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  • English  (31)
  • 2005-2009  (31)
  • 1980-1984
  • Jones, Randall  (18)
  • Nicoletti, Giuseppe  (13)
  • Paris : OECD Publishing  (31)
  • Oxford : Oxford University Press
  • [Washington, D.C] : World Bank
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  • 1
    Online Resource
    Online Resource
    Boosting Productivity in Korea's Service Sector (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.673
    Keywords: Economics ; Korea, Republic of
    Abstract: Labour productivity growth in the service sector has been low relative to manufacturing. This is explained in part by weak competition in services resulting from strict product market regulation and the low level of import penetration and inflows of foreign direct investment (FDI). Increasing productivity growth in the service sector, which accounts for 67% of employment and 58% of value added in Korea, is essential to sustain high potential growth. The priority is to strengthen competition by eliminating domestic entry barriers, accelerating regulatory reform, upgrading competition policy and reducing barriers to trade and inflows of FDI. Another challenge is to enhance the performance and accelerate the restructuring of small and medium-sized enterprises, which account for over 90% of service-sector employment. Furthermore, it is essential to boost productivity in service industries with high growth potential, such as telecommunications and financial and business.
    DOI: 10.1787/226625875038
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  • 2
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    Reforming the Tax System in Korea to Promote Economic Growth and Cope with Rapid Population Ageing (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 45 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.671
    Keywords: Economics ; Korea, Republic of
    Abstract: Korea has one of the lowest tax burdens in the OECD area, reflecting its small public sector. However, rapid population ageing will put upward pressure on government spending. The challenge is to meet the long-run need for greater expenditures and tax revenue while sustaining strong economic growth. A pro-growth tax reform implies relying primarily on consumption taxes for additional revenue. There is also scope for raising personal income tax revenue from its current low level by broadening the base by reducing the exemptions for personal income. The planned cuts in the corporate tax rate should be financed at least in part by reductions in tax expenditures. The broadening of direct tax bases would also help finance an expansion of the earned income tax credit to address widening income inequality. In addition, the local tax system should be simplified and reformed to enhance the autonomy of local governments.
    DOI: 10.1787/226518762318
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  • 3
    Online Resource
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    Financial Stability : Overcoming the Crisis and Improving the Efficiency of the Banking Sector (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.738
    Keywords: Economics
    Abstract: The crisis that originated in mid-2007 in the United States and deepened in September 2008 is the largest peace-time disruption of financial markets since the Great Depression. It was triggered by a number of factors, namely the large amount of lending to subprime borrowers, the expansion of securitisation resulting in a disconnect between loan originators and final investors, the questionable assessments of credit rating agencies and the unprecedented resort to off-balance sheet vehicles. These developments took place during a traditional credit boom and reinforced the skyrocketing of asset prices, erosion of lending standards and under-pricing of risk. The crisis had serious repercussions worldwide, particularly in Europe, given the global nature of financial markets. This paper begins by considering why the Japanese banking system was initially relatively resilient to the deterioration in the global financial system, although there were some secondary effects that are discussed in the following section. The third section outlines the emergency response of the Japanese authorities to the financial crisis, including quantitative measures by the central bank and other institutions and regulatory changes by the Financial Services Agency (FSA). At the same time, the authorities have taken steps to improve the regulatory framework. The fourth section goes beyond the crisis to consider policies to boost chronically low profitability in the banking sector. Measures to promote efficiency in the financial sector by upgrading capital markets and improving the range and quality of financial products are discussed in the following section.
