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  • 26
    Language: English
    Pages: Online-Ressource (34 S.) , graph. Darst., Kt.
    Series Statement: OECD environment working papers 95
    Keywords: Stadtstruktur ; Städtische Flächennutzung ; Zufriedenheit ; Frankreich ; Japan ; Niederlande (Nord) ; Spanien ; Schweden ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Building on the OECD’s Better Life Initiative and new work using geospatial analysis, this paper investigates how reported life satisfaction relates to some of the urban structure indicators. To this end, it merges OECD household survey data with urban structure data from OECD’s Metropolitan Database, which includes a number of city-level indicators such as population and road density, as well as localised measures of land-use. The merged data permit analysis for five countries: France, Japan, the Netherlands, Spain and Sweden. The findings from this analysis provide some evidence of a trade-off between home size and distance to the city centre, although the statistical power of this effect is relatively weak. Interestingly, regression analysis suggests that overall city-level compactness has a clear negative relationship with life satisfaction, regardless of whether individuals live in the urban core or in peri-urban areas. Land-use fragmentation is also found to have a negative relationship with individuals’ life satisfaction. These general patterns are for the most part robust to various statistical tests. They also hold when econometric analysis is conducted at the country level. Residents of cities with greater levels of centralisation – i.e. a greater share of the population living in the city centre – exhibit measurably lower levels of life satisfaction. A naïve interpretation of this result would suggest that anti-sprawl policies do not in fact improve overall welfare. This study does not support this conclusion. It does, however, give cause for consideration before accepting ‘win-win’ arguments for ‘smart growth,’ often brought forward to support increasingly concentrated, high-density development. The evidence presented here suggests that such policies are not without their welfare trade-offs, and that there will be winners and losers from their implementation. While high-density policies can clearly make a positive contribution to reducing local and global environmental externalities, many of these benefits are deferred and may largely accrue to future generations. A key general lesson from this study is that compensation of the losers may improve the equity effects of these policies, as well as prove more expeditious from a political economy perspective. One of the simplest approaches to compensation would be to balance pecuniary incentives for smart growth, such as higher development taxes or fees, with compensatory policies, such as subsidies or tax or fee offsets in other domains. The main policy conclusion from this study is that smart growth policies should include distributional analysis and recommendations for addressing concerns about inequalities flowing from the scoping and implementation of policies.
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  • 27
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (60 S.) , graph. Darst.
    Series Statement: OECD environment working papers 97
    Keywords: Umweltpolitik ; Kosten-Nutzen-Analyse ; Umweltverträglichkeit ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: While the basic principles of cost-benefit analysis (CBA) are long-standing, the challenges entailed in applying these principles are constantly evolving. This paper reviews recent developments in environmental CBA since the publication of an OECD volume on this topic by Pearce et al. (2006). The character and direction of these developments also evolves over time and the current review reflects this process.
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  • 28
    Language: English
    Pages: Online-Ressource (33 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 39
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Long-term savings and investments (LTSI) by individuals enhances their financial security while also supporting growth and financial development. Evidence shows that financial knowledge and skills are positively related to LTSI behaviour, and indicates a strong correlation between levels of financial literacy and retirement wealth accumulation. However, both the quantity and quality of LTSI are often worryingly low, pointing to an important role for financial education to increase levels of financial literacy and thus improve LTSI among individuals. Evaluations of various types of financial education aimed at increasing LTSI have identified some promising results. Initial findings suggest the need for additional, targeted evaluation of education programmes to compare the effects of different delivery channels and the intensity of provision in order to identify optimal approaches. More detailed research is also important to fully understand why some evaluations indicate mixed outcomes from certain programmes.
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  • 29
    Language: English
    Pages: Online-Ressource (36 S.) , graph. Darst.
    Series Statement: OECD environment working papers 87
    Keywords: Wettbewerb ; EU-Emissionshandel ; Politikfeldanalyse ; Ökosteuer ; EU-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Concerns around potential losses of competitiveness as a result of unilateral action on carbon pricing are often central for policy makers contemplating the introduction of such instruments. This paper is a review of literature on ex post empirical evaluations of the impacts of carbon prices on indicators of competitiveness as employed in the literature, including employment, output or exports, at different levels of aggregation.
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  • 30
    Language: English
    Pages: Online-Ressource (107 S.) , graph. Darst.
    Series Statement: OECD environment working papers 90
    Keywords: 2011 - 2020 ; Agrarpolitik ; Umweltbewertung ; Artenschutz ; Umweltökonomik ; Ökosystem ; OECD-Staaten ; Agriculture and Food ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper reviews a number of OECD data sources to examine their potential for establishing indicators which can contribute to monitoring progress towards two of the 2011-2020 Aichi Biodiversity Targets under the Convention on Biological Diversity (CBD), namely Target 3 on Incentives and Target 20 on Resource Mobilisation. Aichi Target 3 refers to the need to eliminate, phase out, or reform incentives, including subsidies, harmful to biodiversity and to develop and apply positive incentives for the conservation and sustainable use of biodiversity. Aichi Target 20 refers to the need to substantially increase the mobilisation of financial resources from all sources to effectively implement the Strategic Plan for Biodiversity 2011-2020. The objectives of this work were twofold, namely to (a) identify the indicator needs to monitor progress towards these two targets, and (b) examine to what extent existing relevant OECD datasets and monitoring systems can be used for these purposes, including the types of modifications to data collection methodology or classification that may be useful to better align the data sources with the indicator needs. Within this context, six data sources are reviewed and assessed, and gaps and data limitations as they pertain to the reporting purposes of the CBD are highlighted. Given the caveats that are raised, as well as the upcoming need to assess progress on the achievement of the Aichi Targets in 2020, the analysis here aims to provide policy-makers and negotiators with the information needed to consider whether existing OECD datasets could be used and built upon so as to further develop indicators that are useful for the CBD.
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  • 31
    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD environment working papers 94
    Keywords: Landnutzung ; Umweltverträglichkeit ; Bodenpolitik ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This report provides an overview of spatial and land-use planning systems in OECD countries1 focusing on: (i) the governance systems across countries, (ii) the institutional and legal frameworks for spatial planning, and (iii) the various policy instruments used at different levels of territorial governance to articulate spatial development objectives, manage physical development and protect the environment. The report draws on available academic literature and policy documents. The analysis shows a strong relationship between governance models and authority and competences for spatial planning. Spatial plans at various spatial scales are used to create the preconditions for harmonising socio-economic development goals with environmental protection imperatives. Environmental assessment constitutes another key regulatory instrument. National plans, programmes, regional development and land-use plans as well as sector plans and policies are subjected to Strategic Environmental Assessment. Individual projects resulting from these policy instruments are subjected to Environmental Impact Assessment in most countries. In all countries, environmentally-related permits work together with environmental assessments to ensure that environmental considerations are taken into account in the siting of industrial installations and mega-infrastructure projects that would have significant impacts on the environment. The main challenges associated with environmental assessment in most countries include the political nature of the assessment process, the cost (time and money) of assessment particularly to businesses, limited consultation periods, limited technical capacity of institutions, the endeavour for independence and quality of the assessment and the absence of robust legislative frameworks.
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  • 32
    Language: English
    Pages: Online-Ressource (44 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 38
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Money remitted by international migrants is a major source of income for many countries around the world, exceeding all international development funds combined. Yet individual migrants and their families are often amongst the most vulnerable people in society, and many face significant barriers to the access and use of appropriate financial products. Recognising their importance and vulnerability, some home and host countries are taking measures to support migrant workers and their families and improve their financial literacy; in some cases this occurs within the framework of a national strategy for financial education. In order to increase the extent of such support and to improve international co-operation, this paper seeks to illustrate the key challenges and suggest possible ways forward. The lessons learned will be used by the OECD and its International Network on Financial Education to develop a checklist for policy makers in order to increase the coverage of high-quality financial education for migrants.
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  • 33
    Language: English
    Pages: Online-Ressource (42 S.) , graph. Darst.
    Series Statement: OECD science, technology and industry working papers 2014/01
    Series Statement: OECD science, technology and industry working papers
    Keywords: 2005 - 2010 ; Öko-Produkt ; Risikokapital ; Umweltpolitik ; Vergleich ; OECD-Staaten ; BRICS-Staaten ; Environment ; Finance and Investment ; Science and Technology ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Start-up firms play a crucial role in bringing to the market the innovations needed to move to a greener growth path. Risk finance is essential for allowing new ventures to commercialise new ideas and grow, especially in emerging sectors. Still, very little is known about the drivers and the characteristics of risk finance in the green sector. This paper aims to fill this gap by providing a detailed description of risk finance in the green sector across 29 OECD and BRIICS countries over the period 2005-2010 and identifying the role that policies might have in shaping high-growth investments in this sector. Results are drawn from a comprehensive deal-level database of businesses seeking financing in the green industry combined with indicators of renewable policies and government R&D expenditures. The results suggest that both supply-side policies and environmental deployment policies, designed with a long-term perspective of creating a market for environmental technologies, are associated with higher levels of risk finance relative to more short-term fiscal policies, such as tax incentives and rebates. In addition, when focusing on renewable energy generation, the results confirm the positive association of generous feed-in tariffs (FITs) with risk-finance investment. However in the solar sector excessively generous FITs tend to discourage investment.
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  • 34
    Language: English
    Pages: Online-Ressource (70 S.) , graph. Darst.
    Series Statement: OECD taxation working papers 20
    Keywords: 2012 ; Fahrzeugflotte ; Pendelverkehr ; Geldwerter Vorteil ; Einkommensteuer ; Umweltbelastung ; OECD-Staaten ; Environment ; Taxation ; Transport ; Arbeitspapier ; Graue Literatur
    Abstract: Company cars form a large proportion of the car fleet in many OECD countries and are also influential in determining the composition of the wider vehicle fleet. When employees provided with a company car use that car for personal purposes, personal income tax rules value the benefit in a number of different ways. How accurate these rules are in valuing the benefit has important implications for tax revenue, the environment and other social impacts such as congestion. This paper outlines the tax treatment of company cars and commuting expenses in 27 OECD countries and one partner country. It compares these tax settings with a stylised “benchmark” tax treatment that estimates the full value of the benefit received by employees with company vehicles. The paper demonstrates that the estimated tax expenditures associated with company car taxation in these countries in 2012 can be quite considerable. Significantly, from an environmental perspective, in most countries employees faced no additional increase in tax payable in response to an increase in the assumption of distance driven.
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  • 35
    Language: English
    Pages: Online-Ressource (34 S.) , graph. Darst.
    Series Statement: OECD science, technology and industry working papers 2014/03
    Series Statement: OECD science, technology and industry working papers
    Keywords: 2005 - 2011 ; Förderung erneuerbarer Energien ; Auslandsinvestition ; Erneuerbare Energie ; Energiewirtschaft ; Portfolio-Management ; Übernahme ; Energy ; Environment ; Finance and Investment ; Science and Technology ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The study assesses the role of feed-in tariffs (FITs) and renewable energy certificates (RECs) in creating incentives for cross-border investments and for investments in particular technological portfolios via M&A. The analysis explores the dataset on M&As in alternative energy sources worldwide over 2005-2011. The results suggests that FITs encourage more diversified M&A than RECs. With respect to foreign investment, the study finds a linear relationship between FITs and cross-border M&As in the wind energy sector, but an inverted U-shaped relationship in the solar energy sector. One possible explanation for the latter may lie in reduced policy credibility due to the public finance implications of ‘generous’ FITs. Another possible explanation for this finding concerns the use of high solar FITs by countries whose natural conditions provide little comparative advantage in solar energy, suggesting that low profitability and limited potential of solar energy in those countries might have deterred the entry of foreign investors.
