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  • English  (51)
  • André, Christophe  (28)
  • Andrews, Dan  (23)
  • Paris : OECD Publishing  (51)
  • Economics  (51)
  • 1
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    Promoting gender equality to strengthen economic growth and resilience (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (23 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1776
    Parallel Title: Parallele Sprachausgabe Promouvoir l'égalité des genres pour renforcer la croissance économique et la résilience
    Keywords: Economics ; Social Issues/Migration/Health
    Abstract: Women’s employment rates and wages are still lagging those of men across OECD countries, with average employment and wage gaps now around 15% and 12% respectively. Gaps narrowed at a relatively modest pace over the past decade, calling for further policy action. A lack of affordable high-quality childcare is often an obstacle to women’s participation in the labour market and notably to working full time. A very unequal sharing of parental leave between parents and challenges upon return to work further hampers women’s careers. Biases in the tax system may discourage women from working in some countries. Women face disadvantage in accessing management positions and entrepreneurship. A range of policies can help reduce gender gaps, including better childcare provision, incentivising parents to better share parental leave, re-skilling and upskilling on return from parental leave, encouraging gender equality within firms, integration programmes for foreign-born women, promoting women entrepreneurship and financial inclusion, and levelling taxation for second earners. Moreover, the multiple dimensions and root causes of gender inequality call for mainstreaming gender across policy domains.
    DOI: 10.1787/54090c29-en
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  • 2
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    Rising energy prices and productivity: short-run pain, long-term gain? (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (58 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1755
    Keywords: Economics
    Abstract: Soaring energy prices have raised concerns about the risks energy price shocks pose for firms’ performance and the green transition. This paper estimates the impacts of energy price changes on firms’ productivity as well as their dynamics, distinguishing between the short and medium-to-long term, using historical data. The analysis shows that following an energy price shock, firms adjust down their capacity utilisation, and their productivity declines. The estimates suggest that a 5% increase in energy prices reduces productivity by approximately 0.4% one year later. However, firms may display positive productivity gains in the medium term. Specifically, a shock corresponding to a 10% increase in energy prices is associated with an increase in productivity growth of around 0.9 p.p four years after the shock. These gains are more likely in less energy-intensive sectors, but tend not to materialise for larger shocks. There is some evidence that investment may be the channel behind productivity gains, the latter being larger for firms that had made investments in capital just before the shock.
    DOI: 10.1787/2ce493f0-en
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  • 3
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    Doing green things: skills, reallocation, and the green transition (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (47 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1763
    Keywords: Employment ; Economics
    Abstract: The need to rapidly decarbonise economies raises questions about whether countries’ workforces possess the requisite skills to achieve the net zero transition as well as the capacity to redeploy workers from “brown” to “green” jobs. This paper applies a task-based framework to granular data from the Occupational Information Network (O*NET) and country-specific employment sources to generate new indicators of the green skills structure of labour markets for a large number of OECD countries and non-OECD EU countries. Significant cross-country differences emerge in the underlying supply of green skill and the potential of economies to reallocate brown job workers to green jobs within their broad occupation categories. In a majority of detailed brown occupations, workers have in principle the necessary skills to transition to green jobs, with the exception of those in production occupations, who may require more extensive re-skilling. In contrast, workers from most highly automatable occupations are generally not found to have the sufficient skills to transition to green jobs, suggesting more limited scope for the net-zero transition to reinstate labour displaced by automation.
    DOI: 10.1787/286a5007-en
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  • 4
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    Enhancing insolvency frameworks to support economic renewal (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (41 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1738
    Keywords: Economics
    Abstract: This paper updates of the OECD Insolvency framework indicator, which summarises the main features of insolvency systems, with respect to their ability to prevent the failure of viable firms, allow a timely exit of non-viable companies, facilitate corporate restructuring and promote entrepreneurship by offering a second chance to honest failed entrepreneurs. The indicator covers 45 countries, including all OECD and European Union members. Since the indicator’s previous vintage (2016), most countries have enhanced their insolvency frameworks, notably early warning systems and pre-insolvency procedures. There is still room for improvement, particularly on simplified frameworks for small businesses, which are still often lacking. However, many countries report future insolvency reform plans. The paper also highlights the importance of efficient insolvency procedures as pressure on businesses arises from the gradual withdrawal of COVID-related policy support, the rise in energy costs and interest rates, along with the restructuring needs induced by the green and digital transitions.
    DOI: 10.1787/8ef45b50-en
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  • 5
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    COVID-19, productivity and reallocation: Timely evidence from three OECD countries (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (47 p.)
    Series Statement: OECD Economics Department Working Papers no.1676
    Keywords: Economics ; Australia ; New Zealand ; United Kingdom
    Abstract: The longer run consequences of the pandemic will partly hinge on its impact on high productivity firms, and the ongoing process of labour reallocation from low to high productivity firms. While Schumpeter (1939) proposed that recessions can accelerate this process, the nature of the COVID-19 shock coupled with a policy response that prioritised preservation (over reallocation) raises questions about whether job reallocation remained productivity-enhancing. Using novel, near-real-time data for Australia, New Zealand and the United Kingdom, this paper shows that while labour turnover fell in response to the pandemic, job reallocation remained connected to firm productivity – that is, high productivity firms were more likely to expand and low productivity firms were more likely to contract. The pandemic coincided with a temporary strengthening of the reallocation-productivity link in Australia – but a weakening in New Zealand – which appears related to the design of job retention schemes. Finally, firms that intensively used Apps to manage their business were more resilient, even after controlling for productivity. Thus, while policy partly suppressed creative destruction, the nature of the shock – i.e. one where being online and able to operate remotely were key – favoured high productivity and tech-savvy firms, resulting in a reallocation of labour to such firms. The use of timely, novel data to investigate the allocative effects of the pandemic marks a significant advance, given that the seminal paper on productivity-enhancing reallocation during the Great Recession arrived some six years after Lehman Brothers collapsed.
    DOI: 10.1787/d2c4b89c-en
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  • 6
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    The COVID-19 shock and productivity-enhancing reallocation in Australia: Real-time evidence from Single Touch Payroll (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (41 p.)
