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  • 1
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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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  • 2
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    Quantifying the effect of policies to promote educational performance on macroeconomic productivity (2023)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (49 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1781
    Keywords: Economics
    Abstract: This paper evaluates the link between educational policies and i) student performance and ii) macroeconomic measures of productivity. The analysis has two stages. First, using the 2015 and 2018 PISA databases, it quantifies the relationship between student test scores and the characteristics of students taking the tests, their school environment and national educational systems. Second, assuming that these relationships reflect the effect of different characteristics/policies on student test performance, the second stage converts the latter into an estimated effect on macroeconomic measures of productivity using a new measure of human capital as an intermediary variable. This new measure of human capital, devised in previous OECD work, combines student test scores and mean years of schooling with estimated elasticities that suggest the former is more important. The analysis shows a positive association between spending on education and student test scores, but only for levels of student expenditure below the OECD median, suggesting scope for currently low-spending countries to raise student performance with potential gains to long-run productivity. Boosting participation in early childhood education as well as improving teacher quality is found to generate large aggregate productivity gains. There are significant, but smaller, macroeconomic gains for many countries from limiting grade repetition and ability grouping across all subjects as well as increasing the accountability of schools. Finally, the results provide evidence for income inequality having a major influence on productivity through a human capital channel.
    DOI: 10.1787/b00051cc-en
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  • 3
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    A new macroeconomic measure of human capital exploiting PISA and PIAAC: Linking education policies to productivity (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (31 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1709
    Keywords: Economics
    Abstract: This paper provides a new measure of human capital using PISA and PIAAC surveys, and mean years of schooling. The new measure is a cohort-weighted average of past PISA scores (representing the quality of education) of the working age population and the corresponding mean years of schooling (representing the quantity of education). In contrast to the existing literature, the relative weights of each component are not imposed or calibrated but directly estimated. The paper finds that the elasticity of the stock of human capital with respect to the quality of education is three to four times larger than for the quantity of education. The new measure has a strong link to productivity with the potential for productivity gains being much greater from improvements in the quality than quantity component of human capital. The magnitude of these potential gains in MFP is comparable to a similarly standardised improvement in product market regulation, but the effects materialise with much longer lags. The paper demonstrates through the example of pre-primary education, how to simulate the impact of a particular reform to education policy on human capital and productivity.
    DOI: 10.1787/a1046e2e-en
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  • 4
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    The effect of structural reforms: Do they differ between GDP and adjusted household disposable income? (2022)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (23 Seiten) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1718
    Keywords: Economics
    Abstract: The paper considers whether structural reforms have a different impact on adjusted household disposable income (AHDI) compared to GDP, particularly given that while the latter is currently used as the basis for the OECD Economics Department’s framework for evaluating the effect of structural policy reforms, the former is arguably a better measure of welfare. The main findings are that there are indeed a number of structural policies where the long-run effects on GDP and AHDI are proportionately different, so that percentage changes in the two aggregates are significantly different following a policy reform. One group of structural policies, typically those where the transmission mechanism depends mainly on productivity and capital intensity (including cuts in corporate income tax and policies to simulate business R&D) or which can weaken the bargaining power of labour (for example a loosening of EPL), have weaker long-run positive effects on AHDI than GDP. Other structural reform policies (including in-kind family benefits, family cash benefits and cuts in the income tax wedge) have a magnified effect on AHDI, so that following a policy reform, long-run percentage changes in AHDI are larger than for GDP. Cross-referencing the analysis in the paper with structural reform priorities previously identified in the OECD’s regular Going for Growth surveillance exercise, suggests that increased spending on childcare and early childhood education might usefully be part of any policy package to address the ‘cost of living crisis’ currently being faced by many OECD households.
    DOI: 10.1787/def775b1-en
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  • 5
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    Quantifying the macroeconomic impact of COVID-19-related school closures through the human capital channel (2022)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (22 p.) , 21 x 28cm.