    DOI: 10.1787/220053357172
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  • 4
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    Sustaining Growth in Korea by Reforming the Labour Market and Improving the Education System (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 42 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.672
    Keywords: Economics ; Korea, Republic of
    Abstract: A well-functioning labour market is essential to sustain rapid economic growth in the face of population ageing. Priorities are to reverse the rising share of non-regular workers, which has negative implications for both growth and equity, and encourage greater employment of women and youth, who are under-represented in the labour force. Attracting more women to employment requires increasing the availability of childcare, strengthening maternity leave and creating more family-friendly workplaces. Youth employment rates should be boosted by upgrading tertiary education through stronger competition and closer links to enterprises to reduce mismatches. Educational reform should be extended to elementary and secondary schools to enhance efficiency and decrease the burden of private tutoring. The age of retirement of employees should be raised by eliminating mandatory retirement and phasing out the retirement allowance. Active labour market policies should focus on policies to expand human capital rather than wage subsidies.
    DOI: 10.1787/226580861153
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  • 5
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    Health-Care Reform in Japan : Controlling Costs, Improving Quality and Ensuring Equity (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.739
    Keywords: Economics ; Japan
    Abstract: Japan’s health-care system has provided universal access to care and contributed to the outstanding health status of the Japanese. Public spending has been kept below the OECD average through high co-payment rates and reductions in medical fees. However, with continued upward pressure on expenditure, in part due to rapid population ageing, reforms are needed to limit spending increases through greater efficiency, while improving quality. It is essential to shift long-term care out of hospitals, reform the pricing mechanism away from pay-for-visit, increase the use of generic drugs, encourage healthy ageing and promote restructuring in the hospital sector. Quality should be improved by increasing the availability of effective new drugs and medical devices. In funding spending increases, it is important to limit the share borne by employees to avoid negative effects on the labour market. Japan may need to allow more mixed billing to enhance access to some advanced medical treatments.
    DOI: 10.1787/220005270870
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  • 6
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    Improving the Policy Framework in Japan to Address Climate Change (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.740
    Keywords: Economics ; Japan
    Abstract: Japan, a relatively energy-efficient country, has been active in combating climate change. Under the Kyoto Protocol, Japan is committed to reducing greenhouse gas emissions by 6% relative to 1990 over the period 2008-12. As of 2007, however, its emissions were up by 9%. Japan has relied primarily on voluntary measures, which are monitored by the government, without binding commitments or price signals on carbon. It is essential to improve the policy framework to achieve its ambitious longer-term target of a 60% to 80% emission reduction by 2050 in a cost-effective manner. Japan should shift from voluntary measures to market-based instruments, notably a mandatory and comprehensive emission trading scheme, supplemented if necessary, by carbon taxes in areas not covered by trading, which minimise abatement costs and promote innovation to reduce emissions. Trading schemes should be linked to those in other countries, while expanding Japan’s use of a well-functioning Clean Development Mechanism. Continued public support for R&D in emission reduction technology, particularly in basic research, is important.
    DOI: 10.1787/218874608768
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  • 7
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    Ten Years of Product Market Reform in OECD Countries : Insights from a Revised PMR Indicator (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 62 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.695
    Keywords: Economics
    Abstract: This paper describes patterns and developments of regulation that potentially affect product market competition in OECD countries over the past decade. It uses the 2008 update and revision of the OECD indicators of product market regulation (PMR) that integrate to a larger extent than in the past information on sector-specific regulation and adapt a simpler and more transparent aggregation technique. The results show that OECD countries have extensively liberalised product markets over the past ten years and – as a consequence - convergence of regulation across OECD countries can be observed. However, reforms appear to have slowed in the most recent period (2003-2008) as compared with the earlier period (1998- 2003). Easing of product market regulation appears to have been driven to a considerable extent by reforms in sector-specific regulation, notably as regards the gas, electricity and telecommunications markets. Countries appear also to have followed consistent reform approaches. However, scope for further reform remains, especially as regards controls of governments over businesses, and as regards certain sectors such as professional services and retail trade.