    Series Statement: OECD Economics Department Working Papers no.1677
    Keywords: Economics ; Australia
    Abstract: The consequences of the pandemic for potential output will partly hinge on its impact on high productivity firms, and more generally the ongoing process of productivity-enhancing reallocation – the rate at which scarce resources are reallocated from less productive to more productive firms. While Schumpeter (1939) originally proposed that recessions can accelerate this process, the more ‘random’ nature of the COVID-19 shock coupled with a policy response that prioritised preservation (over reallocation) raises questions about whether job reallocation remained productivity-enhancing over the course of the pandemic. Despite these headwinds, our analysis based on novel high-frequency employment data for Australia shows that job reallocation (and firm exit) remained solidly connected to firm productivity over 2020. The greater resilience of high productivity firms is significant, given that an indiscriminate shakeout of such firms – and the associated destruction of firm-specific intangible capital – would have imparted significant scarring effects. As it turns out, the temporary nature of Australia’s job retention scheme (JobKeeper) made an important (and surprising) positive contribution to this process, with material consequences for aggregate productivity. But the scheme appears to have become more distortive over time, justifying its timely withdraw – on productivity grounds at least.
    DOI: 10.1787/2f6e7cb1-en
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  • 7
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    Keeping regional inequality in check in Sweden (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (37 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1689
    Keywords: Regionale Einkommensverteilung ; Räumliche Verteilung ; Bevölkerungsstruktur ; Schweden ; Economics ; Sweden ; Amtsdruckschrift
    Abstract: Regional inequality is low in Sweden compared to most other OECD countries, but has been rising over the past decades, fuelling discontent in parts of the country, whose inhabitants feel left behind. The younger population is increasingly concentrated in the largest cities, which also enjoy the highest productivity growth. Demographic trends exacerbate the difficulty in providing equal public services across the country. Healthy public finances are allowing the government to increase its support to municipalities and regions to adjust to demographic developments and local operating conditions. Beyond this effort, keeping regional inequality in check will require upgrading the sub-national government fiscal framework, enhancing public service efficiency, especially through digitalisation, and promoting regional convergence further, especially by strengthening the role of universities in regional knowledge and innovation networks.
    DOI: 10.1787/e4bec28f-en
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  • 8
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    Regional differences in productivity in Sweden: Insights from OECD regions (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (20 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1688
    Keywords: Produktivität ; Räumliche Verteilung ; Regionalentwicklung ; Regionales Wachstum ; Regionalpolitik ; Schweden ; Economics ; Sweden ; Amtsdruckschrift
    Abstract: Regional inequality has increased in Sweden over the past decades, albeit from a low level. While redistribution and other public policies can narrow regional gaps in income, well-being and access to services, productivity growth is key to maintaining economic dynamism, creating job opportunities and attracting and retaining skilled workers. Against this background, this paper documents the performance of Swedish large regions (TL2) on the main productivity drivers identified by the literature. Panel regressions on a dataset covering up to 125 OECD regions in 17 countries identify the factors associated with high regional productivity, namely rail and road connectivity, knowledge-intensive employment and research and education. Investment in construction and finance is linked to somewhat weaker productivity. Even after taking these factors into account, the Stockholm region benefits from a sizeable productivity advantage, which likely reflects agglomeration effects.
    DOI: 10.1787/68fb871e-en
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  • 9
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    The career effects of labour market conditions at entry (2020)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (39 p.)
    Series Statement: OECD Productivity Working Papers no.20
    Keywords: Economics
    Abstract: This paper explores the effects of labour market conditions at graduation on an individual’s work-life over the following decade. Australians graduating into a state and year with a 5 percentage point higher youth unemployment rate can expect to earn roughly 8 per cent less in their first year of work and 3½ per cent less after five years, with the effect gradually fading to around zero ten years on. The magnitude of this effect varies according to the characteristics of the individual and the tertiary institution they attend. We then explore the mechanisms behind this scarring. Scarring partly reflects the subsequent evolution of the unemployment rate — the fact that unemployment shocks tend to persist — highlighting the potential for timely and effective macroeconomic stabilisation policies to ameliorate these scarring effects. More generally, job switching to more productive firms emerges as a key channel through which workers recover from adverse shocks that initially disrupt (worker-firm) match quality. We find some evidence that the speed of recovery has slowed since 2000, which is consistent with the decline in labour market dynamism observed in Australia over that period.
    DOI: 10.1787/29c11c75-en
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  • 10
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    From forestry and heavy industry to a vibrant knowledge-based economy (2019)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (4 p.)
    Parallel Title: Parallele Sprachausgabe Finlande : de l’industrie lourde et sylvicole à une vibrante économie du savoir
    Titel der Quelle: OECD Observer
    Keywords: Economics ; Industry and Services ; Finland
    DOI: 10.1787/a87d122b-en
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  • 11
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    Design of insolvency regimes across countries (2018)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 37 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1504
    Keywords: 2010 - 2016 ; Insolvenz ; Private Verschuldung ; Marktaustritt ; Allokationseffizienz ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores cross-country differences in the design of insolvency regimes, based on quantitative indicators constructed from countries’ responses to a recent OECD policy questionnaire. The indicators – which are available for 36 countries for 2010 and 2016 – aim to better capture the key design features of insolvency which impact the timely initiation and resolution of personal and corporate insolvency proceedings. According to these metrics, the design of insolvency regimes varies significantly across countries, with important differences emerging with respect to the treatment of failed entrepreneurs, the availability of preventative and streamlining tools and ease of corporate restructuring. While a comparison of indicator values for 2010 and 2016 imply that recent reform efforts have improved policy design, there remains much scope to reform insolvency regimes in many OECD countries. This is particularly significant in light of complementary analysis which shows that the design of insolvency regimes is relevant for understanding three inter-related sources of contemporary labour productivity weakness: the survival of “zombie” firms, capital misallocation and stalling technological diffusion.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/d44dc56f-en
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  • 12
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    Tax reform to support growth and employment in Finland (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 27 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1468
    Keywords: Steuerreform ; Steuermoral ; Wirtschaftswachstum ; Erwerbstätigkeit ; Finnland ; Economics ; Finland ; Amtsdruckschrift ; Graue Literatur
    Abstract: Finland raises a large amount of taxes to finance high-quality public services and redistribute income. Public finances are currently relatively solid and taxes and transfers reduce income inequality significantly. However, a rapidly ageing population pushes up public spending, while globalisation creates challenges in raising revenue. Hence, ensuring long-term fiscal sustainability requires both containing spending through efficiency gains in the provision of public services and raising revenue in a way that minimises deadweight costs and distortions weighing on growth and employment. Reducing further the tax wedge on labour income would lift employment. More revenue could be raised through a reduction in the range of goods and services subject to reduced VAT rates, higher taxes on consumption that is harmful to the environment or health and higher property taxes. A competitive corporate taxation, combined with international cooperation to avoid base erosion and profit shifting, is needed to foster local production.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/412834d3-en
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  • 13
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    A genie in a bottle? : globalisation, competition and inflation (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 42 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1462