    Series Statement: OECD Economics Department Working Papers no.1729
    Keywords: Economics
    Abstract: This paper uses a new measure of human capital, which distinguishes both quality and quantity components, to estimate the long-term effect of the COVID-19-related school closures on aggregate productivity through the human capital channel. Productivity losses build up over time and are estimated to range between 0.4% and 2.1% after 45 years, for 12 weeks and 2 years of school closure, respectively. These results appear to be broadly consistent with earlier findings in the literature. Two opposing effects might influence these estimates. Online teaching would lower economic costs while learning losses in tertiary education (not considered here) would inflate them. Policies aimed at improving the quality of education and adult training will be needed to offset or, at least, alleviate the impact of the pandemic on human capital.
    DOI: 10.1787/eea048c5-en
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  • 6
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    The tortoise and the hare: The race between vaccine rollout and new COVID variants (2021)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (35 p.)
    Series Statement: OECD Economics Department Working Papers no.1672
    Keywords: Coronavirus ; Impfung ; Morbidität ; Bruttoinlandsprodukt ; Wirkungsanalyse ; OECD-Staaten ; Economics
    Abstract: New variants of the virus are spreading which, together with seasonal effects, are estimated to be able to raise effective reproduction numbers by up to 90%. Meanwhile, many countries are rolling out vaccination programmes, but at varying speeds. Hence the race is on to beat the variants with the vaccines. Vaccination is very powerful at reducing virus transmission: fully vaccinating 20% of the population is estimated to have the same effect as closing down public transport and all-but-essential workplaces; fully vaccinating 50% of the population would have a larger effect than simultaneously applying all forms of containment policies in their most extreme form (closure of workplaces, public transport and schools, restrictions on travel and gatherings and stay-at-home requirements). For a typical OECD country, relaxing existing containment policies would be expected to raise GDP by about 4-5%. Quick vaccination would thus help limit the extent to which containment policies need to be escalated in future epidemic waves, providing huge welfare benefits both in terms of fewer infections and stronger economic activity.
    DOI: 10.1787/4098409d-en
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  • 7
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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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  • 8
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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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  • 9
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    Walking the tightrope : avoiding a lockdown while containing the virus (2020)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1633
    Keywords: Covid-19 ; lockdown ; non-pharmaceutical interventions ; mobility ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Empirical work described in this paper explains the daily evolution of the reproduction rate, R, and mobility for a large sample of countries, in terms of containment and public health policies. This is with a view to providing insight into the appropriate policy stance as countries prepare for a potentially protracted period characterised by new infection waves. While a comprehensive package of containment measures may be necessary when the virus is widespread and can have a large effect on reducing R, they also have effect on mobility and, by extension, economic activity. A wide-ranging package of public health policies – with an emphasis on comprehensive testing, tracing and isolation, but also including mask-wearing and policies directed at vulnerable groups, especially those in care homes – offer the best approach to avoiding a full lockdown while containing the spread of the virus. Such policies may, however, need to be complemented by selective containment measures (such as restricting large public events and international travel or localised lockdowns) both to contain local outbreaks and because implementing some of the recommended public health policies may be difficult to achieve or have unacceptable social costs.
    DOI: 10.1787/9cc22d8c-en
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  • 10
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    The career effects of labour market conditions at entry (2020)
    Paris : OECD Publishing
    Details
    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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  • 11
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    Policy drivers of human capital in the OECD's quantification of structural reforms (2019)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1576
    Keywords: Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper uses a new measure of human capital that works much better in explaining productivity in OECD countries compared to earlier measures of human capital to investigate the educational policy drivers of human capital. A novel methodology is utilised by interacting educational policies, for which time series coverage is very poor, with time-varying core drivers of human capital such as public spending on education. In such a framework, policy effects can only be assessed indirectly as they amplify or attenuate the effect of education spending on human capital. The results suggest that higher attendance at pre-primary education, greater autonomy of schools and universities, a lower student-to-teacher ratio, higher age of first tracking in secondary education and lower barriers to funding to students in tertiary education all tend to boost human capital through amplifying the positive effects of greater public spending on education. Benefits from pre-primary education are particularly high for countries with an above-average share of disadvantaged students. School autonomy yields high benefits especially in countries where schools are subject to external accountability.