    DOI: 10.1787/224255001640
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  • 8
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    Public Social Spending in Korea in the Context of Rapid Population Ageing (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 54 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.615
    DOI: 10.1787/241545746547
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  • 9
    Online Resource
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    Reforming Housing and Regional Policies in Korea (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.613
    DOI: 10.1787/241645113684
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  • 10
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    Enhancing the Globalisation of Korea (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.614
    DOI: 10.1787/241606341724
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  • 11
    Online Resource
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    Regulation, Allocative Efficiency and Productivity in OECD Countries : Industry and Firm-Level Evidence (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 68 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.616
    DOI: 10.1787/241447806226
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  • 12
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    Reforming the Labour Market in Japan to Cope with Increasing Dualism and Population Ageing (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 27 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.652
    Keywords: Economics ; Japan
    Abstract: The proportion of non-regular workers has risen to one-third of total employment. While non-regular employment provides flexibility and cost reductions for firms, it also creates equity and efficiency concerns. A comprehensive approach that includes relaxing the high degree of employment protection for regular workers and expanding the coverage of non-regular workers by the social security system would help to reverse dualism. Given that non-regular workers receive less firm-based training, it is also necessary to expand training outside of firms to support Japan’s growth potential, while enhancing the employment prospects of non-regular workers. Reversing the upward trend in non-regular employment may also encourage greater female labour force participation, which is essential given rapid population ageing that is already reducing Japan’s working-age population by almost 1% each year. Expanding childcare facilities and paying more attention to work-life balance would also boost female employment, while also raising Japan’s exceptionally low birth rate.
    DOI: 10.1787/230264641407
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  • 13
    Online Resource
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    Enhancing the Productivity of the Service Sector in Japan (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 54 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.651
    Keywords: Economics ; Japan
    Abstract: Labour productivity growth in the service sector, which accounts for 70% of Japan’s economic output and employment, has slowed markedly in recent years in contrast to manufacturing. The disappointing performance is associated with weak competition in the service sector resulting from strict product market regulation and the low level of import penetration and inflows of foreign direct investment (FDI). Reversing the deceleration in productivity growth in the service sector is essential to raise Japan’s growth potential. The key is to eliminate entry barriers, accelerate regulatory reform, upgrade competition policy and reduce barriers to trade and inflows of FDI. Special attention should be given to factors limiting productivity growth in services characterised by either low productivity or high growth potential, such as retail, transport, energy and business services. Finally, it is essential to increase competition in public services, such as health and education, where market forces have been weak.
    DOI: 10.1787/230272412875
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  • 14
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    Reforming the Tax System in Japan to Promote Fiscal Sustainability and Economic Growth (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 47 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.650
    Keywords: Economics ; Japan
    Abstract: Tax reform is an urgent priority, as Japan needs as much as 5% to 6% of GDP of additional government revenue just to stabilise public debt, which has risen to 180% of GDP. In addition to raising revenue, tax reform should promote economic growth, address the deterioration in income distribution and improve the local tax system. Additional revenue should be obtained primarily by increasing the consumption tax rate, currently the lowest in the OECD area, while broadening the personal and corporate income tax bases. The corporate tax rate, now the highest in the OECD area, should be cut to promote growth, while eliminating aspects of the tax system which discourage labour supply and distort the allocation of capital. Japan should also consider introducing an Earned Income Tax Credit to promote equity. The local tax system should be simplified, increasing reliance on existing taxes on property, income and consumption.
    DOI: 10.1787/230312273167
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  • 15
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    Product Market Competition in the OECD Countries : Taking Stock and Moving Forward (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 78 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.575
    Keywords: Economics
    Abstract: Based on 18 country reviews performed over the 2003-2005 period, this paper examines, the cross-country differences in policy approaches to product market competition and their consequences for product market rents. Against this background, the paper summarises OECD recommendations to further strengthen competition in various sectors and areas. These include: removing remaining barriers to trade and inward foreign direct investments; better securing deterrence of cartels through effective sanctions; facilitate market access to inherently competitive industries by easing zoning laws (the retail sector), abolishing reserved monopolies (sales of tobacco and alcohol), limiting the scope of trade associations’ self-regulation and easing residency or nationality requirements (professional services); meet competition challenges in network industries by facilitating the effective separation of monopoly components from competitive activities, reducing public ownership, clearly separating the government’s ownership and regulatory functions and creating the right incentives for investing in infrastructures.