    Keywords: Globalisierung ; Wettbewerb ; Inflation ; Marktmacht ; Betriebliche Wertschöpfung ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Declining inflation in many countries over the past few decades at the same time as rising global competition has led to a debate on the importance of globalisation for domestic inflation. This paper explores the implications of global value chain (GVC) integration and market contestability for inflation using a range of industry-level and micro-data sources. We provide evidence that rising participation in GVCs has placed downward pressure on producer price inflation, by increasing the ability of firms to substitute domestic inputs with cheaper foreign equivalents. We investigate the channels, which suggests that increased GVC participation contributed to lower inflation via downward pressures on unit labour costs – by raising productivity and reducing wages – in the importing country, especially when low-wage countries are integrated in supply chains. We then present industry-level evidence to support the conjecture that a higher level of GVC integration dampens producer price inflation by accentuating the impact of global economic slack on domestic inflation. However, we also find an increasing trend in mark-ups, suggestive of rising market power, particularly in services sectors. Thus, looking forward, there is a risk that stalling globalisation since the crisis, coupled with stronger aggregate demand and declining market contestability, could lead to inflationary pressures in the medium term, thereby letting the inflation genie out of the bottle.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/deda7e54-en
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  • 14
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    Digital technology diffusion : a matter of capabilities, incentives or both? (2018)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 80 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1476
    Keywords: 2010 - 2016 ; Digitalisierung ; Technischer Fortschritt ; Innovationsdiffusion ; Produktivitätsentwicklung ; Qualifikation ; Europa ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Insufficient diffusion of new technologies has been quoted as one possible reason for weak productivity performance over the past two decades (Andrews et al., 2016). This paper uses a novel data set of digital technology usage covering 25 industries in 25 European countries over the 2010-16 period to explore the drivers of digital adoption across two broad sets of digital technologies by firms, cloud computing and back or front office integration. The focus is on structural and policy factors affecting firms’ capabilities and incentives to adopt -- including the availability of enabling infrastructures (such as high-speed broadband internet), managerial quality and workers skills, and product, labour and financial market settings. We identify the effects of structural and policy factors based on the difference-in-difference approach pioneered by Rajan and Zingales (1998) and show that a number of these factors are statistically and economically significant for technology adoption. Specifically, we find strong support for the hypothesis that low managerial quality, lack of ICT skills and poor matching of workers to jobs curb digital technology adoption and hence the rate of diffusion. Similarly our evidence suggests that policies affecting market incentives are important for adoption, especially those relevant for market access, competition and efficient reallocation of labour and capital. Finally, we show that there are important complementarities between the two sets of factors, with market incentives reinforcing the positive effects of enhancements in firm capabilities on adoption of digital technologies
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/7c542c16-en
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  • 15
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    Will the inflation genie stay in the bottle? (2018)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (4 p.)
    Parallel Title: Parallele Sprachausgabe Le génie de l’inflation restera-t-il dans sa lampe ?
    Titel der Quelle: OECD Observer
    Keywords: Economics
    DOI: 10.1787/3cee311b-en
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  • 16
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    Confronting the zombies : policies for productivity revival (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 36 Seiten) , Illustrationen
    Series Statement: OECD economic policy paper no. 21 (December 2017)
    Series Statement: OECD Economic Policy Papers no.21
    Keywords: Produktivitätsentwicklung ; Insolvenz ; Unternehmenssanierung ; Bank ; Allokation ; Marktaustritt ; OECD-Staaten ; Economics ; Graue Literatur
    Abstract: Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation and stalling technological diffusion. New OECD policy indicators show that there is much scope to improve the design of insolvency regimes in order to reduce the barriers to restructuring of weak firms and the personal costs associated with entrepreneurial failure. Insolvency regime reform can not only address the aforementioned sources of productivity weakness but also enhance the productivity impacts of reducing entry barriers in product markets. As the zombie firm problem may partly stem from bank forbearance, complementary reforms to insolvency regimes are essential to ensure that a more aggressive policy to resolve non-performing loans is effective. Distortions in the banking sector highlight the importance of market-based financing instruments for productivity growth with the inherent debt bias in corporate tax systems emerging as a key barrier to technological diffusion. Finally, well-designed job search and retraining policies are effective at returning workers displaced by firm exit to work, particularly in environments where barriers to firm entry are low.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f14fd801-en
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  • 17
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    Insolvency regimes, technology diffusion and productivity growth : evidence from firms in OECD countries (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1425
    Keywords: Insolvenz ; Innovationsdiffusion ; Produktivitätsentwicklung ; Wirtschaftsdaten ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to insolvency regimes that lower barriers to corporate restructuring are associated with higher MFP growth of laggard firms. These results are consistent with the idea that insolvency regimes that do not unduly inhibit corporate restructuring can incentivise experimentation and provide scope to reconfigure production and organisational structures in order to faciliate technological adoption. The results also highlight policy complementarities, with insolvency regimes that reduce the cost of entrepreneurial failure potentially enhancing the MFP gains from lowering administrative entry barriers in product markets. Finally, we find that reducing debt bias in corporate tax systems and well-developed venture capital markets are associated higher laggard firm MFP growth, suggesting that equity financing can also be an important driver of technological diffusion. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that stalling technological diffusion has contributed to the aggregate productivity slowdown.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/36600267-en
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  • 18
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    Breaking the shackles : zombie firms, weak banks and depressed restructuring in Europe (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1433
    Keywords: Kreditrationierung ; Produktivität ; Insolvenz ; Europa ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the connection between “zombie” firms (firms that would typically exit in a competitive market) and bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the results show that zombie firms are more likely to be connected to weak banks, suggesting that the zombie firm problem in Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that around one-third of the impact of zombie congestion on capital misallocation could be directly attributed to bank health and additional analysis suggests that this may partly be due to reduced availability of credit to healthy firms. Finally, improvements in bank health are more likely to be associated with a reduction in the prevalence of zombie firms in countries where insolvency regimes do not unduly inhibit corporate restructuring. Thus, leveraging the important complementarities between bank strengthening efforts and insolvency regime reform would contribute to breaking the shackles on potential growth in Europe.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/0815ce0c-en
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  • 19
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    Income, wealth and equal opportunities in Sweden (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 35 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1394