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  • 36
    Language: English
    Pages: Online-Ressource (75 S.)
    Series Statement: OECD working papers on international investment 2014/03
    Series Statement: OECD working papers on international investment
    Keywords: investor-state dispute settlement ; foreign investment ; derivative action ; separate legal personality ; reflective loss ; investment treaties ; stockholders ; consistency of arbitral decisions ; access to justice ; shareholder claims ; international economic law ; overlapping claims ; shareholder rights ; creditors ; bilateral investment treaties ; related claims ; international arbitration ; comparative law ; creditors’ rights ; treaty shopping ; arbitrators ; international investment law ; settlement ; concurrent claims ; international investment ; reflective injury ; business corporations ; domestic impact of investment law ; investment arbitration ; stockholder remedies ; consistency ; competitive neutrality ; agency costs ; derivative loss ; corporate law ; international investment agreements ; judicial economy ; derivative injury ; shareholders ; shareholder remedies ; level playing field ; company law ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: Advanced systems of domestic corporate law generally apply a “no reflective loss” principle to shareholder claims. Shareholder claims are permitted for direct injury to shareholder rights (such as voting rights). But shareholders generally cannot bring claims for reflective loss incurred as a result of injury to "their" company (such as loss in value of shares). Only the directly-injured company can claim. In contrast, shareholder claims for reflective loss have consistently been permitted under typical bilateral investment treaties (BITs) in recent years. This paper analyses investment treaty provisions relating to shareholder claims. It addresses (i) treaty regimes for shareholder recovery and company recovery of damages, including their consequences for investor protection and government liability; (ii) the interaction of reflective loss claims with treaty provisions that seek to limit multiple claims; and (iii) treaty provisions applicable to government objections to shareholder claims for reflective loss.
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  • 37
    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 13
    Keywords: Öffentliches Unternehmen ; Organisatorischer Wandel ; Übernahme ; Corporate Governance ; Kapitalmarkttheorie ; Wirtschaftspolitik ; SADC-Staaten ; Finance and Investment ; Governance ; South Africa ; Arbeitspapier ; Graue Literatur
    Abstract: This report is the first known stocktaking of its kind to provide a regional overview of state-owned enterprise (SOE) governance reforms and challenges across the Southern African Development Community (SADC) region. Part One summarises the challenges and governance practices related to state-ownership across SADC economies; it draws conclusions on how to address common regional priorities. Part Two of the report is organised around country profiles providing a fact-based assessment of SOE reform policies and practices in 14 economies. The report was prepared at the request of the Southern Africa Network on Governance of State-Owned Enterprises – a regional cooperation initiative aimed at improving the corporate governance of SOEs, and mainly covering the member economies of the SADC region. The stocktaking was prepared based on information self-reported by authorities in participating economies and supplemented by desk research.
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  • 38
    Language: English
    Pages: Online-Ressource (21 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 37
    Keywords: Finanzintermediation ; Geldpolitik ; Geldsubstitut ; Goldstandard ; Vertrauen ; Bargeldloser Zahlungsverkehr ; Virtuelle Währung ; Payment technology ; Plenary power ; Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the ‘currency’ issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can’t undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised.
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  • 39
    Language: English
    Pages: Online-Ressource (43 S.) , graph. Darst.
    Series Statement: OECD environment working papers 65
    Keywords: Klimawandel ; Längsschnittanalyse ; Allgemeines Gleichgewicht ; Makroökonometrie ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This document provides a detailed technical description of the ENV-Linkages model. The OECD ENV-Linkages Computable General Equilibrium (CGE) model is an economic model that describes how economic activities are inter-linked across several macroeconomic sectors and regions. It links economic activity to environmental pressure, specifically to emissions of greenhouse gases (GHGs). The links between economic activities and emissions are projected for several decades into the future, and thus shed light on the impacts of environmental policies for the medium- and long-term future. In this paper specific attention is given to the equations that form the core of the model. The version of the model presented here is used for analysis carried out for the OECD Environmental Outlook to 2050 (OECD, 2012). An updated version of the model is expected to play a key role in the new CIRCLE project (OECD, 2013).
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  • 40
    Language: English
    Pages: Online-Ressource (70 S.) , graph. Darst.
    Series Statement: OECD environment working papers 69
    Keywords: Klimawandel ; Umweltschutzinvestition ; Private Investition ; Schätzung ; Datenerhebung ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: The paper reviews a number of commercial and public data sources to examine their potential for increasing coverage and understanding of the volume and characteristics of private climate finance beyond renewable energy projects. Such information is needed to assess progress towards the global transition to low-carbon, climate-resilient economies, as well towards the fulfilment of international commitments by developed countries under the United Nations Framework Convention on Climate Change. The data sources investigated in this analysis are evaluated across four areas relating to their: (i) use of sectoral classification systems; (ii) coverage of private finance transactions and instruments; (iii) definitions and methods for categorising finance as private and identifying its geographic origin; and (iv) data access restrictions and methodological transparency. To provide a frame of reference, the paper distils corresponding definitions and methodologies used by key known data sources for tracking climatespecific finance as well as investments and finance more broadly...
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  • 41
    Language: English
    Pages: Online-Ressource (50 S.)
    Series Statement: OECD environment working papers 70
    Keywords: Pendelverkehr ; Fahrzeugflotte ; Steuervergünstigung ; Steuerwirkung ; Umweltbewusstsein ; Nachhaltige Mobilität ; OECD-Staaten ; Environment ; Taxation ; Arbeitspapier ; Graue Literatur
    Abstract: This paper builds upon a recent OECD paper on the personal tax treatment of company cars and commuting expenses in OECD member-countries and aims to arrive at a better understanding of the environmental and related social costs of the tax treatment described therein. The paper begins with an analysis of the larger transport market, which is the primary storehouse of evidence on the nature and extent of the environmental impacts of the various transport modes, the relative importance of the proximate and underlying determinants of these impacts, and the elasticities and functional relationships at work. Non-linearities in the relevant elasticities and functional relationships mean that the tax treatment of company cars may have a greater or lesser impact than is suggested by the size of the company car market. And distortions in relative prices between competing modes in the larger transport market mean that subsidies can have very different impacts depending on the mode in question. The further analysis of the interaction of the current tax treatment of company cars and commuting expenses with the transport market yields several findings. The current under-taxation of company cars is likely to result in a disproportionately large increase in total distance driven, composed of both an increase in the number of cars in use and an increase in distance driven per car. In turn, this is likely to result in disproportionately large impacts on most relevant environmental and related social costs. And a favourable tax treatment of commuting expenses generally, and of employer-paid parking in particular, is likely to impact on the choice of transport mode in favour of the car relative to public transport and non-motorised modes. In turn, this is likely to impact on most relevant environmental and related social costs. An Annex to this paper provides, for the OECD group of countries as a whole, some indicative estimates of the main relevant impacts of the under-taxation of company cars as well as an indicative estimate of its overall social cost. The largest quantified cost elements are additional congestion costs; additional local air pollution costs; and additional traffic accident costs. The overall social cost attributable to the current under-taxation of company cars is estimated at circa EUR 116 billion per year.
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  • 42
    Language: English
    Pages: Online-Ressource (33, III, III S.) , graph. Darst.
    Series Statement: OECD development co-operation working papers 17
    Keywords: Humanitäre Hilfe ; Finance and Investment ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: Better financial preparedness against risk is a central part of a comprehensive approach to disaster management. Risk financing and risk transfer are approaches to planning for risks that cannot be reduced or avoided practically or cost-effectively and may include a strategy and practical measures to ensure the availability of funds for post-disaster relief and reconstruction, commensurate with the scale and frequency of anticipated risks. Risk financing is of growing interest to a wide range of development and humanitarian actors searching for solutions to bridge a growing global post-disaster financing gap. This report describes key features of risk financing and risk transfer, examines some of the current challenges at the contextual and programmatic levels as well as institutional challenges donors might face in engaging in risk financing and recommends a set of principles and policy approaches to guide future donor support and engagement.
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  • 43
    Language: English
    Pages: Online-Ressource (29 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2014/02
    Keywords: Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: This report examines trends in the use of environmental provisions in Regional Trade Agreements and identifies factors which may explain the presence or absence of these provisions. The report builds on work of the OECD Joint Working Party on Trade and Environment (JWPTE) and includes results of an informal survey of delegates. Analysis of the environmental provisions in RTAs reveals an encouraging upward trend. While basic provisions remain the most common types found in RTAs, the incidence of more substantive provisions has increased significantly in recent years. Among these, environmental co-operation has been the most common type. Several factors may have contributed to this evolution. These include countries extending their political mandates for RTAs, for example to include provisions for compliance with multilateral environmental agreements (MEAs), as well as a general accumulation of experience with the use of environmental provisions.
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  • 44
    Language: English
    Pages: Online-Ressource (33 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2014/02
    Series Statement: OECD working papers on international investment
    Keywords: consistency of arbitral decisions ; stockholder remedies ; international economic law ; creditors ; separate legal personality ; arbitrators ; board of directors ; international investment agreements ; investor-state dispute settlement ; shareholder claims ; transferability of shares ; entity shielding ; creditors’ rights ; treaty shopping ; bilateral investment treaties ; loan covenant ; reflective loss ; level playing field ; shareholders ; shareholder rights ; corporate law ; judicial economy ; limited liability ; stockholders ; investment treaties ; company law ; consistency ; international arbitration ; access to justice ; derivative injury ; foreign investment ; derivative loss ; competitive neutrality ; agency costs ; settlement ; international investment ; business corporations ; domestic impact of investment law ; derivative action ; comparative law ; shareholder remedies ; international investment law ; reflective injury ; investment arbitration ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: Corporate law in advanced domestic legal systems on the one hand, and typical treaties for the protection of foreign investment on the other hand, treat claims for damages by company shareholders differently. Advanced domestic systems generally bar shareholders from claiming for reflective loss – loss that arises from injury to "their" company (such as a decline in the value of shares). The claim for the loss belongs to the injured company and not to its shareholders. In contrast, shareholder claims for reflective loss have been widely permitted under typical investment treaties over the last 10 years. Ongoing OECD-hosted inter-governmental dialogue on investment law is considering whether there are policy reasons justifying the different approaches to shareholder claims for reflective loss. This paper examines shareholder claims for reflective loss under investment treaties in light of comparative analysis of advanced systems of corporate law. The paper considers the impact of allowing shareholder claims for reflective loss on key characteristics of the business corporation. The paper also explores possible responses by different categories of investors to the availability of shareholder claims for reflective loss under investment treaties.
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  • 45
    Language: English
    Pages: Online-Ressource (28 S.)