    DOI: 10.1787/108734233645
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  • 16
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    Income Inequality, Poverty and Social Spending in Japan (2007)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 42 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.556
    Keywords: Economics ; Japan
    Abstract: Income inequality and relative poverty among the working-age population in Japan have risen to levels above the OECD average. This trend is partially explained by labour market dualism, with an increasing proportion of non-regular workers who are paid significantly less than regular workers, as well as by other factors, including the ageing of the workforce. Social spending as a share of GDP has been expanding in the context of population ageing, although it remains below the OECD average and the proportion received by low-income households is small. Consequently, the impact of social spending on inequality and poverty is weak compared to other OECD countries and inadequate to offset the deterioration in market income. The scope for increasing social spending is constrained by the fiscal situation. Instead, reversing the upward trend in inequality and poverty requires reforms to reduce labour market dualism and better target social spending on low-income households, particularly single parents. This Working Paper relates to the 2006 OECD Economic Survey of Japan (www.oecd.org/eco/surveys/japan).
    DOI: 10.1787/177754708811
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  • 17
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    An empirical investigaton of political economy factors behind structural reforms in OECD countries (2007)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2006, no. 1, p. 87-136
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 59 p
    Parallel Title: Parallelausg. Analyse empirique des facteurs d'économie politique influant sur les réformes structurelles dans l'OCDE
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2006, no. 1, p. 87-136
    Keywords: Economics
    Abstract: This paper was originally prepared for the OECD Working Party No. 1 under the authority of the OECD’s Economic Policy Committee. Jens Høj and Giuseppe Nicoletti work for the OECD Economics Department as a senior economist in the Country Studies Branch and as Head of the Structural Policy Analysis Division 1, respectively. Vincenzo Galasso is an Associate Professor of Economics at Università Bocconi in Italy and Thai-Thang Dang is a private sector consultant. The authors wish to thank Jean Philippe Cotis, Jørgen Elmeskov, Michael P. Feiner, Christopher Heady, Nick Johnstone and many other colleagues in the OECD Economics Department as well as representatives from OECD member countries for useful comments on a previous version of the paper.
    DOI: 10.1787/eco_studies-v2006-art3-en
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  • 18
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    Taxation and business environment as drivers of foreign direct investment in OECD countries (2007)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2006, no. 2, p. 7-38
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 41 p
    Parallel Title: Parallelausg. La fiscalité et l'environnement des entreprises comme déterminants des investissements directs étrangers
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2006, no. 2, p. 7-38
    Keywords: Economics
    Abstract: How important are differences in corporate taxation for the investment decisions of multinational enterprises (MNEs)? Over the past decade, interest in this issue has been growing in parallel with the increasing mobility of capital and internationalisation of businesses. Standard models of the MNEs predict that corporate taxation can influence foreign direct investment (FDI) by creating a wedge between the pre- and post-tax returns on investment. The relevant tax wedge, however, depends on whether MNEs’ investment is incremental or involves the creation of entirely new plants.
    DOI: 10.1787/eco_studies-v2006-art8-en
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  • 19
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    Product market regulation and productivity convergence (2007)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2006, no. 2, p. 39-76
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 47 p
    Parallel Title: Parallelausg. Réglementation des marchés de produits et convergence de la productivité
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2006, no. 2, p. 39-76
    Keywords: Economics
    Abstract: Product market regulation in the OECD area has generally become less restrictive of competition over recent years. This has lead to a degree of convergence in regulatory policies, but nonetheless, the productivity performance of OECD countries has become increasingly disparate. Indeed, according to some measures, the growth rates and levels of labour productivity have recently begun to diverge. Recent developments in the theory and empirics of growth suggest that cross-country productivity patterns may partly reflect differences in the policy and institutional environment (Acemoglu et al., 2004; Aghion and Griffith, 2005; Nicoletti and Scarpetta, 2003).