    Keywords: Vermögensverteilung ; Einkommensverteilung ; Umverteilung ; Mietenpolitik ; Migranten ; Alleinerziehende ; Soziale Ungleichheit ; Schweden ; Economics ; Sweden ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Sweden is an egalitarian society in international comparison, and has managed to combine equity with economic efficiency. Rapidly rising inequality and relative poverty from a historical low in the 1980s partly stem from ageing, changing family structures and migration. Living standards increased for all groups, but social benefits rose less than earned income. Incomes of newly-arrived immigrants and single mothers trailed the median. Bottlenecks in the migrant settlement process are costly to migrants and society, and high entry wages further slow integration. Spatial segregation leads to school segregation and potentially reduced social mobility for the least endowed, and rental regulations reduce the scope for settling where job opportunities are the best. Fast-growing capital incomes, likely linked to increasing wealth concentration and income shifting, increased inequality. Low intergenerational income mobility in the very top of the income distribution is a concern. Social benefits should be uprated more systematically and regressive housing-related taxation reformed to strengthen redistribution. Migrant settlement and integration need to be better coordinated and adapted to individual starting points. The number of wage subsidies and their administrative complexity should be reduced to ease labour market entry. Dysfunctional rental regulations should be reformed to increase mobility and limit spatial segregation. This working paper relates to the 2017 OECD Economic Survey of Sweden (www.oecd.org/eco/surveys/economic-survey-sweden.htm).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/e900be20-en
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  • 20
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    Insolvency regimes, zombie firms and capital reallocation (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 55 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1399
    Keywords: Private Verschuldung ; Insolvenz ; Unternehmensfinanzierung ; Allokation ; Produktivität ; Marktaustritt ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores cross-country differences in the design of insolvency regimes and their potential links with two inter-related sources of labour productivity weakness: the survival of “zombie” firms (firms that would typically exit in a competitive market) and capital misallocation. New cross-country policy indicators of insolvency regimes are constructed based on countries’ responses to a recent OECD questionnaire, which aimed to better capture the key design features of insolvency which impact the timely initiation and resolution of insolvency proceedings. According to these metrics, cross-country differences in the design of insolvency regimes are significant. Firm level analysis shows that reforms to insolvency regimes which reduce barriers to corporate restructuring and the personal cost associated with entrepreneurial failure may reduce the share of capital sunk in zombie firms. These gains are partly realised via the restructuring of weak firms, which in turn spurs the reallocation of capital to more productive firms. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that rising capital misallocation and the increasing survival of low productivity firms have contributed to the productivity slowdown.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5a16beda-en
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  • 21
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    Skills mismatch, productivity and policies : evidence from the second wave of PIAAC (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 26 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1403
    Keywords: Produktivität ; Allokation ; Humankapital ; Fachkräfte ; Berufsbildung ; Arbeitsmobilität ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper extends earlier OECD work exploring the link between skills mismatch, productivity and policies to include the countries in the second wave of OECD Survey of Adult Skills, with a special focus on New Zealand. We find that the percentage of workers who are mismatched in terms of skills is 28% in New Zealand, slightly over the OECD average of 25%. The share of over-skilling is at the OECD average of 18%, while the share of under-skilling - at around 10% - is also above the OECD average of 7%. The results suggest that improving the allocation of skills to OECD best practice could be associated with an increase in productivity of around 7% in New Zealand.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/65dab7c6-en
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  • 22
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    Rebalancing Turkey's growth by improving resource allocation and productivity in manufacturing (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1367
    Keywords: Industrie ; Produktivitätsentwicklung ; Arbeitsmarkt ; Strukturwandel ; Unternehmensbesteuerung ; Wirtschaftswachstum ; Türkei ; Economics ; Turkey ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Turkey’s manufacturing sector has expanded considerably but not efficiently and competitively enough. This paper documents the drivers of its recent growth and diversification, and the factors that have held it back. It documents its segmentation and the outsized tail of poorly performing firms, which undermines aggregate productivity growth. Low productivity eases job creation in the short term, but undermines it in the long run and holds back improvements in living standards because of competitiveness losses. A core of well-performing firms (“frontier firms”) is not growing at full potential because of shortcomings in the policy framework. Intermediary (“follower”) firms sustain competition and deliver jobs, but tend to fall behind in productivity. Lower productivity units (“laggards”), which employ a large share of the low-skilled majority of the working age population, survive mostly thanks to the incomplete enforcement of rules and regulations. The resulting stalemate requires a coherent strategy of “systemic upgrading” of the business environment. This would enable all firms to operate in compliance with the law and on a level-playing field, under supportive regulations, taxation and innovation incentives. All firms could then achieve stronger productivity gains and the most promising firms could grow faster. At the same time, a credible flexicurity system needs to be put in place that facilitates adjustment in the labour market while protecting those affected by structural change.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/c35af920-en
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  • 23
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    Coping with creative destruction : reducing the costs of firm exit (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1353
    Keywords: Kündigung ; Arbeitsmarktpolitik ; Marktaustritt ; Kosten ; Schumpeterismus ; Employment ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: A policy framework that does not unduly inhibit the creative destruction process is vital to sustaining productivity growth. Yet, a key question is what happens to workers who lose their jobs due to this process and what are the policies that minimise the costs of worker displacement? Accordingly, this paper exploits a retrospective panel of workers in 13 European countries over the period 1986-2008 to explore the factors which shape the re-employment prospects of workers displaced due to firm exit. The results suggest that higher spending on active labour market policies (ALMPs), financed through an offsetting reduction in spending on passive measures, can aid the re-employment prospects of displaced workers. There may also be a case to better tailor ALMPs to workers displaced by firm exit to the extent that the re-employment probabilities of this group of workers are more sensitive to ALMPs than workers that are displaced for other involuntary reasons. The effectiveness of ALMPs is also enhanced by lower entry barriers in product markets and higher public sector efficiency, while reductions in the labour tax wedge can aid the re-employment prospects of displaced workers. Finally, regional mobility emerges as a key channel through which workers who lose their job due to plant closure become re-employed, suggesting that housing market policies may also be relevant.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/bbb44644-en
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  • 24
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    The walking dead? : zombie firms and productivity performance in OECD countries (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 46 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1372
    Keywords: 2003 - 2013 ; Unternehmensfinanzierung ; Marktaustritt ; Investition ; Erwerbstätigkeit ; Allokation ; Produktivitätsentwicklung ; OECD-Staaten ; Economics ; Industry and Services ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the extent to which “zombie” firms – defined as old firms that have persistent problems meeting their interest payments – are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the mid-2000s and that the increasing survival of these low productivity firms at the margins of exit congests markets and constrains the growth of more productive firms. Controlling for cyclical effects, cross-country analysis shows that within-industries over the period 2003-2013, a higher share of industry capital sunk in zombie firms is associated with lower investment and employment growth of the typical non-zombie firm and less productivity-enhancing capital reallocation. Besides limiting the expansion possibilities of healthy incumbent firms, market congestion generated by zombie firms can also create barriers to entry and constrain the post-entry growth of young firms. Finally, we link the rise of zombie firms to the decline in OECD potential output growth through two key channels: business investment and multi-factor productivity growth
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/180d80ad-en
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  • 25
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    Fostering innovative business investment in Spain (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 37 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1387