    Series Statement: OECD development co-operation working papers 16
    Keywords: Klimawandel ; Wetter ; Soziale Sicherheit ; Entwicklungsländer ; Environment ; Social Issues/Migration/Health ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: Climate change has already resulted in climate-related extreme events of greater frequency and/or intensity. This, along with long-term changes in average conditions (whether in temperature or rainfall), is likely to continue to have a major impact on livelihoods. Developing countries will be especially affected by such events – and more specifically, the poor people in developing countries – because of their geographical exposure and their greater reliance on climate-sensitive sectors such as agriculture. Social protection offers a wide range of instruments (e.g. cash transfers, insurance products, pension schemes and employment guarantee schemes) that can be used to support households that are particularly vulnerable to both the ongoing and acute impacts of climate changes. Although the evidence base showing how these measures can help those affected prevent and cope with climate challenges is still limited, this paper aims to provide a condensed review of the current knowledge and evidence about the role of social protection in reducing the impact of climate change on the poorest populations and provides a series of recommendations for both social protection and climate change practitioners and for strengthening the evidence base.
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  • 46
    Language: English
    Pages: Online-Ressource (55 S.) , graph. Darst.
    Series Statement: OECD environment working papers 66
    Keywords: Klimawandel ; Klimapolitik ; Wirkungsanalyse ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper presents a framework to include feedbacks from climate impacts on the economy in integrated assessment models. The proposed framework uses a production function approach, which links climate impacts to key variables and parameters used in the specification of economic activity. The key endpoints within climate impact categories are linked to the relevant connections for a range of sectors in the economy. The paper pays particular attention to the challenges of distinguishing between damages and the costs of adapting to climate change. The paper also reviews existing studies and available data that can be used to establish linkages between climate impacts and key variables within economic models. There is considerable heterogeneity across the timing and geographic distribution of changes in climatic variables, the consequent changes in key physical and biogeochemical “endpoints” that might occur over time and space, and the magnitude of the resulting damages that these effects are likely to impose on the range of sectors in the economy. The review underlines the uncertainty involved in each of these dimensions and the research needs for the future.
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  • 47
    Language: English
    Pages: Online-Ressource (27 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2014/01
    Keywords: Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: This report provides an update on recent developments in the field of Regional Trade Agreements and the environment. Issues arising in the implementation of RTAs with environmental considerations are examined as well as experience in assessing their environmental impacts. This is the seventh update prepared under the aegis of the Joint Working Party on Trade and Environment (JWPTE) since the series began with the 2007 publication Environment and Regional Trade Agreements. The document covers developments from late 2012 to October 2013. It is based on publicly available information.
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  • 48
    Language: English
    Pages: Online-Ressource (76 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2014/01
    Series Statement: OECD working papers on international investment
    Keywords: bribery ; investor state arbitration ; investment treaties ; environmental law ; labour law ; ISDS ; corruption ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: Investment treaty law – which is scattered over 3 000 international investment agreements adopted over a period of 50 years – is a crucial but complex basis for regulating international investment flows. Investment treaties are often thought to be silent on investors’ responsibilities to host societies and on their contributions to sustainable development. The present paper establishes a factual and statistical basis for understanding the relationship between investment treaty law and governments’ ability to advance the sustainable development agenda and promote responsible business conduct. The paper presents survey results of 2 107 investment treaties and 1 113 treaty-based arbitration cases in order to shed light on how (if at all) labour, environmental, human rights and anti-corruption considerations are referred to in investment treaties and investor-state arbitration cases based on them.
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  • 49
    Language: English
    Pages: Online-Ressource (68 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 14
    Keywords: 1998 - 2012 ; Luftverkehr ; Elektrizitätsversorgung ; Bergbau ; Erdölindustrie ; Telekommunikationsdienst ; Öffentliches Unternehmen ; Multinationales Unternehmen ; Internationaler Wettbewerb ; Welt ; Finance and Investment ; Governance ; Industry and Services ; Arbeitspapier ; Graue Literatur
    Abstract: State-owned and other state-invested enterprises (SIEs) have become more prominent in the global economy over the last decade. A growing role for state-invested enterprises in the marketplace is not in itself onerous. According to an OECD consensus, as expressed through the Organisation’s legal instruments, SOEs can be operated according to similarly high standards of governance, transparency and efficiency as private companies, in which case the ownership issue is moot. However, only some of the world’s most advanced economies, following decades of reform of their SOE sectors, have approached this point. Moreover, when SOEs operate across borders the challenges may multiply. With this background, this paper compares the difference between SIEs and non- SIEs in five sectors: air transportation, electricity, mining, oil & gas and telecommunication. The empirical analysis indicates that, in addition to any financing advantages, large state-invested enterprises also seem to benefit from an unusually favourable position in their home markets. A comparative analysis further shows that, in the course of the last ten years, SIEs have generally enjoyed higher rates of return than comparable private companies. The paper concludes that the growing role of state-invested enterprises in the international marketplace does not yet present a serious macroeconomic challenge. However, since it is likely to keep growing for some time, challenges need to be addressed relatively soon. This makes for a strong case for enhanced policy coordination and information sharing. If legally binding instruments cannot be developed in the near to medium-term to ensure competitive neutrality, consultation mechanisms could be established through which the main players in international trade and investment can exchange views on matters of common concern related to the state in the marketplace. The ultimate purpose would be ensuring that the international trade and investment environment remains open, non-discriminatory and offering a level playing field.
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  • 50
    Language: English
    Pages: Online-Ressource (52 S.) , graph. Darst., Kt.
    Series Statement: OECD environment working papers 60
    Keywords: Naturschutz ; Nachhaltige Entwicklung ; Erneuerbare Ressourcen ; Umweltpolitik ; Umweltökonomik ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: An ecosystem assessment is a social process through which the findings of science concerning the causes of ecosystem change, their consequences for human well-bring, and the management and policy options are evaluated. Ecosystem assessments can play an important role in synthesising and communicating complex information and can both inform and influence decision-making processes. This paper draws insights from experience with National Ecosystem Assessments (NEAs) recently undertaken in the UK, Japan, Spain, and Portugal, as well as other ecosystem assessments undertaken at regional and international geographical scales, and highlights lessons learned so that the impact of NEAs on policy can be enhanced. The paper concludes by identifying key issues needed to develop practical guidance for successful ecosystem assessments.
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  • 51
    Language: English
    Pages: Online-Ressource (65 S.) , graph. Darst.
    Series Statement: OECD environment working papers 64
    Keywords: Klimapolitik ; Energieeinsparung ; Makroökonometrie ; CGE-Modell ; OECD-Staaten ; Energy ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: In its 2012 edition of the World Energy Outlook, the International Energy Agency (IEA) produced an Efficient World Scenario (IEA, 2012) to assess how implementing only economically viable energy efficiency measures would affect energy markets, investment and greenhouse emissions (GHG). The IEA analysis found that in order to halve global primary energy demand over 2010-2035, additional investments of USD 11.8 trillion in more efficient end-use technologies would be necessary. Using the OECD ENV-Linkages macro-economic model, this report simulates the economic and environmental impacts which the IEA Efficient World Scenario implies...
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  • 52
    Language: English
    Pages: Online-Ressource (42 S.) , graph. Darst.
    Series Statement: OECD environment working papers 67
    Keywords: 2000 - 2011 ; Förderung erneuerbarer Energien ; Investitionspolitik ; Innovationsdiffusion ; Wirkungsanalyse ; Private Investition ; OECD-Staaten ; Environment ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper analyses the effects of government policies on flows of private finance for investment in renewable energy (inducement effect). It also examines whether direct provision of public finance for a project increases the volume of private finance raised (“crowding in” effect). A unique dataset of financial transactions for renewable energy projects with worldwide coverage is constructed using the Bloomberg New Energy Finance database. The analysis covers 87 countries, six renewable energy sectors (wind, solar, biomass, small hydropower, marine and geothermal) and the 2000-2011 time-span. Main findings are that, in contrast to quota-based schemes, price-based support schemes are positively correlated with investors’ ability to raise private finance. The paper suggests that, rather than the type of instrument (price vs. quota), it is the specific design of such schemes that is key to providing a predictable signal and an effective incentive to attract private investors. It is also found that public finance supports precisely those projects that have had difficulty raising private finance (co-financed projects), where neither quota-based measures nor price-based support schemes have a significant effect on private finance flows. This raises the concern that in the absence of well-designed policies which incentivise private finance investment, governments wishing to secure project completion have no other choice than to support projects directly through the use of public finance.
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  • 53
    Language: English
    Pages: Online-Ressource (56 S.) , graph. Darst.
    Series Statement: OECD environment working papers 71
    Keywords: Umweltpolitik ; Steuervergünstigung ; Steuerwirkung ; Steuerpolitik ; Umweltbewusstsein ; Environment ; Taxation ; Arbeitspapier ; Graue Literatur
    Abstract: This paper reviews the use of tax preferences to achieve environmental policy objectives. Tax preferences involve using the tax system to adjust relative prices with a view to influencing producer or consumer behaviour in favour of goods or services that are considered to be environmentally beneficial. They take various forms, typically a partial or total exemption from a specified tax. Because tax preferences help to avoid or reduce costs for businesses or consumers, there are often pressures on governments to favour them over other instruments. As a result, they are sometimes used inappropriately, typically to address negative externalities for which they are not well suited. The paper suggests that the comparative advantage of tax preferences is in providing support for positive externalities, that is situations in which a subsidy would help to deliver more social benefits than would otherwise be the case. When designing tax preferences, care must be taken to ensure that they do not encourage technological lock-in, provide perverse incentives for environmentally harmful activities (the rebound effect), or reward producers or consumers for actions they would have taken anyway. Since tax preferences are a form of subsidy, they should be subject to the same degree of scrutiny and oversight as other forms of public expenditure.
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  • 54
    Language: English
    Pages: Online-Ressource (49 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 15
    Keywords: Aktionärsrechte ; Board of Directors ; Gerichtsbarkeit ; Minderheitsaktionäre ; Rechtsdurchsetzung ; Corporate Governance ; Finanzmarktaufsicht ; Börse ; Aktienrecht ; Gesellschaftsrecht ; MENA-Staaten ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: Corporate governance frameworks in the Middle East and North Africa region have undergone a substantial evolution in the past decade. Better enforcement of corporate governance rules and regulations has in the past three years emerged as both a policy challenge and a priority for the region. This emphasis on better enforcement reflects a number of trends including political changes in some countries of the region, the global call for better surveillance of the adoption of governance rules as well as low investor engagement in the region. This paper examines key developments in public and private corporate governance enforcement in the region. It highlights the growing level of public enforcement as expertise within the securities regulators is growing. The paper provides policy recommendations on specific aspects of governance frameworks such as the treatment of related party transactions and board member responsibilities which - if better regulated - could result in more effective governance enforcement in the region.