    DOI: 10.1787/eco_studies-v2006-art9-en
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  • 20
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    Upgrading Japan's Innovation System to Sustain Economic Growth (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 49 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.527
    Keywords: Economics ; Japan
    Abstract: Increasing productivity growth through innovation is a key to raising living standards. Although R&D intensity in Japan is the third highest in the OECD area, the benefits do not appear to have been commensurate with the level of investment. The innovation system, which developed during the catchingup process, is largely input-driven and focused on incremental innovation based on closed and stable corporate and employment systems. However, this approach is less appropriate in the current global environment that favours risk-taking and a more open system relying on external linkages. To improve the innovation system, a broad-based strategy is needed, including a reform of framework conditions in the product and labour markets to strengthen competition and mobility, enhance international R&D links and improve the environment for venture business. Education and public research should be upgraded through stronger competition. The effectiveness of science and technology policy should be increased by strengthening its link to economic framework policies. This Working Paper relates to the 2006 OECD Economic Survey of Japan (www.oecd.org/eco/surveys/japan).
    DOI: 10.1787/365562216004
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  • 21
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    Taxation, Business Environment and FDI Location in OECD Countries (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 30 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.502
    Keywords: Economics
    Abstract: This paper assesses the importance of taxation on foreign direct investment contributing to the literature in two ways. First, it relates bilateral FDI among OECD countries over the 1990s to a new set of estimates of corporate tax wedges that include many relevant aspects of FDI taxation. Second, it controls for a large set of additional policy and non-policy factors that may affect the attractiveness of a country for foreign investors. Furthermore, the empirical approach is novel in that it focuses on a semi-parametric estimation methodology that accounts for a number of unobserved effects possibly impinging on the choice of investment location by multinational enterprises. Consistent with previous findings, the estimation results suggest that corporate taxation has a non-negligible impact on FDI location choices. However, the results suggest that focusing only on taxation in home and host countries and omitting other policies (such as border policies and labour and product market settings) may lead to a serious overestimation of tax elasticities and their relevance for policy.
    DOI: 10.1787/874058477248
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  • 22
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    The Political Economy of Structural Reform : Empirical Evidence from OECD Countries (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 78 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.501
    Keywords: Economics
    Abstract: In an empirical investigation, the paper identifies the main political economy drivers of structural policy changes in OECD countries' labour and product markets over the 1985-2003 and 1973-2003 periods respectively. Some of the drivers are beyond the control of governments (i.e., that are exogenous to the political process) while there are others over which governments may have some leverage. The core empirical results, based on a set of policy indicators that cover 21 countries, suggest that the former set of factors has an important influence on the implementation of structural reform, including economic crises, exposure to foreign competition, and government?s duration in office. Nonetheless, the latter set of factors, including budgetary conditions and spillovers across policy areas -- in particular from the product to the labour market -- is also important to both initiate and sustain reforms.
    DOI: 10.1787/881353527404
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  • 23
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    Strengthening the Integration of Japan in the World Economy to Benefit more Fully from Globalisation (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 36 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.526
    Keywords: Economics ; Japan
    Abstract: Globalisation through international trade, foreign direct investment (FDI) and international movements of labour is a key force driving economic growth. However, Japan is an outlier among OECD countries, with the lowest levels of import penetration, stock of inward FDI relative to GDP and foreign workers as a share of employment, reflecting the legacy of policies during its post-war development. Policy reforms would help Japan make greater use of goods, services, capital, technology and human resources from abroad. Given the close links among trade, investment and labour flows, it is important to pursue a comprehensive approach, including; i) reducing barriers to FDI and imports, particularly in agriculture, through multilateral trade negotiations and regional trade agreements; ii) relaxing product market regulations, notably in the service sector; iii) fully opening the M&A market to foreign firms; and iv) easing controls on the inflow of foreign workers, including those in non-technical occupations. This Working Paper relates to the 2006 Economic Survey of Japan (www.oecd.org/eco/surveys/japan).