    Keywords: KMU ; Wettbewerb ; Innovationsmanagement ; Spanien ; Economics ; Spain ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Spain has chronically low productivity growth, which undermines its ability to generate higher living standards. Important contributors to low productivity growth are the misallocation of capital to low productivity firms and under-investment in knowledge-based capital. To foster a better allocation of capital a first priority is to better tune bank, capital market and government financing to the needs of new innovative firms. This could be done through better small and medium-sized enterprises (SMEs) bond and loan securitisation tools, reallocating public financing to early stage finance and making it easier for firms to access public innovation funding by shifting some funding from loans to grants for research and development (R&D) projects. Attracting more foreign capital and improving the regulatory framework to increase the return on investment would also help. This could be done by reducing regulatory barriers that hold back competition, improving the neutrality of the tax system, improving pricing signals and reforming insolvency laws.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f957c2cc-en
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  • 26
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    Fighting gender inequality in Sweden (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1395
    Keywords: Geschlechterdiskriminierung ; Gleichberechtigung ; Schweden ; Economics ; Sweden ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Sweden ranks among the best OECD countries in terms of gender equality. Women have a high employment rate, outperform men in education and are well represented in government and parliament. Nevertheless, without further policy measures, achieving parity is still a distant prospect in several areas. Wage differences between genders persist; women are under-represented on private company boards, in senior management positions, in many well-paid and influential professions and among entrepreneurs. Hence, there is scope to make further progress on gender equality. The share of the parental leave reserved for each parent should be increased further, as inequality in leave-taking and long parental leaves harm women’s career prospects. Fighting stereotypes in education is necessary to improve women’s access to professions where they are under-represented. Government programmes need to promote women’s entrepreneurship further. Special attention should also be paid to the integration of foreign-born women, whose employment rate is much lower than for their male counterparts.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/37b4d789-en
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  • 27
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    Insolvency regimes and productivity growth : a framework for analysis (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 47 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1309
    Keywords: Insolvenz ; Wirtschaftspolitik ; Produktivitätsentwicklung ; Vergleich ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper develops an analytical framework to identify the policies relevant for firm exit and the channels through which they shape aggregate productivity growth. A range of potentially relevant policies are identified, spanning insolvency regimes, regulations affecting product, labour and financial markets, macroeconomic policies, subsidies, taxation and environment regulations. These policies can directly shape aggregate productivity along the exit margin through a variety of channels, including the strength of market selection and the scope and speed at which scarce resources consumed by failing firms can be reallocated to more productive uses. However, since market imperfections often generate obstacles to the orderly exit of failing firms, the efficiency of insolvency regimes emerges as particularly crucial. Thus, the paper analyses corporate and personal insolvency regimes in terms of their goals, optimal design (including trade-offs) and key features relevant for explaining cross-country differences in productivity. Finally, the paper proposes a strategy to obtain policy indicators that better capture cross-country differences in the key design features of corporate and personal insolvency regimes, with a view to facilitate further research on exit policies and productivity growth.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jlv2jqhxgq6-en
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  • 28
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    Household debt in OECD countries : stylished facts and policy issues (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1277
    Keywords: Haushaltsdefizit ; Öffentliche Schulden ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Household debt has risen markedly since the turn of the century and stands at a historically high level in most OECD countries. This paper offers an overview of developments in household debt over the past decades across a large sample of OECD countries, highlighting both common trends and country specificities. It examines the vulnerabilities associated with high household debt for households, the financial system and the wider economy. Finally, it describes the challenges faced by policymakers at the current juncture and outlines responses in terms of monetary, micro and macro-prudential, and housing policies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jm3xgtkk1f2-en
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  • 29
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    Employment and skills in Finland (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 29 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1320
    Keywords: Erwerbstätigkeit ; Qualifikation ; Arbeitsmarktpolitik ; Finnland ; Economics ; Finland ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Employment fosters equity and economic inclusiveness because those out of work face the highest risk of poverty, and it generates the tax receipts on which the social safety net depends. Further enhancing education and life-long learning would lower hurdles to employment, which are high for the low-skilled. Policies to speed up tertiary graduation, improve work incentives and activation of the unemployed and postpone labour market exit are necessary to bring the employment rate closer to the level of other Nordics. Easing employment regulations and allowing more flexible wage setting would increase both employment and productivity. This working paper relates to the 2016 OECD Economic Survey of Finland (www.oecd.org/eco/surveys/economic-survey-finland.htm).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jlv239kcq9r-en
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  • 30
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    The best versus the rest : the global productivity slowdown, divergence across firms and the role of public policy (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 77 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 05 (November 2016)
    Series Statement: OECD productivity working papers
    Keywords: firm dynamics ; regulation ; knowledge diffusion ; technological change ; productivity ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: In this paper, we aim to bring the debate on the global productivity slowdown – which has largely been conducted from a macroeconomic perspective – to a more micro-level. We show that a particularly striking feature of the productivity slowdown is not so much a lower productivity growth at the global frontier, but rather rising labour productivity at the global frontier coupled with an increasing labour productivity divergence between the global frontier and laggard (non-frontier) firms. This productivity divergence remains after controlling for differences in capital deepening and mark-up behaviour, suggesting that divergence in measured multi-factor productivity (MFP) may in fact reflect technological divergence in a broad sense. This divergence could plausibly reflect the potential for structural changes in the global economy – namely digitalisation, globalisation and the rising importance of tacit knowledge – to fuel rapid productivity gains at the global frontier. Yet, aggregate MFP performance was significantly weaker in industries where MFP divergence was more pronounced, suggesting that the divergence observed is not solely driven by frontier firms pushing the boundary outward. We contend that increasing MFP divergence – and the global productivity slowdown more generally – could reflect a slowdown in the diffusion process. This could be a reflection of increasing costs for laggard firms of moving from an economy based on production to one based on ideas. But it could also be symptomatic of rising entry barriers and a decline in the contestability of markets. We find the rise in MFP divergence to be much more extreme in sectors where pro-competitive product market reforms were least extensive, suggesting that policy weaknesses may be stifling diffusion in OECD economies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/63629cc9-en
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  • 31
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    Boosting productivity in Finland (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1319
    Keywords: Produktivitätsentwicklung ; Arbeitsproduktivität ; Technologiepolitik ; Finnland ; Economics ; Finland ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Boosting productivity growth is necessary to raise living standards and well-being for all. Aggregate productivity has fallen, mainly driven by manufacturing, although service industries have also tended to underperform. Reviving productivity requires improving framework conditions further so labour and capital can more easily move to the most dynamic sectors and firms, making the tax system more growth-friendly, and supporting innovation, basic research and young firms’ financing. This working paper relates to the 2016 OECD Economic Survey of Finland (www.oecd.org/eco/surveys/economic-survey-finland.htm).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jlv23b11mtl-en