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  • 55
    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD trade policy papers 175
    Keywords: Finanzdienstleistung ; Dienstleistungshandel ; Handelshemmnisse ; Indexberechnung ; Finance and Investment ; Trade ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper presents the services trade restrictiveness indices (STRIs) for financial services. The STRIs are composite indices taking values between zero and one, zero representing an open market and one a market completely closed to foreign services providers. The indices are calculated for 40 countries, the 34 OECD members and Brazil, China, India, Indonesia, Russia and South Africa. The STRIs capture de jure restrictions. This report presents the first vintage of indicators for commercial banking and insurance services and captures regulations in force in 2013. The scores in commercial banking range between 0.06 and 0.55, with a sample average of 0.19. The scores in insurance services range between 0.05 and 0.63, with a sample average of 0.20. The results are mainly driven by restrictions on market entry, where significant impediments remain in the form of foreign equity limits, restrictions on legal form, discriminatory licensing criteria and restrictions on cross-border transactions. Barriers to competition, including regulation of products and prices and preferential treatment granted to state-owned financial institutions, also make a substantive contribution to the index values. The paper presents the list of measures included in the indices, the scoring and weighting system for calculating the indices and an analysis of the results.
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  • 56
    Language: English
    Pages: Online-Ressource (93 S.) , graph. Darst.
    Series Statement: OECD environment working papers 72
    Keywords: Caisse des dépôts et consignations ; KfW Bankengruppe ; Europäische Investitionsbank ; 2010 - 2012 ; Energieeinsparung ; Klimawandel ; Förderung erneuerbarer Energien ; Infrastrukturinvestition ; EU-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Public financial institutions (PFIs) are well-positioned to act as a key leverage point for governments’ efforts to mobilise private investment in low-carbon projects and infrastructure. The study identifies the tools, instruments and approaches used by five PFIs to directly support and scale-up domestic private sector investment in sustainable transport, energy-efficiency and renewable energy in OECD countries. Between 2010-2012, these five institutions – Group Caisse des Dépôts in France, KfW Bankengruppe in Germany, the UK Green Investment Bank, the European Investment Bank, and the European Bank for Reconstruction and Development – have provided over 100 billion euros of equity investment and financing for energy efficiency, renewable energy and sustainable transport projects. They use both traditional and innovative approaches to link low-carbon projects with finance through enhancing access to capital; facilitating risk reduction and sharing; improving the capacity of market actors; and shaping broader market practices and conditions.
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  • 57
    Language: English
    Pages: Online-Ressource (15 S.) , graph. Darst.
    Series Statement: OECD working papers on sovereign borrowing and public debt management 7
    Keywords: Öffentliche Anleihe ; Indexanleihe ; Kosten-Wirksamkeits-Analyse ; Großbritannien ; Finance and Investment ; United Kingdom ; Arbeitspapier ; Graue Literatur
    Abstract: Sovereign index-linked bond issuance has grown significantly since the early 1980s, with nearly $2.5 trillion USD in bonds now in issue. Index-linked bonds have become a widely accepted part of the set of instruments that sovereign debt managers use for funding purposes and so the question of how to assess their cost effectiveness relative to other financing options is of increasing importance. This paper sets out a methodology for conducting such an analysis, the rationale behind it and ways in which such an approach could be further developed.
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  • 58
    Language: English
    Pages: Online-Ressource (49 S.) , graph. Darst.
    Series Statement: OECD environment working papers 57
    Keywords: 1990 - 2009 ; Förderung erneuerbarer Energien ; Energiehandel ; Elektrische Energietechnik ; Netzinfrastruktur ; Politikfeldanalyse ; OECD-Staaten ; Energy ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Intermittent renewable energy sources, such as wind and solar, will become increasingly important in the electricity supply mix if ambitious renewable energy targets are to be met. This paper presents evidence on the effectiveness of different strategies and measures to increase the capacity utilisation of wind and other intermittent renewable energy plants. As countries progress towards more ambitious renewables penetration objectives, it is essential that the installed capacity does not end up idle and the investment ‘wasted’. The analysis is based on data for 31 OECD countries over the period 1990- 2009. Wind speed, dispatchable power, transmission capacity and energy storage are found to have positive and significant impacts on capacity utilisation. For example, if domestic grids are poorly refurbished European countries will have to invest an additional USD 38 billion worth of investment in wind power generating capacity by 2020 in order to meet the EU renewables objectives. Cross-border electricity trade is also found to have a positive impact on wind power plant capacity utilisation, albeit only at the high end of historic levels of penetration. Up to USD 25 billion worth of investment in wind power capacity by 2020 could be avoided – while still meeting the objectives – if electricity trade within the European Union is enhanced.
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  • 59
    Language: English
    Pages: Online-Ressource (40 S.) , graph. Darst.
    Series Statement: OECD regional development working papers 2013/02
    Keywords: Länderfinanzen ; Haushaltskonsolidierung ; OECD-Staaten ; Finance and Investment ; Governance ; Urban, Rural and Regional Development ; Taxation ; Arbeitspapier ; Graue Literatur
    Abstract: Recent crises and national consolidation packages affected sub-national finances. In many OECD countries, central governments introduced reductions in transfers to sub-national governments, and established expenditure and/or deficit objectives to be met by local or regional authorities. Such measures have reduced the financial room of sub-national governments for implementing key public services or investments. In parallel, borrowing conditions deteriorated for many sub-national governments, as banks and financial markets became increasingly reluctant to lend. Since late 2008, financial markets started discriminating between high- and low-quality SNG bonds, and yields reached record-high levels for sub-national governments perceived as less creditworthy. Facing degraded finances, upward pressure on expenditures and deteriorated borrowing conditions, many sub-national governments have used public investment as an adjustment variable to reduce their budget deficits and preserve their spending on welfare, health or education. However, such policies may hinder long-term growth perspectives.
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  • 60
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (64 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 31
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper investigates policyholder protection schemes in OECD member countries and selected non-OECD countries. It is selective in its scope: it examines the rationale for a policyholder protection scheme; the relationship between certain design features and moral hazard; the role of a policyholder protection scheme within the overall resolution framework; and some cross-border features of these schemes. While the paper focuses on protection schemes for policyholders, it seeks to draw lessons from compensation schemes in the banking and occupational pension fund sectors, while recognising sectoral differences.
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  • 61
    Language: English
    Pages: Online-Ressource (23 S.) , graph. Darst.
    Series Statement: OECD statistics working papers 2013/01
    Keywords: Umweltbewertung ; Zufriedenheit ; Europa ; Environment ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: While environmental economics studies using stated life satisfaction data have been gaining attention, much of this body of work remains exploratory. In this study we contribute to this emerging body of research by combining OECD survey data from four European countries on life satisfaction and perceptions of environmental quality with independent (i.e. mechanical) measurements of air quality and urbanity, from the European Environment Agency, to provide a broad picture of the environmental determinants of life satisfaction, and monetary valuation of air quality improvements. We also estimate that the value of a 1% reduction in air pollution (measured as mean annual PM10 concentrations) is worth the same on average as a 0.71% increase in per capita income. We find that environments which respondents perceive as noisy and lacking in access to green space have a significantly detrimental impact on life satisfaction. However, controlling for these negative factors (air, noise, and lack of green space), we also find a large positive residual impact of urban environments on life satisfaction. The use of independent, GIS-based measures of urbanity (proportion of urban surface area around households), as opposed to survey-based stated perceptions of urbanity, increases the precision of estimated air quality impacts on life satisfaction. Taken as a whole, our analysis highlights the need for conducting LS-based environmental assessment and valuation exercises using a broad array of independent data sources, in order both to obtain unbiased regression estimates and to facilitate interpretation of these estimates.
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  • 62
    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/04
    Keywords: Regionale Wirtschaftsintegration ; Handelsabkommen ; Welt ; Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: This report provides an update on recent developments in the field of Regional Trade Agreements and the environment. Issues arising in the implementation of RTAs with environmental considerations are examined as well as experience in assessing their environmental impacts. It is the sixth update prepared under the aegis of the Joint Working Party on Trade and Environment (JWPTE). The document covers developments from late 2011 to October 2012. It is based on publicly available information.
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  • 63
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (41 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/05
    Keywords: Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: Researchers have long been interested in whether environmental regulations discourage investment, reduce labour demand, or alter patterns of international trade. But estimating those consequences of regulations requires devising a means of measuring their stringency empirically. While creating such a measure is often portrayed as a data-collection problem, we identify four fundamental conceptual obstacles, which we label multidimensionality, simultaneity, industrial composition, and capital vintage. We then describe the long history of attempts to measure environmental regulatory stringency, and assess their relative success in light of those obstacles. Finally, we propose a new measure of stringency that would be based on emissions data and could be constructed separately for different pollutants.
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  • 64
    Language: English
    Pages: Online-Ressource (60 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2013/03
    Series Statement: OECD working papers on international investment
    Keywords: shareholders ; stockholders ; shareholder claims ; shareholder rights ; shareholder remedies ; stockholder remedies ; reflective loss ; reflective injury ; derivative action ; derivative loss ; derivative injury ; consistency ; consistency of arbitral decisions ; double recovery ; double jeopardy ; multiple claims ; judicial economy ; settlement ; corporate law ; company law ; creditors ; creditors’ rights ; investor-state dispute settlement ; international arbitration ; arbitrators ; international economic law ; comparative law ; domestic impact of investment law ; international arbitration ; investment arbitration ; foreign investment ; international investment ; international investment law ; access to justice ; level playing field ; competitive neutrality ; treaty shopping ; internationalinvestment agreements ; investment treaties ; bilateral investment treaties ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: Claims by company shareholders seeking damages from governments for so-called "reflective loss" now make up a substantial part of the investor-state dispute settlement (ISDS) caseload. (Shareholders’ reflective loss is incurred as a result of injury to “their” company, typically a loss in value of the shares; it is generally contrasted with direct injury to shareholder rights, such as interference with shareholder voting rights.) This paper considers the consistency issues raised by shareholder claims for reflective loss in ISDS. The paper first compares the approach to shareholder claims in ISDS with advanced systems of national corporate law (and other international law). ISDS arbitrators have consistently found that shareholders can claim individually for reflective loss in ISDS under typical BITs. This can be seen as a success story from the point of view of consistency of legal interpretation and improves investor protection for potential claimant shareholders in many cases. In contrast, however, advanced national systems and international law generally apply what has been called a "no reflective loss" principle to shareholder claims. Second, the paper analyses the policy issues relating to consistency that are raised by shareholder claims for reflective loss in ISDS. National and international law barring shareholder claims for reflective loss is often explicitly driven by policy considerations relating to consistency, predictability, avoidance of double recovery and judicial economy. Limiting recovery to the company is seen as both more efficient and fairer to all interested parties. In contrast, ISDS tribunals and commentators have generally given limited consideration to the policy consequences of allowing shareholder claims for reflective loss. The third part of the paper addresses the issue of company recovery (including two different existing systems which expand the ability of foreign-controlled companies to recover in ISDS) and its relevance to shareholder claims for reflective loss. The paper also contains a series of questions for discussion and has been discussed by governments participating in an OECD-hosted investment roundtable.
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  • 65
    Language: English
    Pages: Online-Ressource (55 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 34
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Financial inclusion is an international policy priority and demand-side initiatives including financial education have an important role to play in helping individuals to access and use appropriate, formal financial products. In 2010, under the support of the Russian Trust Fund for Financial Literacy and Education, the OECD/INFE launched a project on the role of financial education in financial inclusion. The results of this work show that low levels of financial inclusion are associated with lower levels of financial literacy. Recent research, including a broad stock take of INFE members, permitted to identify various ways in which policy makers are developing financial education policies for financial inclusion. Based on a review of approaches taken to deliver financial education for financial inclusion, this report highlights challenges faced and solutions found, and discusses the main lessons learnt and potential way forward.