    DOI: 10.1787/b8fe3b7b-en
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  • 12
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    A new macroeconomic measure of human capital with strong empirical links to productivity (2019)
    Paris, France : OECD
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 55 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1575
    Keywords: Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper calculates new measures of human capital. Contrary to the existing literature, they are based on realistic rates of return to education, which are allowed to vary substantially across countries and to some extent over time. The new measures perform well in regression analysis explaining productivity across OECD countries and over time. In OECD samples, coefficient estimates are broadly consistent with the private returns underlying the construction of the new measures of human capital. In a wider sample of countries, most estimates imply additional positive social returns.
    DOI: 10.1787/d12d7305-en
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  • 13
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    To what extent do policies contribute to selfemployment? (2018)
    Paris, France : OECD
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    Language: English
    Pages: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1512
    Keywords: 2005 - 2017 ; Selbstständige ; Zeitreihenanalyse ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Using cross-country time series panel regressions for the last two decades, this paper seeks to identify the main policy and institutional factors that explain the share of self-employment across European countries. It looks at the aggregate share of self-employed as well as its breakdown by age, skill and gender. The generosity of unemployment benefits, and to a lesser extent, spending on active labour market policies appear to be robust determinants of the long-term share of self-employed in European countries. No significant relation is found between the stringency of employment protection and aggregate self-employment. However, there are significant, and oppositely signed, impacts on high- and low-skilled self-employed separately. Both the tax wedge and the minimum wage appear to be positively related to the share of self-employed in the long term, but the relation holds for some categories of workers only.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/74c044b1-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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    The quantification of structural reforms (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1482
    Keywords: Wirtschaftliche Anpassung ; Regulierung ; Institutionelle Infrastruktur ; Produktivitätsentwicklung ; Investition ; Erwerbstätigkeit ; Vergleich ; OECD-Staaten ; Schwellenländer ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper summarises earlier OECD work aimed at quantifying the impact of structural reforms on economic outcomes. It overviews: i.) insights obtained for the linear relationships linking policies and economic outcomes (including multi-factor productivity, capital deepening and employment) for an almost complete set of OECD countries, ii.) non-linear results on how policies interact with each other in OECD countries, and iii.) results extended for emerging-market economies looking at whether policy effects vary across countries depending on the level of economic development and whether institutions have an influence on economic outcomes. The paper lists of policies and institutions that could be used to quantify the effect of reforms. It also gives some guidance on how to quantify reforms in OECD and non-OECD countries. It provides mid-point estimates of the long-run effects on per capita income levels through the three supply-side channels. Finally, it raises the issue of estimation and model uncertainty.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/6d883be1-en
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  • 16
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    The quantification of structural reforms : introducing country-specific policy effects (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 30 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1487
    Keywords: Strukturwandel ; Wirtschaftliche Anpassung ; Regulierung ; Institutionelle Infrastruktur ; Produktivitätsentwicklung ; Investition ; Erwerbstätigkeit ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper presents country-specific effects of structural reforms. It discusses how sizeable and interesting country-specific effects can be identified in a panel setting by conditioning the impact of individual policies on their own level or on the stance of other policies and institutions. This approach allows for the incorporation of a potentially large set of additional policy areas including institutions and policy areas with limited time-series availability (e.g. sub-components of the Product Market Regulation indicator, housing market regulations and policies, Doing Business indicators and the quality of institutions such as the rule of law indicator or the efficiency of the legal system). Results suggest that for instance, when more stringent product market regulation hurts more in more open economies. Better institutions amplify the positive effect of R&D spending. Tax wedge reduction leads to less employment gains when EPL is not very stringent.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/885727c3-en
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  • 17
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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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  • 18
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    Design of insolvency regimes across countries (2018)
    Paris : OECD Publishing
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    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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  • 19
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    Le génie de l’inflation restera-t-il dans sa lampe ? (2018)
    Paris : OECD Publishing
    In:  L'Observateur de l'OCDE
    Details
    Language: French
    Parallel Title: Parallele Sprachausgabe Will the inflation genie stay in the bottle?