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  • 32
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    Frontier firms, technology diffusion and public policy : micro evidence from OECD countries (2015)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 02
    Series Statement: OECD productivity working papers
    Keywords: Produktivitätsentwicklung ; Technische Effizienz ; Allokation ; Innovationsdiffusion ; Institutionelle Infrastruktur ; Mikrodaten ; OECD-Staaten ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: This paper analyses the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it. Firms at the global productivity frontier – defined as the most productive firms in each two-digit industry across 23 countries – are typically larger, more profitable, younger and more likely to patent and be part of a multinational group than other firms. Despite the slowdown in aggregate productivity, productivity growth at the global frontier remained robust over the 2000s. At the same time, the rising productivity gap between the global frontier and other firms raises key questions about why seemingly non-rival technologies do not diffuse to all firms. The analysis reveals a highly uneven process of technological diffusion, which is consistent with a model whereby global frontier technologies only diffuse to laggards once they are adapted to country-specific circumstances by the most productive firms within each country (i.e. national frontier firms). This motivates an analysis of the sources of differences in the productivity and size of national frontier firms vis-à-vis the global frontier and the catch-up of laggard firms to the national productivity frontier. Econometric analysis suggests that well-designed framework policies can aid productivity diffusion by sharpening firms’ incentives for technological adoption and by promoting a market environment that reallocates resources to the most productive firms. There is also a role for R&D tax incentives, business-university R&D collaboration and patent protection but trade-offs emerge which can inform the design of innovation-specific policies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jrql2q2jj7b-en
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  • 33
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    Residential Mobility and Public Policy in OECD Countries (2011)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2011, no. 1, p. 1-22
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 22 p
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 1-22
    Keywords: Economics
    Abstract: Residential mobility is closely tied to the functioning of housing markets and has important implications for labour mobility and the efficient allocation of resources across the economy. This paper analyses patterns of residential mobility across OECD countries and the role of housing policies in enhancing or hampering residential mobility. Based on cross-sectional household data for 25countries, the results suggest that differences in residential mobility across countries are partially related to differences in public policies. After controlling for household and country- specific characteristics, residential mobility is higher in countries with lower transaction costs, more responsive housing supply, lower rent controls and tenant protection. Residential mobility tends also to be higher in environments with greater access to credit, suggesting that financial deregulation – by lowering borrowing costs and facilitating access to mortgage finance – facilitates mobility. This cross- country evidence is supported by city and state-level evidence for the United States. JEL classification: R23, R31, R21, R38, H20. Keywords: Housing markets, residential mobility, transaction costs, rental market regulations
    DOI: 10.1787/eco_studies-2011-5kg0vswqt240
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    The Evolution of Homeownership Rates in Selected OECD Countries: Demographic and Public Policy Influences (2011)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2011, no. 1, p. 1-37
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 37 p
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 1-37
    Keywords: Economics
    Abstract: Homeownership rates have increased significantly in many OECD countries over recent decades. Using micro-econometric decomposition techniques, this paper shows that part of this increase can be explained by changes in the characteristics of households, including age, household structure, income and education. Nevertheless, a significant portion of the change in homeownership rates remains unexplained by shifts in household characteristics, leaving a potential role for public policy in explaining developments in homeownership rates. Panel estimates suggest that the relaxation of down-payment constraints on mortgage loans has increased homeownership rates among credit-constrained households over recent decades, resulting in a rise in the aggregate homeownership rate that is comparable with the impact of population ageing. In countries where tax relief on mortgage debt financing is generous, however, the expansionary impact of mortgage market innovations on homeownership is smaller. This is consistent with the tendency for such housing tax relief to be capitalised into real house prices, which may crowd-out some financially constrained households from homeownership at the margin. The impact of housing policies regulating the functioning of the rental market, such as rent regulation and provisions for tenure security, on tenure choice is also explored. JEL classification: R21, R31, G21, H24. Keywords: Housing markets, homeownership, mortgage markets, financial regulation, taxation.
    DOI: 10.1787/eco_studies-2011-5kg0vswqpmg2
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  • 35
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    Real House Prices in OECD Countries : The Role of Demand Shocks and Structural and Policy Factors (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.831
    Keywords: Economics
    Abstract: This paper analyses the factors influencing the level and volatility of real house prices in a panel of OECD countries over the period 1980-2005. Results suggest that real house prices tend to rise proportionally with real household incomes, while declines in structural unemployment and real interest rates are associated with higher real house prices. The process of mortgage market deregulation has coincided with a noticeable increase in real house prices in OECD countries, while high rates of leverage are found to amplify house price volatility. Estimates suggest that tax reliefs on mortgage debt financing costs tend to be capitalised into real house prices and may also amplify price volatility, reflecting the tendency for such policies to encourage leverage. While higher transaction costs are associated with lower house price volatility, this effect is modest compared to the impact of banking supervision. Indeed, prudential banking supervision and policies designed to contain the excessive build-up of leverage are shown to significantly reduce the extent of house price volatility, underscoring the importance of ongoing efforts to reform prudential frameworks in OECD countries.
    DOI: 10.1787/5km33bqzhbzr-en
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  • 36
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    Health Care Systems : Efficiency and Institutions (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 133 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.769
    Keywords: Economics
    Abstract: This paper presents a set of indicators to assess health care system performance. It also presents new comparative data on health care policies and institutions for OECD countries. This set of indicators allows the empirical characterisation of health care systems and the identification of groups of countries sharing similar health institutions. It also helps to uncover strengths and weaknesses of each country’s health care system and assessing the scope for improving value-for-money. The empirical analysis suggests that there is room in all countries surveyed to improve the effectiveness of health care spending; there is no health care system that performs systematically better in delivering cost-effective health care – big-bang reforms are therefore not warranted; increasing the coherence of policy settings, by adopting best policy practices within a similar system and borrowing the most appropriate elements from other systems will likely be more practical and effective to raise health care spending efficiency.
    DOI: 10.1787/5kmfp51f5f9t-en
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  • 37
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    A Bird's Eye View of OECD Housing Markets (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 55 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.746
    Keywords: Economics
    Abstract: Housing markets have played a prominent role in macroeconomic developments over recent years. For a great part of the 2000s, buoyant housing markets have contributed to sustained economic activity in most OECD countries. But many markets overheated and the collapse of the US subprime mortgage market has been at the epicentre of a deep financial and economic crisis. Against this background, this paper: i) documents housing market developments in 18 OECD countries since the 1970s, putting recent evolutions into historical perspective; ii) examines the drivers of supply and demand for housing; iii) investigates the interactions between housing markets and the wider economy; iv) assesses the responsibilities of housing taxation, monetary policy and financial supervision and regulation in fuelling or amplifying housing booms; v) explores the link between global imbalances and housing booms.