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  • 66
    Language: English
    Pages: Online-Ressource (99 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 35
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This report is structured in three chapters. The first chapter examines the channels through which institutional investors can access green infrastructure, assesses the extent to which this is currently happening, and identifies the barriers to scaling up these investment flows. The second chapter presents four case studies: on utility-scale solar PV power generation in the United States, sustainable agriculture in Brazil, off-shore wind energy in the United Kingdom, and the securitisation of on-shore wind farms in Germany and France. The third chapter uses the conclusions on the case studies to draw out broader lessons for governments on the policy settings which may support investment in green infrastructure by institutional investors. These include, inter alia, ensuring a stable and integrated policy environment, addressing market failures, providing an infrastructure road map, facilitating the development of appropriate green financing vehicles, and promoting market transparency and improved data collection.
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  • 67
    Language: English
    Pages: Online-Ressource (42 S.) , graph. Darst.
    Series Statement: OECD environment working papers 59
    Keywords: Finanzkrise ; Ökosteuer ; Finanzpolitik ; Umweltpolitik ; Internationaler Wettbewerb ; Irland ; Environment ; Taxation ; Ireland ; Arbeitspapier ; Graue Literatur
    Abstract: Beginning in late 2008, Ireland experienced a fiscal crisis. This resulted in November 2010 in agreement between the Irish government and the European Central Bank, the European Commission and the International Monetary Fund (IMF) – known collectively as ‘the Troika’ – whereby the latter provided substantial financial support, on condition that a number of revenue raising and expenditure reduction targets were met. Also in 2010, a carbon tax at a rate of EUR 15 per tonne of CO2 was introduced, covering most CO2 emissions from the non-traded sectors (mainly transport, heat in buildings and heat and process emissions by small enterprises). This paper describes the features of the tax, recounts the story of its interplay between fiscal adjustment and helping meet the obligations to raise taxes, and implications for competitiveness and carbon leakage, environmental effectiveness and equity issues, and draws some conclusions regarding why it happened, and provides some tentative insights for other countries in a similar situation. The circumstances that resulted in a carbon tax being proposed and subsequently introduced in Ireland include: Leadership by the Green Party; limited public opposition; Government need for the income; supports the Green Economy; support from the academic and wider policy population; exemptions for large emitters (many in EU ETS) and agriculture; effective engagement and good planning...
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  • 68
    Language: English
    Pages: Online-Ressource (122 S.) , graph. Darst., Kt.
    Series Statement: OECD Local Economic and Employment Development (LEED) working papers 2013/15
    Series Statement: OECD Local Economic and Employment Development (LEED) Papers no.2013/15
    Keywords: Infrastrukturpolitik ; Energiepolitik ; Umweltpolitik ; Regionales Wachstum ; Brandenburg ; Environment ; Urban, Rural and Regional Development ; Industry and Services ; Germany ; Arbeitspapier ; Graue Literatur
    Abstract: The transition towards a green economy is a key factor for growth and prosperity in the German federal state of Brandenburg. Future living conditions will be determined by the course set now. We have to decide today how we want to live tomorrow, not only in economic terms, but also with regard to environmental stewardship. I am convinced that there is no alternative to a green transition when it comes to shaping the world to be a place worth living in. There are issues we have to deal with, but first and foremost there are great opportunities to seize. The relevant players in Brandenburg are aware of complex challenges resulting from the present transitional process. They are redoubling their efforts to promote further economic development towards sustainability. This study presents the green growth path of the regional growth core (RGC) Schönefelder Kreuz.
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  • 69
    Language: English
    Pages: Online-Ressource (67 S.) , graph. Darst.
    Series Statement: OECD Corporate Governance working papers 7
    Keywords: Corporate Governance ; Rechtsdurchsetzung ; Geldwäsche ; Aktionäre ; Unternehmenspublizität ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: Investor confidence in financial markets depends in large part on the existence of an accurate disclosure regime that provides transparency in the beneficial ownership and control structures of publicly listed companies. This is particularly true for corporate governance systems that are characterised by concentrated ownership. On the one hand, large investors with significant voting and cash-flow rights may encourage long-term growth and firm performance. On the other hand, however, controlling beneficial owners with large voting blocks may have incentives to divert corporate assets and opportunities for personal gain at the expense of minority investors.The paper focuses particularly on the misuse of corporate vehicles, which arguably poses a major challenge to good corporate governance. Stakeholder rights (e.g. employees and creditors) cannot be properly exercised if ultimate decision- be identified. The accountability of the board may also be seriously endangered if stakeholders and the general public are unaware of decision-making and ultimate control structures. Finally, regulators and supervisory agencies have a strong interest in knowing beneficial owners – in order to determine the origin of investment flows, to prevent money laundering and tax evasion and to settle issues of corporate accountability.
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  • 70
    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD working papers on sovereign borrowing and public debt management 6
    Keywords: Schuldenmanagement ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper summarizes and discusses results from a survey conducted by the Department of Finance Canada and the Bank of Canada in July 2012 regarding an overview of investor relations (IR) and communications practices of members of the OECD Working Party on Debt Management (WPDM). The survey contained both quantitative and qualitative questions pertaining to IR, grouped into three themes: Definition and Development; Communications Strategy and Relationship Management; and Governance and Sustainability. Survey responses from 26 countries were collected and analyzed under these themes. While the extent of formalization and governance varies, all respondents with outstanding debt indicated that they perform IR activities; comments received suggest a general expansion of IR activities as the function evolves, both as a best practice and for directed, strategic purposes. Responses were collected regarding the most useful IR activities and communication methods conducted by countries, key stakeholder relationships relative to the IR function, and key challenges that include the difficulty in measuring the value of IR, particularly under changing circumstances. Despite the challenges, on-going IR is viewed as an important and effective component of the overall debt management function.
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  • 71
    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD environment working papers 55
    Keywords: 1997 - 2012 ; Steuervergünstigung ; Steuerwirkung ; Investitionspolitik ; Energieeinsparung ; Politikfeldanalyse ; Niederlande ; Energy ; Environment ; Taxation ; Netherlands ; Arbeitspapier ; Graue Literatur
    Abstract: Since 1997, the Netherlands has had a tax allowance scheme that was introduced to promote investments in energy-saving technologies and sustainable energy production. This so-called Energy Investment Tax Allowance (EIA in Dutch) reduces up-front investment costs for firms investing in the newest energy-saving and sustainable energy technologies. The basic design of the EIA has remained the same over the past 15 years. Firms investing in technologies listed in the annually updated ‘Energy List’ may deduct some of the investment costs from their taxable profits in the year of the investment. Compared to investments in conventional reference technologies, the EIA decreases the payback period and reduces the need of financing the investments in energy-saving technologies. The EIA may also reduce search costs made by investors to find particular technologies, because entry on the Energy List equals eligibility for the subsidy. The Energy List contains generic technologies that meet a certain energy-saving standard or a selection of novel, but proven, technologies with a higher energy-saving potential than conventional technologies. Therefore, the list itself is also likely to have an attention value that may contribute to reduce information failures in the market for technology adoption. Over the past 15 years, the EIA has been affected by a number of changes, mainly due to exogenous factors, such as interactions with other policy instruments, rising oil and gas prices, and the economic crisis since 2007. Despite this turbulence and changes in government focus, the EIA remains part of the Dutch energy policy mix. Its flexibility allowed for adaptations where necessary and its role as a subsidy for technology adoption is likely to also have contributed to its legitimacy.
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  • 72
    Language: English
    Pages: Online-Ressource (75 S.) , graph. Darst.
    Series Statement: OECD regional development working papers 2013/06
    Keywords: Ballungsraum ; Mehrebenen-System ; Stadtentwicklung ; Regionalentwicklung ; Technologiepolitik ; Nachhaltige Entwicklung ; Nachhaltige Mobilität ; Klimawandel ; Chicago (Ill.) ; Illinois ; Wisconsin ; Indiana ; Environment ; Urban, Rural and Regional Development ; United States ; Arbeitspapier ; Graue Literatur
    Abstract: This working paper assesses opportunities and policies for green growth in the Chicago Tri-State Metropolitan Area. It first examines the Chicago metro-region's economic and environmental performance and potential constraints to regional growth, and identifies emerging regional specialisations in green products and services. This is followed by a review of sector-specific policies that can contribute to green jobs, green firms and urban attractiveness, with particular attention to energy-efficient buildings, the wind energy industry, public transportation, and the water and waste sectors. Finally, the working paper considers the role of workforce, innovation and governance policies, focusing on skill shortages and skill mismatches in the regional labour market, ways to make the most of the region's innovation assets, and opportunities for regional institutional co-ordination.
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  • 73
    Language: English
    Pages: Online-Ressource (141 S.) , graph. Darst., Kt.
    Series Statement: OECD Local Economic and Employment Development (LEED) working papers 2013/09
    Series Statement: OECD Local Economic and Employment Development (LEED) Papers no.2013/09
    Keywords: Nachhaltige Entwicklung ; Treibhausgas-Emissionen ; Grenzüberschreitende Umweltbelastung ; Benelux-Staaten ; Environment ; Urban, Rural and Regional Development ; Industry and Services ; Belgium ; Luxembourg ; Netherlands ; Arbeitspapier ; Graue Literatur
    Abstract: This paper discusses the results of a study of measuring green growth in the Benelux countries (Belgium, The Netherlands and Luxembourg). The study paid particular attention to the challenges of measuring the transition to a low-carbon economy in cross-border areas as they have additional levels of complexity when it comes to measuring and monitoring their low-carbon transition. In cross- regions data collection hardly ever coincide with any single data gathering ‘institution’. Moreover, Belgium (Flanders, Brussels, Wallonia), the Netherlands, and Luxembourg have different indicator systems at the national level, and even more so at the more decentralised level which creates problems of data availability, data (in)consistency, and hence comparability. Progress is already noticeable in the two crossborder areas analysed in the study. In Ghent-Terneuzen the bio-base economy is contributing to the value of turnover and growth in employment in the environmental goods and services (EGS) sectors. In Alzette-Belval the construction industry is engaging in resource-efficient building design and certification. In other aspects there is evidence of progress, but this evidence is anecdotal, or patchy in its collection, and not able to be included in the dashboard metrics developed during the study and discussed in the paper.
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  • 74
    Language: English
    Pages: Online-Ressource (76 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/02
    Keywords: Energiemarkt ; Erneuerbare Energie ; Handelshemmnisse ; Europa ; Energy ; Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: The uptake of renewable energy (RE) has been identified by a number of governments as a primary means for mitigating CO2 emissions from the electricity sector, and for making the transition to a low-carbon economy. The electric power output of some RE technologies, however, including those based on intermittent wind and solar energy, can vary considerably over short periods of time and thereby introduce instability into the electricity system. The risk of instability increases with higher shares of intermittent power sources connected to the electrical grid. Different means have been used to deal with this intermittency problem. Cross-border trade in electricity appears to be one of them since it enables countries to gain access to a more diversified portfolio of plants, producing over a wider geographic area. Preliminary results from an examination of the European electricity market confirm the importance of cross-border electricity trade in increasing the effective capacity factor of intermittent plants in the context of a growing share of intermittent renewables in the power sector. There are a number of policy issues that must first be addressed though, with some financial and administrative incentives provided to variable RE technologies discouraging RE producers from fully participating in electricity market operations and exerting downward pressure on wholesale electricity prices. The positive contribution that cross-border trade in electricity can make to address the variability problem not only depends on addressing challenges that renewable-energy technologies pose to electricity markets, but also necessitates the existence of an efficient cross-border electricity trading regime. Addressing those regulatory and administrative measures that are inhibiting growth in cross-border trade and the smooth operation of regional electricity markets would therefore help increase the potential for trade in electricity to facilitate growth in renewable energy.