    Titel der Quelle: L'Observateur de l'OCDE
    Keywords: Economics
    DOI: 10.1787/1ba9e060-fr
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  • 20
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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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  • 21
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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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  • 22
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    Breaking the shackles : zombie firms, weak banks and depressed restructuring in Europe (2017)
    Paris : OECD Publishing
    Details
    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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  • 23
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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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  • 24
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    Structural policy indicators database for economic research (SPIDER) (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 59 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1429
    Keywords: Strukturpolitik ; Wirtschaftsindikator ; Datenbank ; Wirtschaftsforschung ; Schwellenländer ; Wirtschaftswachstum ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This document describes the OECD’s new Structural Policy Indicators Database for Economic Research (SPIDER). The database compiles data from various existing databases. It contains indicators capturing structural policies (including institutions, framework condition policies and policies specifically related to labour markets and drivers of productivity and investment such as trade, skills and innovation). It also contains some basic macroeconomic indicators. The main idea of the database is to provide all the data needed for empirical analysis on structural policies in one place to facilitate empirical investigations. The indicators collected comprise three types of data: data with long-time series covering OECD countries, data covering a larger set of countries for a varying number of years, and finally a set of time-invariant indicators. The paper illustrates the use of the database on the basis of different growth regressions employed in the literature.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/39d69dff-en
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  • 25
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    Aggregate multi-factor productivity : measurement issues in OECD countries (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 26 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1441
    Keywords: Produktivität ; Humankapital ; Messung ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper analyses for 34 OECD countries the extent to which the calculation of aggregate multi-factor productivity (MFP) is sensitive to alternative parameterisations. The starting point is the definition of MFP used in previous work in the OECD’s Economics Department (e.g. Johansson et al. 2013). They include alternative MFP measures, with human capital included or excluded, with different measures of Purchasing Power Parity (PPP) exchange rates, using time-varying capital depreciation rates and different measures of capital stock and labour input (headcount against hours worked). The main result of the paper is that whether or not human capital is included in MFP makes a significant difference for the level and dynamics of MFP. At the same time, MFP measures are less sensitive to other parameters of the calculation.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5c80faf8-en
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  • 26
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    The quantification of structural reforms : extending the framework to emerging market economies (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 55 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1442
    Keywords: Erwerbstätigkeit ; Produktivität ; Regulierung ; Wirkungsanalyse ; OECD-Staaten ; Schwellenländer ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper estimates and quantifies the impact of structural reforms on per capita income for a large set of OECD and non-OECD countries. The findings suggest that the quality of institutions matters to a large extent for economic outcomes. More competition-friendly regulations, as measured by the OECDs’ Product Market Regulation (PMR) indicator improve economic outcomes. Lower barriers to foreign trade and investment help MFP. Lower barriers to entry and less pervasive state control of businesses boost the capital stock and the employment rate. No robust link between labour market regulation and MFP and capital deepening could be established. But looser labour market regulation is found to go hand in hand with higher employment rates. The paper shows that countries at different level of economic development face different policy impacts. Furthermore, PMR effects depend on the level of labour market regulations.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f0a6fdcb-en
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  • 27
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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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  • 28
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    The quantification of structural reforms in OECD countries : a new framework (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 44 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1354
    Keywords: Strukturwandel ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It presents the overall macroeconomic impacts of reforms by aggregating over the effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as observed changes in policies, the paper finds that product market regulation has the largest overall single policy impact five years after the reforms. But the combined impact of all labour market policies is considerably larger than that of product market regulation. The paper also shows that policy impacts can differ at different horizons. The overall long-term effects on GDP per capita of policies transiting through capital deepening can be considerably larger than the 5- to 10-year impacts. By contrast, the long-term impact of policies coming only via the employment rate channel materialises at shorter horizon.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/2d887027-en
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  • 29
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    Regulation, institutions and productivity : new macroeconomic evidence from OECD countries (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 31 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1393
    Keywords: Produktivitätsentwicklung ; Messung ; Humankapital ; Makroökonomik ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Empirical research on the drivers of multi-factor productivity (MFP) is abundant at the firm- and industry level but surprisingly little research has been conducted on the determinants of MFP at the macroeconomic level. In this paper, we seek to understand the drivers of country-level MFP with a special emphasis on product and labour market policies and the quality of institutions. For a panel of OECD countries, we find that anticompetitive product market regulations are associated with lower MFP levels and that higher innovation intensity and greater openness go in tandem with higher MFP. We also find that the impact of product market regulations on MFP may depend on the level of labour market regulations. Better institutions, a more business friendly environment and lower barriers to trade and investment amplify the positive impact of R&D spending on MFP. Finally, we also show that cross-country MFP variations can be explained to a considerable extent by cross-country variation in labour market regulations, barriers to trade and investment and institutions (including corruption).