    DOI: 10.1787/5kmlh5qvz1s4-en
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  • 38
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    Accounting for One-off Operations when Assessing Underlying Fiscal Positions (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.642
    Keywords: Economics
    Abstract: Frequent recourse to large one-off operations in a number of OECD countries has undermined the accuracy of cyclically adjusted fiscal balances as a measure of both the sustainability of public finance and the fiscal stance. This paper first provides detailed information on the nature and amount of these one-offs for 9 OECD countries. The paper then presents a new indicator – the “underlying” fiscal balance – which effectively eliminates the impact of one-offs and cyclical developments. One-offs are derived as the deviations from trend in net capital transfers, i.e. from widely available national account data. This approach provides a consistent treatment of one-offs both across countries and over time, avoiding the potential information biases which could result from an individual identification of one-offs.
    DOI: 10.1787/236220765316
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  • 39
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    Health Status Determinants : Lifestyle, Environment, Health Care Resources and Efficiency (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 75 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.627
    Keywords: Economics
    Abstract: This paper aims to shed light on the contribution of health care and other determinants to the health status of the population and to provide evidence on whether or not health care resources are producing similar value for money across OECD countries. First, it discusses the pros and cons of various indicators of the health status, concluding that mortality and longevity indicators have some drawbacks but remain the best available proxies. Second, it suggests that changes in health care spending, lifestyle factors (smoking and alcohol consumption as well as diet), education, pollution and income have been important factors behind improvements in health status. Third, it derives estimates of countries’ relative performance in transforming health care resources into longevity from two different methods – panel data regressions and data envelopment analysis – which give remarkably consistent results. The empirical estimates suggest that potential efficiency gains might be large enough to raise life expectancy at birth by almost three years on average for OECD countries, while a 10% increase in total health spending would increase life expectancy by three to four months.
    DOI: 10.1787/240858500130
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  • 40
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    Revenue Buoyancy and its Fiscal Policy Implications (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 17 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.598
    Keywords: Economics
    Abstract: Tax receipts surged between 2005 and 2007 in many OECD countries, resulting in significant improvements in headline fiscal positions. As a consequence, pressures for tax cuts and for public spending increases have emerged. In the past, responding to such demands has permanently weakened budget positions as revenue windfalls ultimately proved to be temporary. Hence, the opportunity to address structural deficit problems and prepare for future demographic trends has been lost, and the ability to respond to subsequent cyclical downturns has been weakened. This paper provides an analysis of the factors behind recent revenue buoyancy and examines past responses to unexpected revenue gains. It also discusses whether improved information on fiscal positions and future fiscal challenges, combined with relevant fiscal rules, might help in avoiding a repetition of past errors in fiscal policy.
    DOI: 10.1787/244135385705
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  • 41
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    Strategies for Countries with Favourable Fiscal Positions (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.655
    Keywords: Economics
    Abstract: The financial crisis and economic downturn are going to weigh on fiscal positions in OECD countries over the short to medium-term, both through the operation of automatic stabilisers and the enactment of discretionary fiscal stimulus packages. However, the strategic policy options facing OECD countries are mainly determined by the soundness of their underlying fiscal positions which vary substantially. This paper first describes how OECD economies are situated with respect to underlying fiscal balances and net government debt. A number of countries seem to enjoy favourable fiscal positions with underlying fiscal surpluses, low government debt or even positive net financial asset positions. When taking account, as far as possible, of implicit liabilities associated with ageing populations and resource-based revenues, fiscal positions still vary greatly across countries. The paper then examines the criteria involved in deciding whether government financial asset accumulation is in excess of needs and the use to which any excess government saving might be put, whether increasing public spending or reducing taxes. Finally, the determinants of the optimal size of the government balance sheet for any given desired net debt position are discussed.
    DOI: 10.1787/230123832406
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  • 42
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    Corporate Net Lending : A Review of Recent Trends (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 45 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.583
    Keywords: Economics
    Abstract: Since 2001, OECD corporate net lending has risen sharply. This paper examines the main forces at play behind this run-up and provides some insight into whether and how they might possibly unwind in the future, a process that may already be underway. It shows in particular that, the increase is partly temporary with some of it likely to fade with the cycle and the ongoing adjustments in the financial and housing sectors. On the other hand, part of the increase reflects structural changes in corporate behaviour and in their environment and is likely to persist. The paper also points to cross-country differences reflecting, for example, the role of competiveness in Japan and continental Europe, and of the financial sector in the United Kingdom.
    DOI: 10.1787/044308023722
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  • 43
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    What Promotes Fiscal Consolidation : OECD Country Experiences (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 38 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.553
    Keywords: Economics
    Abstract: Fiscal consolidation is required in most OECD countries. This is especially so in view of mediumand long-term spending pressures on public finances, related, inter alia, to ageing. Based on a dataset covering a large number of OECD fiscal consolidation episodes starting in the late 1970s, the paper presents evidence, both descriptive and econometric, on macroeconomic conditions and policy set-ups that have been effective in triggering and sustaining fiscal consolidation. Main findings include: Large initial deficits and high interest rates have been important in prompting fiscal adjustment and also in boosting the overall size and duration of consolidation. Concerning the quality of fiscal policies, an emphasis on cutting current expenditures has been associated with overall larger consolidation. Fiscal rules with embedded expenditure targets tended to be associated with larger and longer adjustments, pointing to institutional features playing a potentially important role in generating successful consolation efforts. Experience across countries also shows that certain design features such as transparency, flexibility to face shocks and effective enforcement mechanisms seem important for the effectiveness of fiscal rules.
    DOI: 10.1787/180833424370
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  • 44
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    Why has Core Inflation Remained so Muted in the Face of the Oil Shock? (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.551
    Keywords: Economics
    Abstract: To help policymakers form a judgment on inflation risks and the required monetary policy stance the OECD has developed an analytical framework based on a set of 'eclectic' Phillips curves estimated for the two largest OECD economies, the United States and the euro area, which is presented in this paper. This framework is used in the preparation of the Economic Outlook to explain recent developments in core inflation, excluding food and energy, based on developments in measures of economic slack (the output gap), spill-over effects from energy prices onto core inflation and lagged responses to past inflation via expectations formation. The fact that the knock-on effects from energy shocks onto core inflation appear small in comparison with the 1970s can be explained by the secular fall in energy intensity, a low and stable rate of 'mean inflation' -- to which observed inflation reverts after a shock has worked its way through -- and persistent slack in the aftermath of the bursting of the dotcom bubble.