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  • 75
    Language: English
    Pages: Online-Ressource (47 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 9
    Keywords: Corporate Governance ; Unternehmenspublizität ; Geldwäsche ; Rechtsdurchsetzung ; Aktionäre ; Indonesien ; Finance and Investment ; Governance ; Indonesia ; Arbeitspapier ; Graue Literatur
    Abstract: A good corporate governance framework should combine transparency, accountability and integrity and this requires knowledge of beneficial ownership. The protection of minority investors and other stakeholder protection will be challenging without access to reliable information about the ownership, including the identity of the controlling owners, and control structures of listed companies. This report assesses the costs, benefits and practicalities of different approaches, suggesting policy options to better identify ultimate beneficial ownership in Indonesia. This report was requested by the Capital Market and Financial Institution Supervisory Agency in Indonesia, Bapepam-LK, in the context of the OECD-Indonesia corporate governance policy dialogue launched in 2011. The objective is to support policy makers and regulators in their efforts to enhance disclosure and enforcement of beneficial ownership and control as part of overall efforts to improve corporate governance standards and practices in Indonesia.
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  • 76
    Language: English
    Pages: Online-Ressource (46 S.) , graph. Darst.
    Series Statement: OECD environment working papers 62
    Keywords: 1970 - 2012 ; Öffentlichkeitsarbeit ; Umweltzeichen ; Umweltbericht ; Umweltbelastung ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: This report provides a comprehensive overview of the international landscape of environmental labelling and information schemes (ELIS), defined as policies and initiatives that aim to provide information about one or more aspects of the environmental performance of a product or service to external users. First, a review of initiatives and actors is used to build an institutional map of the diversity of schemes. Second, the universe of ELIS is dissected, based on a list of identified characteristics affecting the modes of communication of such schemes and the nature of the standards on which they are based. Lastly, the growth in ELIS is analysed by these identified characteristics, using a dataset of 544 ELIS introduced between 1970 and 2012 covering 197 countries. Results from this analysis support the rapid in the number of ELIS, especially in the late 1990s and between 2007 and 2010. At the same time, these figures suggest that this growth might have slowed since 2010. The analysis also shows both the diversity and unequal growth of ELIS according to different characteristics. The growth in ELIS appears to be driven by the combination of an increase in the number of “traditional” ELIS, such as single-issue environmental seals, and the emergence of “more recent” types of ELIS, including quantitative reports. This combination highlights the tension between increased competition among similar ELIS, and the emergence of new schemes potentially less exposed to direct competition but facing larger entry challenges. The dataset also shows that the multiplicity of ELIS may not be present for all types of products and environmental areas in all countries. These findings provide a contextual basis to look at evidence on the potential implications of having a multiplicity of schemes, and analyse the current and possible need for policy responses to identified challenges.
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  • 77
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (22 S.) , graph. Darst.
    Series Statement: OECD environment working papers 63
    Keywords: Ökosteuer ; Wirtschaftswissenschaft ; British Columbia ; Environment ; Canada ; Arbeitspapier ; Graue Literatur
    Abstract: In July 2008, the Canadian province of British Columbia (BC) launched North America’s first revenue-neutral carbon tax reform. The tax, which applied to all combustion sources of all fossil fuels, was introduced at a rate of CAD 10 per tonne of CO2, with a schedule for annual increases of CAD 5 per tonne of CO2 until the tax reached CAD 30 per tonne of CO2 in 2012. Tax revenues were fully recycled via a combination of corporate and income tax cuts, phased in over time. This paper reviews the political economy of the BC tax in three distinct periods – its origins, its survival in the face of political backlash, and its longer-term prospects...
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  • 78
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (75 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2013/01
    Series Statement: OECD working papers on international investment
    Keywords: Auslandsinvestition ; Investitionspolitik ; Internationales Investitionsrecht ; China ; Finance and Investment ; China, People’s Republic ; Arbeitspapier ; Graue Literatur
    Abstract: This working paper examines China’s investment policy since the publication of the 2008 OECD Investment Policy Review of China. China remains the largest recipient of FDI among developing countries and FDI continues to play a disproportionately large role in promoting China’s trade, investment and tax revenue generation, albeit not as large as before. A number of structural changes occurred in recent years, including a slight revival of equity joint ventures, faster growth in services-sector FDI than in manufacturing, and a reorientation of FDI from the Eastern Region to the Central and Western Regions. In addition, China has been rapidly becoming an important source of outward foreign direct investment (OFDI), a trend that was reinforced by the global financial and economic crisis. While foreign investor confidence is maintained by China’s economic strength, it is being undermined by rising labour costs and shortages of skilled labour and by greater competition (especially from Chinese companies). In addition, there are fears that an investment protectionist trend may be emerging in China, as evidenced by, for example, perceived discrimination against foreign-owned companies in government procurement. The Chinese government has taken a number of measures to streamline and decentralise FDI administration and strengthen enforcement. The emphasis has been on aligning inward FDI flows more closely with national priorities, including upgrading industrial sophistication, supporting innovation, setting up outsourcing industries and developing poorer hinterland regions. The most important change is the three-fold raising of the ceiling on provincial examination and approval authority over foreign investment projects in the “permitted catalogue”. Merger notification discrimination against foreign investors has been removed and a national security review process for cross-border M&As has been announced. The Chinese government should continue its efforts to liberalise and increase the transparency and predictability of the framework for both inward and outward FDI.
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  • 79
    Language: English
    Pages: Online-Ressource (80 S.) , graph. Darst.
    Series Statement: OECD environment working papers 56
    Keywords: Verkehrsinfrastruktur ; Nachhaltige Mobilität ; Private Investition ; Nachhaltige Stadtentwicklung ; Environment ; Urban, Rural and Regional Development ; Transport ; Arbeitspapier ; Graue Literatur
    Abstract: Transport infrastructure is a pillar of economic development and a key contributor to climate change. Globally, transport-related greenhouse gas emissions are expected to double by 2050 in the absence of new policies. There is an urgent need to scale-up and shift transport infrastructure investments towards lowcarbon, climate-resilient transport options and help achieving the environmental, social and economic benefits associated with sustainable transport infrastructure. Given the extent of investment required to meet escalating global transportation infrastructure needs, and the growing strains on public finances, mobilising private investment at pace and at scale will be necessary to facilitate the transition to a greener growth. Investment barriers, however, often limit private investment in sustainable transport infrastructure projects, due to the relatively less attractive risk-return profile of such projects compared to fossil fuelbased alternatives. In part, this can be attributed to market failures and government policies that fall short of accounting for the full costs of carbon-intensive road transport and the benefits of sustainable transport modes.
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  • 80
    Language: English
    Pages: Online-Ressource (99 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/01
    Keywords: Erneuerbare Energie ; Förderung erneuerbarer Energien ; Handelseffekt ; Welt ; Energy ; Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: In recent years the manufacturing of renewable-energy technologies has become truly global. The associated rise in international investment and trade in goods and services related to renewable energy has been rapid, but it has not always been smooth. Already there have been challenges at the WTO, and the unilateral imposition of countervailing and anti-dumping duties, in response to some countries‘ policies on the grounds that they distort trade. Against this background, this paper surveys, through the lenses of market-pull and technology-push policies, the numerous domestic incentives used by governments to promote renewable energy, focusing on those that might have implications for trade — both those that are likely to increase opportunities for trade and those that may be inhibiting imports or promoting exports. Many OECD countries, and an increasing number of non-OECD countries, have established national targets for renewable energy. To help boost the rate of penetration of renewable energy in their economies, most of the same countries are providing additional incentives. Market-pull incentives for the deployment of renewable-energy-based electricity generating plants include quota systems, usually administrated through "green" certificates, and fixed per kilowatt-hour feed-in tariffs and premiums. Renewable fuels for transport are typically promoted by governments through obliging fuel suppliers to mix ethanol or biodiesel with their corresponding petroleum-derived fuels. Frequently, renewable fuels for transport also benefit from exemptions, or reductions in, fuel-excise taxes, and in a few countries from production bounties. Many national and sub-national governments also support capital formation in these industries with grants, subsidised loans, loan guarantees, or a combination of instruments. In some jurisdictions, access to government support schemes have been made conditional upon meeting certain minimum levels of domestic content. Such domestic-content requirements are highly controversial because of their direct effects on trade. These effects, and the effects of other policies in combination and in isolation, are examined through a graphical analysis of generic policies, using a simplified stylised representation of the relevant markets. The basic message is that while many domestic incentives are both increasing the supply of renewable energy and facilitating trade in associated technologies and renewable fuels, some — especially those combined with border protection or domestic-content requirements — are likely reducing export opportunities for foreign suppliers, and raising domestic prices for renewable energy as a consequence.
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  • 81
    Language: English
    Pages: Online-Ressource (79 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 10
    Keywords: Aktienmarkt ; Marktstruktur ; Börsengang ; Allokation ; Börse ; Corporate Governance ; Wirtschaftswachstum ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: This study provides critical observations on the state of key global equity markets as recent developments have put into question their efficiency and effectiveness in facilitating capital formation. It covers the top 26 initial public offering (IPO) producing nations, with a particular focus on stock markets in the United States.
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  • 82
    Language: English
    Pages: Online-Ressource (31 S.) , Ill.
    Series Statement: OECD regional development working papers 2013/24
    Keywords: Hafen ; Hafenpolitik ; Stadtentwicklung ; Stadterneuerung ; Zahlungsbereitschaftsanalyse ; Environment ; Urban, Rural and Regional Development ; Arbeitspapier ; Graue Literatur
    Abstract: In times of increasing environmental awareness, the port-city relationship has gained a new meaning since ports have been seen as the origin of both negative and positive externalities affecting the public wellbeing. While the former are the result of port expansion, the latter are the result of transforming obsolete port areas into recreational facilities. Therefore, in order to support effective policy-making, in this research is emphasized the need of measuring these environmental externalities. Considering their non-market nature, the contingent valuation method is introduced as an economic tool capable of overcoming this obstacle. Thus, the cases of two ports in Spain, namely Valencia and Castellón, are reviewed. The policy implications of this are discussed with the aim to improve the understanding of the changing relationship between ports and cities.