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/579ceba4-en
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  • 30
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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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  • 31
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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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  • 32
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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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  • 33
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    Regulation, institutions and aggregate investment : new evidence from OECD countries (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 29 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1392
    Keywords: Arbeitsmarkt ; Strukturpolitik ; Kapitalintensität ; Investition ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper investigates the relationship linking investment (capital stock) and structural policies. Using a panel of 32 OECD countries from 1985 to 2013, we show that more stringent product and labour market regulations are associated with less investment (lower capital stock). The paper also sheds light on the existence of non-linear effects of product and labour market regulation on the capital stock. Several alternative testing methods show that the negative influence of product and labour market regulation is considerably stronger at higher levels. The paper uncovers important policy interactions between product and labour market policies. Higher levels of product market regulations (covering state control, barriers to entrepreneurship and barriers to trade and investment) tend to amplify the negative relationships between product and labour market regulations and the capital stock. Equally important is the finding that the rule of law and the quality of (legal) institutions alters the overall impact of regulations on capital deepening: better institutions reduce the negative effect of more stringent product and labour market regulations on the capital stock, possibly through the reduction of uncertainty as regards the protection of property rights.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/a4ece3c5-en
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  • 34
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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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  • 35
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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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  • 36
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    The quantification of structural reforms in OECD countries: A new framework (2017)
    Paris : OECD Publishing
    In:  OECD Journal: Economic Studies Vol. 2016, no. 1, p. 91-108 | volume:2016 | year:2016 | number:1 | pages:91-108
    Details
    Language: English
    Pages: 1 Online-Ressource (18 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Economic Studies
    Angaben zur Quelle: Vol. 2016, no. 1, p. 91-108
    Angaben zur Quelle: volume:2016
    Angaben zur Quelle: year:2016
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:91-108
    Keywords: Economics
    Abstract: This document describes and discusses a new supply side framework that quantifies the impact of structural reforms on per capita income in OECD countries. It obtains the overall macroeconomic reform impacts by aggregating over the effects on physical capital, employment and productivity through a production function. On the basis of reforms defined as observed changes in policies, the paper finds that product market regulation has the largest overall single policy impact five years after the reforms. But the combined impact of all labour market policies is considerably larger than that of product market regulation. The paper also shows that policy impacts can differ at different horizons. The overall long-term effects on GDP per capita of policies transiting through capital deepening can be considerably larger than the 5- to 10-year impacts. By contrast, the long-term impact of policies coming only via the employment rate channel materialises at shorter horizon.
    DOI: 10.1787/eco_studies-2016-5jg1lqspxtvk
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  • 37
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    Regulations in services sectors and their impact on downstream industries : the OECD 2013 REGIMPACT indicator (2016)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 35 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1303
    Keywords: Dienstleistungssektor ; Regulierung ; Wettbewerb ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This document presents the new 2013 set of the OECD Regulatory Impact (REGIMPACT) indicator. It measures the impact of regulatory barriers to competition in non-manufacturing sectors on all industries, through intermediate inputs. The paper describes how the indicator is calculated and discusses a number of challenges and trade-offs when constructing the indicator. They relate to the composition of the indicator, how the slow-moving or time-invariant retail and professional services regulation data are integrated with the annual energy, transport and communication regulation (ETCR) indicator and what sector weights are used for the calculation of the REGIMPACT indicator. The document then compares the 2003, 2008 and 2013 vintages of the REGIMPACT indicator and the alternative (narrow and wide) definitions of the 2013 indicator. Finally, the paper uses sectoral data to illustrate the extent to which different vintages and alternative indicator definitions can possibly influence sector-level panel regression results for outcome variables such as productivity, investment and labour inputs.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jlwz7kz39q8-en
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  • 38
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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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  • 39
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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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  • 40
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    Skill mismatch and public policy in OECD countries (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1210
    Keywords: framework policies ; Fachkräfte ; Arbeitsmobilität ; Hochqualifizierte Arbeitskräfte ; Humankapital ; Bildungspolitik ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the relationship between skill mismatch and public policies using micro data for 22 OECD countries from the recent OECD Survey of Adult Skills (PIAAC). Results suggest that differences in skill mismatch across countries are related to differences in public policies. After controlling for individual and job characteristics, well-designed product and labour markets and bankruptcy laws that do not overly penalise business failure are associated with lower skill mismatch. Given the negative relationship between skill mismatch and labour productivity, reducing skill mismatch emerges as a new channel through which well-designed framework policies can boost labour productivity. Skill mismatch is also lower in countries with housing policies that do not impede residential mobility (e.g. transaction costs on buying property and stringent planning regulations). Greater flexibility in wage negotiations and higher participation in lifelong learning as well higher managerial quality are also associated with a better matching of skills to jobs.