    DOI: 10.1787/206408110285
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  • 45
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    Has the Rise in Debt Made Households More Vulnerable? (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.535
    Keywords: Schulden ; Privater Haushalt ; OECD-Staaten ; Economics
    Abstract: This paper reviews, for a number of OECD economies, macroeconomic developments in household balance sheets over the past two decades. The main findings show that the rise in household debt to historical levels has been driven by a combination of favourable financial conditions and buoyant housing markets. There have also been a number of supply-side innovations in credit markets that have eased the access to credit for lower income borrowers and reduced financial constraints for first-time homebuyers. Total household net wealth has risen and provided households with a financial cushion against a negative shock. That said, households in a number of countries have leveraged balance sheets and the sensitivity to house price and interest rate developments has likely increased. The paper then examines micro level information which suggests that most of the debt is held by households better able to manage it. In particular, the major part of debt is held by higher-income households, who also spend a smaller proportion of their disposable income servicing debts. Lower-income households, with less ability to service debt, do not hold that much and, as such, the spill over effects from this group to the rest of the economy are perhaps not large. Whether the situation remains benign or not is discussed in the final section of the paper. Estimates presented point to significant effects of changes in net wealth on household saving rates in a large number of the countries studied.
    DOI: 10.1787/352035704305
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  • 46
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    Recent House Price Developments : The Role of Fundamentals (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.475
    Keywords: Economics
    Abstract: In the vast majority of OECD economies, house prices in real terms have been moving up strongly since the mid-1990s. Because of the important role housing wealth has been playing during the current upswing, this paper will look more closely at what is underlying these developments for 18 OECD countries over the period from 1970 to the present, with a view to shedding some light on whether or not prices are in line with fundamentals. The paper begins by putting the most recent housing price run-ups in the context of the experiences of the past 35 years. It then examines current valuations against a range of benchmarks. It concludes with a review of the links between a possible correction of housing prices and real activity. The main highlights from this analysis are as follows: 1) The size and duration of the current real house price increases; the degree to which they have tended to move together across countries; and the extent to which they have disconnected from the business cycle are unprecedented. 2) Overvaluation of real house prices may only apply to a relatively small number of countries. However, the extent to which these prices look to be fairly valued depends largely on longer-term interest rates remaining at or close to their current low levels. 3) If house prices were to adjust downward, the historical record suggests that the drops might be large and that the process could be protracted, given the observed stickiness of nominal house prices and the current low rates of inflation.
    DOI: 10.1787/864035447847
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  • 47
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    Measuring Cyclically-adjusted Budget Balances for OECD Countries (2005)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.434
    Keywords: Economics
    Abstract: Measuring cyclically-adjusted budget balances for OECD countries An important tool in the analysis of fiscal policy is the distinction between structural and cyclical components of the budget balance. This paper describes work undertaken to re-estimate and re-specify the elasticities underlying the Economics Department's calculations of cyclically-adjusted budget balances. Account is taken of tax reforms introduced since the previous updating exercise. A number of methodological innovations have been introduced to better account for the lags between taxes and activity and to ensure greater cross-country consistency in the estimates. The methodology underlying cyclical adjustment of expenditures has also been reviewed. Finally, the country coverage has been extended. The overall results are broadly consistent with the previous set of estimates. The sensitivity of government net lending to a 1 percentage point change in the output gap remains at around 0.5% of GDP for OECD economies on average.
    DOI: 10.1787/787626008442
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    The Contribution of Housing Markets to Cyclical Resilience (2005)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2004, no. 1, p. 125-156
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 44 p
    Parallel Title: Parallelausg. La contribution des marchés du logement à la résilience économique
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2004, no. 1, p. 125-156
    Keywords: Economics
    Abstract: This paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not.
    DOI: 10.1787/eco_studies-v2004-art6-en
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  • 49
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    Oil Price Developments : Drivers, Economic Consequences and Policy Responses (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 52 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.412
    Keywords: Economics
    Abstract: This paper analyses the factors influencing the price of oil and its likely evolution over the next quarter century. It begins by investigating the fundamental forces shaping long-term oil price developments, highlighting the importance of growth-led demand for oil, particularly that emanating from fast-growing, energy-intensive developing countries, and the implications of increasingly geographically concentrated oil reserves. The paper presents oil price projections to 2030 and examines the sensitivity of the projections to the assumptions about growth and non-OPEC supply. While certain combinations of factors could lead to a significantly higher oil price, the projections also suggest that the optimal strategy of resource-rich oil producers would be to prevent it rising too far. The paper then documents short-term influences on the oil price, which peaked at $50 a barrel in 2004, and notes that they have probably led to a significant departure from the long-run equilibrium price ...
    DOI: 10.1787/303505385758
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  • 50
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    Housing Markets, Wealth and the Business Cycle (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.394
    Keywords: Economics
    Abstract: The paper examines the linkages between housing markets and the business cycle in OECD countries, focusing on how differences in the degree of resilience to economic shocks can be affected by the structural characteristics of housing and mortgage markets. The paper focuses specifically on: the transmission channel from housing wealth to consumption and on the factors behind house price variability, which help to determine whether the housing sector plays a stabilising role or not. Estimates of the marginal propensity to consume out of housing wealth are presented for ten OECD countries, where it is found that the strongest impact on consumption is in countries that have large, efficient and responsive mortgage markets. Particularly important in this regard is the degree of mortgage market “completeness” -- i.e. the extent to which the market is able to offer a variety of products and to serve a broad range of potential borrowers -- in particular, the extent to which they provide ...
    DOI: 10.1787/534328100627
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    Standard Shocks in the OECD Interlink Model (2001)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.306
    Keywords: Economics
    Abstract: One of the OECD Economic Department’s key vehicles for analysing effects and international spillovers of macroeconomic policy as well as assessing risks to the global outlook is the macroeconometric model, INTERLINK. In the context of the Department’s regular projection exercises the model performs a variety of functions. These include 1) contributing to the construction and co-ordination of individual country projections; 2) the production of globally consistent trade projections; and 3) simulations to explore the short- to medium-term consequences of alternative economic conditions and policy assumptions. This paper briefly describes the main features of the current version of INTERLINK and presents the results of a number of standard macroeconomic shocks. These simulation results reflect the combination of unadjusted model properties and the specific stylised policy assumptions made. In the course of more routine policy analysis with the model at the OECD, these are augmented by ...
    DOI: 10.1787/000706200171
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