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  • 83
    Language: English
    Pages: Online-Ressource (60 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2013/04
    Series Statement: OECD working papers on international investment
    Keywords: bilateral investment treaty ; international investment law ; international investment ; investment treaties ; foreign investment ; investment law ; comparative law ; international investment agreements ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: International investment agreements (IIAs) almost universally define their temporal validity and thus set conditions for States’ exit from these treaties. This study presents the results of the survey of language that determines the temporal validity of 2,061 bilateral investment agreements that the 55 economies participating in the OECD-hosted Freedom of Investment Roundtables have concluded with any other economy. The paper summarises in its first part past and current treaty practice in this regard: how do States design the parameters that define the temporal validity of their treaties and the duration of the obligations contained therein? How has this design evolved over time? Do different kinds of IIAs take different approaches to this matter? Have individual States developed distinct practices or policies? The second part of the paper presents key findings that result from the analysis of treaty practice in a large number of agreements. It highlights characteristics of the provisions on temporal validity employed in IIAs; emphasises the collective engagement that results from the clauses in IIAs and the consequences of country-specific practice; and suggests questions on intriguing policy choices that a large comparative study reveals.
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  • 84
    Language: English
    Pages: Online-Ressource (36 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 11
    Keywords: Eigentümerstruktur ; Institutioneller Investor ; Corporate Governance ; Aktive Aktionäre ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: This paper provides a framework for analysing the character and degree of ownership engagement by institutional investors. It argues that the general term “institutional investor” in itself doesn’t say very much about the quality or degree of ownership engagement. It is therefore an evasive “shorthand” for policy discussions about ownership engagement. The reason is that there are large differences in ownership engagement between different categories of institutional investors. There are also differences in ownership engagement within the same category of institutional investors such as hedge funds, investment funds, etc. These differences arise from the fact that the degree of ownership engagement is determined by a number of different features and choices that together make up the institutional investor’s “business model”. When ownership engagement is not a central part of the business model, public policies and voluntary standards aiming to improve the quality of ownership engagement among institutional investors are likely to have limited effect. Based on an empirical overview of the relative size of different categories of institutional investors, the paper identifies a set of 7 features and 19 choices that in different combinations define the institutional investor’s business model. These features and choices are then used to establish a taxonomy for identifying different degrees of ownership engagement ranging from “no engagement” to “inside engagement”.
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  • 85
    Language: English
    Pages: Online-Ressource (18 S.) , graph. Darst.
    Series Statement: OECD environment working papers 61
    Keywords: Energiepolitik ; Fossile Energie ; Subvention ; Kolumbien ; Environment ; Colombia ; Arbeitspapier ; Graue Literatur
    Abstract: Colombia has made progress towards eliminating fuel and diesel subsidies and reducing discretionary spaces allowing for artificially low fuel prices, but challenges remain. Colombia has provided explicit and implicit subsidies to gasoline and diesel since 1983, costing the government up to 1.6% of GDP. This paper discusses the political economy of fuel subsidies in the country to understand why reform has been so slow. It focuses on the groups benefitting from the subsidies and their political participation, as well as other economic impacts that have limited the political will to eliminate them. The Colombian case serves as an example of the difficulty of fully eliminating fuel subsidies once they are already established.
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  • 86
    Language: English
    Pages: Online-Ressource (46 S.) , graph. Darst.
    Series Statement: OECD environment working papers 58
    Keywords: Internationaler Wettbewerb ; Klimapolitik ; Klimawandel ; Internationales Umweltrecht ; CGE-Modell ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Competitiveness and carbon leakage issues have been some of the main concerns in the implementation and discussions of climate policies. These concerns are particularly important in the presence of multiple carbon markets since differences in climate change policy approaches may have impacts on the relative competitiveness of domestic sectors in countries with more stringent policies, and on the environmental effectiveness through carbon leakage. This paper examines the macroeconomic and sectoral competitiveness and carbon leakage impacts associated with a range of stylised mitigation policy scenarios. The scenarios reflect different depictions of carbon markets in terms of their level of linkages, their coverage (i.e. number of countries participating, types of gases and sectors) and the stringency of the carbon pricing policy across countries. The paper also investigates some policies to address competitiveness and carbon leakage issues. The analysis considers border carbon adjustments (BCAs) as well as direct and indirect (offset-based) linking of carbon markets. The results show that in presence of multiple carbon markets, competitiveness can decrease in countries that undertake climate policies, also leading to carbon leakage. The negative sectoral competitiveness and leakage effects can be reduced when more countries act, more emission sources are covered, and when the climate mitigation policy is harmonised across countries. The results also show that response policies, such as BCAs and linking of carbon markets, can address some, but not all, of the competitiveness and carbon leakage issues. While BCAs are more effective in addressing domestic competitiveness concerns than linking instruments, the latter are better in preserving the welfare of countries that are not undertaking a climate policy.
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  • 87
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 1011
    Keywords: Globalisierung ; Niederländer ; Finance and Investment ; Economics ; Netherlands ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The Netherlands has strongly benefited from globalisation, which boosted international trade, cross-border investment and economic growth over the latest decades. Looking ahead, the Netherlands needs to shift the trade and investment orientation from traditional slow-growing markets to faster growing emerging economies, in order to keep reaping the benefits from globalisation. In addition, the ongoing globalisation will push companies to become more innovative and search for new activities. Against this backdrop, the government is reforming its policies for the business sector. This includes a targeted approach, where the government is attempting to strengthen key sectors to become even stronger players on the international scene. This approach, however, carries some of the risks of more traditional industrial policy, making careful policy design and evaluation important elements for successful implementation. The other building block of the new policies is a strengthening of framework conditions, which promises a more market-based development of comparative advantages, and which could be further strengthened by broadening the approach to include other policies, such as competition policies. This Working Paper relates to the 2012 OECD Economic Survey of the Netherlands (www.oecd.org/eco/surveys/netherlands).
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  • 88
    Language: English
    Pages: Online-Ressource (53 S.) , graph. Darst.
    Series Statement: OECD Corporate Governance working papers 6
    Keywords: Öffentliches Unternehmen ; Corporate Governance ; Corporate Social Responsibility ; OECD-Staaten ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: The overarching question for the government owners of state-owned enterprises (SOEs) is why these companies need to be owned by the state. The OECD Guidelines on Corporate Governance of State-Owned Enterprises provides a “blueprint” for the corporatisation and commercialisation of such enterprises, but it may be assumed that the reason for continued state ownership is that they are expected to act differently from private companies. A relatively clear case occurs when SOEs are established with the purpose of pursuing mostly non-commercial activities. In many cases, their activities might otherwise be carried out by government institutions; the SOE incorporation has been chosen mostly on efficiency grounds.A number of other rationales for public ownership of enterprises have been offered, including: (i) monopolies in sectors where competition and market regulation is not deemed feasible or efficient; (ii) market incumbency, for instance in sectors where competition has been introduced but a state-owned operator remains responsible for public service obligations; (iii) imperfect contracts, where those public service obligations that SOEs are charged with are too complex or malleable to be laid down in service contracts; (iv) industrial policy or development strategies, where SOEs are being used to overcome obstacles to growth or correct market imperfections...
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  • 89
    Language: English
    Pages: Online-Ressource (74 S.) , graph. Darst.
    Series Statement: OECD environment working papers 54
    Keywords: Klimawandel ; Klimapolitik ; OECD-Staaten ; Environment ; Arbeitspapier ; Graue Literatur
    Abstract: Since the first OECD country published its national adaptation strategy in 2005, there has been a marked increase in national planning for climate change adaptation. This paper provides an overview of national adaptation planning activity across OECD countries and identifies some of the emerging lessons that have been learnt from their experiences. The analysis draws on three main sources of information: a survey of countries’ national communications to the UN Framework Convention on Climate Change (UNFCCC); three country case studies (Mexico, England and the United States); and the results of a Policy Forum on Adaptation hosted by the OECD in 2012. It finds that twenty-six OECD countries have developed or are currently developing strategic frameworks for national adaptation and seventeen of those countries have also produced or are working on detailed national adaptation plans. Countries have made significant investments in building an increasingly sophisticated evidence base to support adaptation, and to build adaptive capacity. National governments have commonly established policies to mainstream adaptation into government operations and regulatory systems, and established co-ordination mechanisms to ensure action across government. Local and regional governments have also played significant roles in adaptation efforts, though less progress has been made in establishing systematic approaches to co-ordination between national and subnational governments. The development of strategies and plans has occurred recently, with implementation still at an early stage. Nonetheless, the case studies and OECD workshop revealed three key challenges faced by countries as they have started to implement their strategies and plans: overcoming climate information shortcomings and associated capacity constraints; securing adequate financing; and measuring the success of adaptation interventions. Action to address these constraints will be vital to ensuring that progress in planning translates into improvements in outcomes.
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  • 90
    Online Resource
    Online Resource
    Paris : OECD
    Language: English
    Pages: Online-Ressource (101 S.) , graph. Darst.
    Series Statement: OECD regional development working papers 2013/07
    Keywords: Nachhaltige Stadtentwicklung ; Urbanisierung ; China ; Environment ; Urban, Rural and Regional Development ; China, People’s Republic ; Arbeitspapier ; Graue Literatur
    Abstract: This working paper assesses national policy and governance mechanisms that can influence green growth in Chinese cities. It applies the OECD conceptual framework for urban green growth to examine the potential challenges and opportunities for increasing economic growth through reducing the environmental impact of urban land use, transport and buildings; through improving water and air quality; and through fostering supply and demand of green products and services. The paper first situates the issue of green growth within the nexus of urbanisation and environmental challenges now facing China. This is followed by a review of environmental and quality of life challenges posed by rapid urbanisation. Opportunities for national policies to influence green growth in four key urban policy sectors are then examined. The paper concludes with an assessment of governance challenges and considers potential changes to facilitate economic growth while reducing the environmental impact of cities.
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  • 91
    Language: English
    Pages: Online-Ressource (53 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 32
    Keywords: Infrastrukturinvestition ; Pensionskasse ; Australien ; Kanada ; Finance and Investment ; Australia ; Canada ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Australian and Canadian pension funds have been pioneers in infrastructure investing since the early 1990s. They also have the highest asset allocation to infrastructure around the globe today. This paper compares and contrasts the experience of institutional investors in the two countries looking at factors such as infrastructure policies, the pension system, investment strategies and governance of pension funds. The ‘Canadian model’ and the ‘(new) Australian model’ of infrastructure pose a challenge to the ‘private equity model’, dominant in Europe and the USA. Important lessons can be learnt by both policy makers and investors.
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  • 92
    Language: English
    Pages: Online-Ressource (26 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/03
    Keywords: Environment ; Trade ; Australia ; Arbeitspapier ; Graue Literatur ; Bericht ; Australien ; Rohstoffgewinnung ; Metallurgie ; Finanzierungshilfe ; Australien ; Rohstoffgewinnung ; Metallurgie ; Finanzierungshilfe
    Abstract: Efforts to document government support benefiting specific sectors or industries have so far paid scant attention to support given to the non-energy minerals sector. In this paper the issue of support for this sector is explored by way of a case study of Australia, a leading producer and exporter of minerals. After describing the mining sector in the context of the Australian economy and the role of government in the exploitation of the country’s vast resources, the study identifies and document support measures based on the OECD’s framework for organising and analysing support to the fossil-fuel sector. The study finds that government support to the mining industry is relatively limited. Measures through which the Australian federal government assists the mining industry tax concessions related to corporate expenditure on R&D and on exploration and other expenditure, a fuel-tax rebate and the provision of geoscientific data at zero or minimal cost. The State governments provide preferential electricity prices to aluminium smelters. Monetary estimates of the cost to government of these measures are provided where available.
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  • 93
    Language: English
    Pages: Online-Ressource (59 S.) , graph. Darst.