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    DOI: 10.1787/5js1pzw9lnwk-en
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  • 41
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    Frontier firms, technology diffusion and public policy : micro evidence from OECD countries (2015)
    Paris : OECD Publishing
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    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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  • 42
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    Labour market mismatch and labour productivity : evidence from PIAAC data (2015)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (50 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1209
    Keywords: Fachkräfte ; Hochqualifizierte Arbeitskräfte ; Arbeitsproduktivität ; Führungskräfte ; Humankapital ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the link between skill and qualification mismatch and labour productivity using cross-country industry data for 19 OECD countries. Utilising mismatch indicators aggregated from micro-data sourced from the recent OECD Survey of Adult Skills (PIAAC), the main results suggest that higher skill and qualification mismatch is associated with lower labour productivity, with over-skilling and under-qualification accounting for most of these impacts. A novel result is that higher skill mismatch is associated with lower labour productivity through a less efficient allocation of resources, presumably because when the share of over-skilled workers is higher, more productive firms find it more difficult to attract skilled labour and gain market shares at the expense of less productive firms. At the same time, a higher share of under-qualified workers is associated with both lower allocative efficiency and within-firm productivity – i.e. a lower ratio of high productivity to low productivity firms. While differences in managerial quality can potentially account for the relationship between mismatch and within-firm productivity, the paper offers some preliminary insights into the policy factors that might explain the link between skill mismatch and resource allocation.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1pzx1r2kb-en
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  • 43
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    The stabilisation properties of immovable property taxation : evidence from OECD countries (2015)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (23 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1237
    Keywords: Wohnungsmarkt ; Stabilisierungspolitik ; Grundsteuer ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper contributes to the scarce literature on the macroeconomic effects of property taxes, in particular on the relationships between property taxes, house prices and the wider economy. The paper first estimates a fiscal reaction function which analysis the reaction of property tax revenues to house prices. It then analyses a house price reaction function looking at the relation of how house prices react to changes in property taxes. For a set of OECD countries, the results suggest that property taxes tend to be a-cyclical or slightly pro-cyclical. They provide a stable revenue source for sub-central governments but do not stabilise the economy. The results also suggest that an increase in property tax revenues or in the tax revenue-to-GDP share slows down house price increases and that higher property taxation tends to reduce house price volatility.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js0cqq93djg-en
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  • 44
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    Productivity spillovers from the global frontier and public policy : industry-level evidence (2015)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (44 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1238
    Keywords: 1984 - 2007 ; Produktivitätsentwicklung ; Spillover-Effekt ; Wirtschaftswachstum ; Schumpeterismus ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: For much of the second half of the twentieth century, labour productivity grew rapidly in most OECD economies, fuelled by the adoption of a large stock of unexploited existing technologies. However, the slowdown in productivity growth over the past decade underscores the idea that as economies converge toward the global technological frontier, the ability to capitalise on new innovations developed at frontier becomes more important. Using industry level data for 15 countries over the period 1984-2007, this paper augments the neo-Schumpeterian framework to identify the relevant channels and policies that shape an economy’s ability to learn from the global productivity frontier. An economy’s ability to benefit from frontier innovation is a positive function of its degree of international connectedness, ability to allocate skills efficiently and investments in knowledge based capital, including managerial capital and R&D. Productivity growth, via more effective learning from the global frontier, is supported by a policy framework that promotes efficient resource allocation – including lower barriers to entrepreneurship, efficient judicial systems and bankruptcy laws that do not overly penalise failure – and fosters the creation of markets for seed and early stage finance. Innovation policies that support basic research and facilitate the absorption of external knowledge for firms – including via university-industry R&D collaboration – also enhance spillovers from the global productivity frontier, and consequently, productivity growth.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js03hkvxhmr-en
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  • 45
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    Managerial capital and business R&D as enablers of productivity convergence (2014)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1137
    Keywords: Management ; Produktivität ; Wirtschaftliche Konvergenz ; Forschung ; Wirtschaftswachstum ; Economics ; Industry and Services ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the role of managerial capital and business research and development (R&D) in fostering multifactor productivity (MFP) convergence in a panel of 42 countries. The OECD long-term growth model is augmented to show that, in addition to trade openness, an economy’s speed of convergence to its long-run steady state level of MFP is an increasing function of the quality of its managerial capital and the size of its domestic R&D sector. The economic importance of these two enabling factors are examined in the context of a scenario, whereby MFP growth at the technological frontier is ½ percentage point higher (than in the baseline projection) per annum until 2060. This exercise shows that some countries benefit significantly more from higher frontier growth than could be expected based on their trade openness alone. In turn, evidence on the policy determinants of managerial capital and business R&D is reviewed, which highlights the importance of structural reforms and carefully-designed innovation policies.