    DOI: 10.1787/371585541612
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  • 24
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    Product Market Regulation in the Non-Manufacturing Sectors of OECD Countries : Measurement and Highlights (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 65 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.530
    Keywords: Economics
    Abstract: Product market regulation in the non-manufacturing sectors of OECD countries: measurement and highlights This paper describes a new set of indicators that measure differences in the regulation of non-manufacturing sectors of OECD countries over the past three decades. The indicators focus on regulations that affect competitive pressures in areas where competition is economically viable and on the potential costs that these regulations entail for economic activities that use the output of regulated sectors as intermediate inputs in production. The paper illustrates the methodology used to compute the indicators and the patterns of product market regulation and regulatory reform that emerge from the analysis. The robustness of results is assessed in three ways: comparing the indicators to other available data covering the same areas; computing confidence intervals around the indicator values; and listing econometric results obtained by linking the indicators to measures of competition and economic performance.
    DOI: 10.1787/362886816127
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    Regulation, Competition and Productivity Convergence (2006)
    Paris : OECD Publishing
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    Language: English
    Pages: 53 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.509
    Keywords: Economics
    Abstract: This paper investigates the effect of product market regulations on the international diffusion of productivity shocks. The empirical results indicate that restrictive product market regulations slow the process of adjustment through which best practice production techniques diffuse across borders and new technologies are incorporated into the production process. This suggest that remaining cross-country differences in product market regulation can partially explain the recent observed divergence of productivity in OECD countries, given the emergence of new general-purpose technologies over the 1990s. The paper also investigates two channels through which product market regulations might affect the international diffusion of productivity shocks, namely the adoption of information and communications technology and the location decisions of multi-national enterprises. In both cases the effect of anticompetitive product market regulation is found to be negative and significant.
    DOI: 10.1787/431383770805
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  • 26
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    Sustaining High Growth Through Innovation : Reforming the R&D and Education Systems in Korea (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 53 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.470
    Keywords: Economics ; Korea, Republic of
    Abstract: With inputs of labour and capital slowing, sustaining high growth rates in Korea will increasingly depend on total factor productivity gains, which are in turn driven to a large extent by innovation. While a number of Korean firms are at the world technology frontier in areas such as ICT, the diffusion of technology to lagging sectors is a priority to sustain growth. This paper recommends policies to improve the science and technology system by upgrading the R&D framework, in part through closer linkages between firms, universities and the government, and enhanced intellectual property right protection. Strengthened competition, particularly in the service sector, is needed to promote the diffusion of new technologies. Innovation also requires policies to ensure the supply of high-quality human capital through reforms of tertiary education. This requires a restructuring of the university system through increased competition and deregulation, as well as additional financial resources to improve quality. This Working Paper relates to the 2005 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/korea).
    DOI: 10.1787/507484436664
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  • 27
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    Getting the Most Out of Public-Sector Decentralisation in Korea (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 31 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.468
    Keywords: Economics ; Korea, Republic of
    Abstract: This paper discusses policies to improve fiscal relations between levels of government to better meet the needs of citizens, an objective of the government’s “Roadmap for Decentralisation”. Although local government accounts for around half of total government spending, they have little autonomy and fiscal resources vary sharply between regions. The priority should be to enhance the independence of local authorities by establishing a clear division of responsibilities and transferring additional assignments to the local level. The general local governments should also have more influnence on education, while providing more support, through stronger linkages with the local education authorities, with a final aim of merger. The allocation of intergovernmental grants should be more transparent and the regulations attached to them should be relaxed to expand flexibility, while increasing reliance on block grants. Improving the fiscal federalism framework also requires more revenue raising power for local governments while simplifying the structure of local taxes. Greater accountability and rules are needed to ensure sound fiscal management by local governments. This Working Paper relates to the 2005 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/korea).