    Series Statement: OECD corporate governance working papers 8
    Keywords: Corporate Governance ; Börsengang ; Aktionäre ; Institutioneller Investor ; Kapitalstruktur ; Eigentümerstruktur ; Finance and Investment ; Governance ; Arbeitspapier ; Graue Literatur
    Abstract: There are two main sources of confusion in the public corporate governance debate. One is the confusion about the role of public policy intervention. The other is a lack of empirical knowledge about the corporate landscape where rules are supposed to be implemented and the functioning of today’s equity markets, where voting rights and cash flow rights are traded. To mitigate some of this confusion, this paper provides both an analytical framework for the role of public policy and a description of the empirical context that influences the conditions for that policy. It underlines the importance of focusing on the overall economic outcome and, in particular, how rules and regulations impact the conditions for companies to grow and create value by accessing public equity markets. In terms of the empirical context, we point to fundamental changes in the functioning of equity markets that may call for a fresh look at the economic effectiveness of corporate governance regulations. Among other things, we document a dramatic shift in listings from developed to emerging markets over the last decade, which means that concentrated ownership at company level has become the dominant form of ownership in listed companies worldwide. We also discuss whether the lack of new listings of smaller companies in developed markets is related to excessive regulatory burdens and unintended consequences of a decade of profound stock market deregulation. The discussion about listings illustrates that corporate governance rules and regulations do not only affect companies that are already listed. From a policy perspective, it is equally important to assess the implications for unlisted companies that may, in the future, require access to public equity markets for growth and job creation. We also document how the lengthened and ever more complex chain of intermediaries between savers and companies may influence the efficiency of capital allocation and the willingness of investors to take an active long-term interest in the companies that they own. It is shown that institutional investors are a highly heterogeneous group and that their willingness and ability to engage in corporate governance primarily depend on the economic incentives that follow from their different business models, investment strategies and trading practices. We provide examples of how regulatory initiatives to increase shareholder engagement may have unintended consequences, and note that the diversity and complexity of the investment chain can render general policies or regulation ineffective.
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  • 94
    Language: English
    Pages: Online-Ressource (92 S.) , graph. Darst.
    Series Statement: OECD trade policy papers 147
    Keywords: Auslandsinvestition ; Internationales Investitionsrecht ; WTO-Recht ; Wettbewerbspolitik ; Außenhandel ; Eigentümerstruktur ; Öffentliches Unternehmen ; Finance and Investment ; Trade ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: With a growing integration via trade and investment, state-owned enterprises (SOEs) that have traditionally been oriented towards domestic markets increasingly compete with private firms in the global market place. Three principal questions emerge from the international trade perspective: (1) How important is state ownership in the global economy; (2) What types of advantages granted to SOEs by governments (or disadvantages afflicting them) are inconsistent with the key principles of the non-discriminatory trading system; and (3) What policies and practices support effective competition among all market participants? Using a sample of world‘s largest firms and their foreign subsidiaries, this paper shows that the extent of state presence in various countries and economic sectors is significant. Moreover, many of the countries with the highest SOE shares and economic sectors with strong SOE presence are intensely traded. The potential for economic distortions is hence large, if some of these SOEs benefit from unfair advantages granted to them by governments–an allegation that is often raised in political and business circles. Existing information on such advantages is often either anecdotal or limited to individual cases. As a groundwork for future analysis and building on the existing information and literature, this paper presents a conceptual discussion of how potential SOE advantages can generate cross-border effects. It also describes several cases when actions of SOEs as well as advantages allegedly granted to them by governments have been contested as inconsistent with national or international regulations, albeit with varying degree of success. This may be partially explained by the fact that existing regulatory frameworks that discipline some forms of anti-competitive behaviour of SOEs have been designed with domestic objectives in mind or were conceived at times when the state sector was oriented primarily towards domestic markets. The survey of existing rules at the national, bilateral and multilateral levels presented in this paper is a first step in determining whether there is a need to fill any gaps and in finding the most constructive ways of doing so.
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  • 95
    Language: English
    Pages: Online-Ressource (44 S.) , graph. Darst.
    Series Statement: Working paper / OECD Development Centre 320
    Series Statement: OECD Development Centre Working Papers no.320
    Keywords: 1995 - 2010 ; Kapitalmobilität ; Kapitalverkehrskontrolle ; Asiatisch-pazifischer Raum ; Finance and Investment ; Development ; Arbeitspapier ; Graue Literatur
    Abstract: The Asia-Pacific region has long been prone to volatile capital flows that have posed a challenge for authorities to cope with and occasionally led to payment difficulties dragging down exchange rates and spilling over to the real economy. The recent global crisis repeated past history, although most economies hard hit by the 1997-1998 Asian financial crisis have learnt a lesson and are now better prepared to face volatile capital flows. Asian and Pacific countries have strengthened capital controls over 1995-2010, in particular those targeting portfolio flows. Now more countries impose some sort of control on outflows of all types of capital than 15 years ago and controls on outflows appear more stringent than on inflows. Notwithstanding the controls, most Asia-Pacific economies experienced at least one spell of large capital flows. To effectively curb capital inflow bonanzas, the measures need to be targeted. Portfolio inflow surges can be curbed by controlling bond inflows in general and in the case of very large surges, by limiting collective investment inflows. Controls on credit inflows appear effective in reducing the probability of cross-border lending booms. Furthermore, measures targeting residents appear more effective in reducing the probability of capital inflow bonanzas. Beside control measures, other conditions also appear to have a bearing on the probability of occurrence and on the length of the capital inflow spell. Previous inflows appear to be an important determinant of future booms in all asset categories, while global risk appetite increases the probability of overall inflows and cross border credit bonanzas. Domestic growth only explains the occurrence of equity portfolio inflow booms. A more lenient stance on outflows could shorten the duration of capital inflow bonanzas and hence reduce their cumulative impact on the economy.
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  • 96
    Language: English
    Pages: Online-Ressource (31 S.) , graph. Darst.
    Series Statement: OECD trade and environment working papers 2013/06
    Keywords: Environment ; Trade ; Arbeitspapier ; Graue Literatur
    Abstract: An important source of political opposition to measures aimed at reducing emissions of greenhouse gases (GHGs) arises from concerns over their negative effects on the competitiveness of domestic firms, especially those that are energy-intensive and exposed to competition from foreign producers. Politicians and industry representatives alike fear that imports from countries without similar regulations can gain cost-of-production advantages over domestic goods. With many of the major economies of the world contemplating unilateral action to restrict their carbon emissions (while continuing to pursue co-ordinated multilateral action), the parallel concern of carbon leakage — whereby domestic reductions in emissions are partially or wholly counterbalanced by increased emissions elsewhere in the world — has also arisen. Various adjustments have been proposed, both in the academic literature and in draft climate legislation, including levying a border tax or requiring importers to surrender a quantity of carbon permits. Collectively, these kinds of adjustments are often referred to as border carbon adjustments, or BCAs. This note reviews the existing literature on BCAs and alternatives to BCAs and discusses what various researchers have concluded about the efficacy of BCAs from both a trade and an environmental perspective.
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  • 97
    Language: English
    Pages: Online-Ressource (43 S.) , graph. Darst.
    Series Statement: OECD working papers on international investment 2013/02
    Series Statement: OECD working papers on international investment
    Keywords: investment policy reform ; segyehwa ; South Korea ; FDI Regulatory Restrictiveness Index ; foreign direct investment ; Finance and Investment ; Korea, Republic of ; Arbeitspapier ; Graue Literatur
    Abstract: As more and more countries seek to liberalise their foreign investment regimes to attract global flows of foreign direct investment (FDI), an essential question for policy-makers is no longer just what to reform but also how to reform. How is a reformist government to sell the idea of reform to the general public and to counter any opposition to reform? How are those who lose from reform in the short term to be compensated? Does sequencing of reforms matter? Korea offers a particularly interesting case study because its reforms beginning in the 1990s were both rapid and far-reaching. Based on the OECD FDI Regulatory Restrictiveness Index, Korea was the biggest reformer of its policies towards FDI between 1997 and 2010 among a sample of 40 developed and emerging countries. The objective of this study is to document the liberalisation of the FDI regime in Korea and to examine how and why it came about. What were the main obstacles and what were the main drivers? How did FDI liberalisation relate to other reforms (trade policy and regulatory reform, policies towards outward investment)? The paper does not ask what more Korea needs to do but rather what lessons can we draw from the Korean experience about how to achieve rapid and sustainable reforms? The insights from Korean liberalisation are useful for other countries, particularly non-OECD members in Asia and elsewhere, which still have high levels of statutory restrictions as measured by the FDI Index. Many of these countries are eager to attract more investment and recognise that they will need to reform their investment regime but are unsure how best to proceed. Each country?s reform path is unique, and this study will not provide a roadmap for other countries to follow, but it will nevertheless serve as a useful model for reformers in other countries and provide evidence that successful reform is accompanied by rising inflows of direct investment.
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  • 98
    Language: English
    Pages: Online-Ressource (74 S.) , graph. Darst., Kt.
    Series Statement: OECD working papers on finance, insurance and private pensions 33
    Keywords: Finance and Investment ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Macroeconomic stability and growth in the Latin America and the Caribbean (LAC) region have allowed governments to focus on public policies that build on the complementarities between financial education, inclusion and the development of social capital. Financial education programmes can support the needs of emerging middle classes in managing their finances and benefitting from access to more sophisticated financial markets. They can also be a valuable tool to ensure a more effective financial inclusion of the most vulnerable sectors of the population, and help fight poverty and inequality.
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  • 99
    Language: English
    Pages: Online-Ressource (35 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 36
    Keywords: Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The economic downturn is likely to have a lasting impact on the fund management industry and on long term asset allocation strategies of institutional investors. On one hand, in promoting more cautious investment strategies and a greater focus on portfolio risk management in the coming years. On the other hand, the prolonged low-yield environment has heightened the need for return-enhancing strategies, pushing some investors to invest in alternative assets. More fundamentally, the role of institutional investors in long term financing is constrained by the short-termism increasingly pervasive in capital markets as well as structural and policy barriers such as regulatory disincentives, lack of appropriate financing vehicles, limited investment and risk management expertise, transparency, viability issues and a lack of appropriate data and investment benchmarks for illiquid assets such as infrastructure.
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  • 100
    Language: English
    Pages: Online-Ressource
    Series Statement: OECD working papers on finance, insurance and private pensions 16
    Keywords: Finanzwissen ; Welt ; Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: In both developing and developed economies, the awareness of the importance of financial education led to the development of an increasing number of tailored national strategies for financial education. These frameworks promote a smoother and more sustainable co-operation between interested parties and stakeholders, avoid duplication of resources and allow the development of articulated and tailored roadmaps with measurable and realistic objectives based on dedicated national assessments. The comparative analysis shows how countries overcame a series of challenges such as lack of resources, the identification a leading institution, gathering all stakeholders around common objectives and move efficiently to the operational phase. The experiences analysed in this report provide a global picture of the situation in 2011/12 and a selection of relevant solutions and tools to address these issues in a replicable way. This comparative report should be seen as a background document and as a complement to High-level Principles on National Strategies for Financial Education prepared by the OECD and its International Network on Financial Education (INFE).
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