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    DOI: 10.1787/5jxx3d441knr-en
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  • 46
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    Strengthening competition in Poland (2014)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (42 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1125
    Keywords: Wettbewerbsaufsicht ; Deregulierung ; Wettbewerb ; Wirtschaftswachstum ; Produktivität ; Polen ; Finance and Investment ; Economics ; Industry and Services ; Poland ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Poland’s productivity has grown strongly over the past decade, and efforts to reduce the regulatory burden have been significant. Despite impressive progress, product market regulation remains more burdensome than in most OECD countries, partly due to the importance of red tape and the level of state involvement in the economy. Further reduction in red tape and pursuing privatisation in competitive markets would increase competitive pressures and ensure neutrality, notably in public procurement processes. Economic rents in many sectors seem high, as stringent entry regulations, regulatory barriers and inefficient bankruptcy procedures induce significant resource misallocation. A welcome deregulation of professional services is ongoing, and the government plans to further ease firm registrations and reform bankruptcy procedures. The independence of the sector regulators in network industries and the powers of the Competition Authority can still be enhanced, as the reform efforts in these sectors remain patchy. The dominant positions of the incumbents and the failure of network sector regulators to introduce a level playing field in order to secure third-party access to the sectoral infrastructure and allow new entry in the competitive segments are another main issue. The advantages of being considered a farmer are also slowing the consolidation process in the agricultural sector. This Working Paper relates to the 2014 OECD Economic Survey of Poland (www.oecd.org/eco/surveys/economic-survey-poland.htm).
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    DOI: 10.1787/5jz2pwzpzvkg-en
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  • 47
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    Do resources flow to patenting firms? : cross-country evidence from firm level data (2014)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (58 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1127
    Keywords: 2003 - 2010 ; Innovation ; Patent ; Unternehmenswachstum ; Vergleich ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper exploits longitudinal data on firm performance and patenting activity for 23 OECD countries over the period 2003-2010 to explore the extent to which changes in the patent stock are associated with flows of capital and labour to patenting firms. While the finding that patenting is associated with real changes in economic activity at the firm level is in line with recent literature, new empirical evidence presented suggests that the impact of patenting on firm size is likely to be causal. Moreover, these data reveal important differences across OECD countries in the extent to which innovative firms can attract the complementary tangible resources that are required to implement and commercialise new ideas. In turn, the contribution of framework policies to explaining the observed cross-country differences in the magnitude of these flows is explored. While further research is required to establish causality, the results are consistent with the idea that well-functioning product, labour and capital markets; efficient judicial systems and bankruptcy laws that do not overly penalise failure can raise the returns to innovative activity. The paper also investigates the heterogeneous impacts of policies and finds that young firms – which are more likely to experiment with disruptive technologies and rely on external financing to implement and commercialise their ideas – disproportionately benefit from reforms to labour markets and more developed markets for credit and seed and early stage finance.