    DOI: 10.1787/570027228062
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    Product Market Reforms and Employment in OECD Countries (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.472
    Keywords: Economics
    Abstract: We estimate the employment effects of product market reforms aimed at increasing competitive pressures and easing government controls in a sample of OECD countries over the past two decades. We control for several labour market policies and institutions that are thought to influence equilibrium employment rates, and check whether there are interactions between these policies and product market reforms. We find cross-country evidence that some labour and product market policies may be complementary and adjust for this in regressions. Consistent with the implications of the imperfect competition/bargaining model of Blanchard and Giavazzi (2003), our estimates suggest that restrictive regulations have curbed employment rates significantly in countries where no product market reforms were implemented. These effects appear to have been magnified by the interaction of such regulations with labour market settings that provide a strong bargaining power to insiders, suggesting that rent sharing tends to depress employment. The implication is that significant employment gains can be obtained by deregulating product markets in overly regulated countries. Moreover, these employment gains are likely to be higher in countries that have rigid labour markets.
    DOI: 10.1787/463767160680
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  • 29
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    The Labour Market in Korea : Enhancing Flexibility and Raising Participation (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 22 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.469
    Keywords: Economics ; Korea, Republic of
    Abstract: This paper analyses the increasing dualism in the Korean labour market and the need to encourage greater labour force participation. Although the rising proportion of non-regular workers lowers labour costs and increases employment flexibility, it has a negative impact on both equity and efficiency over the long term. Relaxing employment protection for regular workers and increasing the coverage of the social safety net for non-regular workers would help limit the extent of dualism. Population ageing is projected to be exceptionally rapid in Korea, leading to a significant decline in the workforce by mid-century. Steps to boost the participation of women through family-friendly policies are a priority. It is also important to encourage employees to stay at firms beyond the age of 50. Making the wage system more dependent on productivity and less on seniority and implementing a company pension system in place of the retirement allowance would help maintain the employment of older persons. This Working Paper relates to the 2005 OECD Economic Survey of Korea (www.oecd.org/eco/surveys/korea).
    DOI: 10.1787/548701741108
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    Product Market Regulation in OECD Countries : 1998 to 2003 (2005)
    Paris : OECD Publishing
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    Language: English
    Pages: 62 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.419
    Keywords: Economics
    Abstract: This paper describes trends in product market regulation in OECD countries over the period 1998 to 2003. The analysis is based on summary indicators of product market regulation that measure the degree to which policies promote or inhibit competition. The results suggest that regulatory impediments to competition have declined in all OECD countries in recent years. Regulation has also become more homogenous across the OECD as countries with relatively restrictive policies have, in some areas, moved towards the regulatory environment of the more liberalized countries. Within some countries product market policies have become more consistent across different regulatory provisions, although relatively restrictive countries still tend to have a more heterogeneous approach to competition. In general, domestic barriers to competition tend to be higher in countries that have higher barriers to foreign trade and investment, and high levels of state control and barriers to competition ...
    DOI: 10.1787/783417550348
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  • 31
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    Regulation and Economic Performance : Product Market Reforms and Productivity in the OECD (2005)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.460
    Keywords: Economics
    Abstract: This paper assesses the implications of past and ongoing reforms in OECD product markets for the labour productivity gap, a key component of cross-country differences in GDP per capita. After a brief review of the theoretical literature, we bring together the results obtained in some of our empirical work over the past few years, discussing econometric approaches and their drawbacks. We then use these results to gauge the likely effect of further reforms. We distinguish effects on capital deepening and technical progress by examining the impact of regulations on investment (domestic and foreign) and multi-factor productivity. We focus on the effects of policies aimed at strengthening private governance (e.g. through privatization) and opening up access to markets where competition is economically viable. The results suggest that pro-competitive reforms tend to increase both investment and multifactor productivity and, through both these channels, they can lead to higher growth in GDP per capita.
    DOI: 10.1787/726517007575
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