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    DOI: 10.1787/5jz2lpmk0gs6-en
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  • 48
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    The efficiency and equity of the tax and transfer system in France (2013)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (45 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1038
    Keywords: Einkommensverteilung ; Umverteilung ; Öffentliche Sozialleistungen ; Steuergerechtigkeit ; Frankreich ; cash transfer ; Taxation ; Economics ; France ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Taxes and cash transfers reduce income inequality more in France than elsewhere in the OECD, because of the large size of the flows involved. But the system is complex overall. Its effectiveness could be enhanced in many ways, for example so as to achieve the same amount of redistribution at lower cost. The French tax code should be simplified and changed less frequently. High statutory rates are coupled with a wide range of effective tax rates resulting from a multitude of tax expenditures. There is a need for base broadening combined with lower rates throughout the system, including VAT. The tax wedge on labour is high, except at the bottom of the wage distribution, which can reduce worker participation and job offers. Greater neutrality both across different capital asset classes but also within specific taxes, and shifting taxes from labour and capital inputs to environmental and property taxes would improve economic outcomes. Likewise, the system of social and family benefits should be simplified to enhance transparency and consistency. Eliminating schemes that let people leave the labour market early, abolishing the pension privileges of specific occupational groups and internalising the costs of survivors’ pension benefits would increase fairness while at the same time generating savings. Better labour-market performance would result from increasing job-search incentives and shortening the parental leave allowance. This Working Paper relates to the 2013 OECD Economic Survey of France (www.oecd.org/eco/surveys/France).
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    DOI: 10.1787/5k487n4jqqg5-en
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  • 49
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    The 90 % public debt threshold : the rise and fall of a stylished fact (2013)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1055
    Keywords: 1960 - 2009 ; Öffentliche Schulden ; Wirtschaftswachstum ; Governance ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper puts the original Reinhart-Rogoff dataset, made public by Herndon et al. (2013), to a formal econometric test to pin down debt thresholds endogenously. We show that the nonlinear relation from debt to growth is not very robust. Taken with a pinch of salt, our results suggest, however, that a negative association between debt and growth may set in at debt levels as low as 20% of GDP. Further (and greater) thresholds may exist but their magnitude is highly uncertain. For general government debt (1960-2009), the threshold beyond which this negative relation kicks in is considerably higher at about 50%. Finally, individual country estimates reveal a large amount of cross-country heterogeneity. For some countries including the United States, a nonlinear negative link can be detected at about 30% of GDP. For others, the thresholds are surrounded by a great amount of uncertainty or no nonlinearities can be established. This instability may be a result of threshold effects changing over time within countries and depending on economic conditions, not captured in our estimations. Overall, our results can be seen as a formal econometric confirmation that the 90% public debt threshold is not in the Reinhart-Rogoff data. But our results also seem to suggest that public debt be associated with poor economic performance at fairly moderate public debt levels. If high debt results in low growth, an issue of causality that is not systematically examined in this paper, then this suggests rather low debt-GDP ratios would be appropriate. Furthermore, the absence of threshold effects or low estimated thresholds may not preclude the emergence of further threshold effects, especially as public debt levels are rising to unprecedentedly high levels.
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    DOI: 10.1787/5k452kln1s6l-en
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  • 50
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    Efficacité et équité du système de prélèvements et de transferts en France (2013)
    Paris : OECD Publishing
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    Language: French
    Pages: 1 Online-Ressource (48 p.) , 21 x 29.7cm.
    Series Statement: OECD Economics Department Working Papers no.1038
    Parallel Title: Parallele Sprachausgabe The Efficiency and Equity of the Tax and Transfer System in France
    Keywords: Taxation ; Economics ; France
    Abstract: Les impôts et les transferts en espèces réduisent en France les inégalités de revenu plus que dans beaucoup d’autres pays de l’OCDE en raison de la taille importante des flux concernés. Mais le système est complexe dans son ensemble. Son efficacité pourrait être améliorée à bien des égards, par exemple pour atteindre le même degré de redistribution à moindre coût. Le code des impôts devrait être simplifié et moins fréquemment modifié. Les taux statutaires élevés vont de pair avec un large éventail de taux d’imposition effectifs résultant d’une multitude de niches fiscales et sociales. Il est nécessaire d’élargir l’assiette fiscale, y compris pour la TVA, et de baisser les taux dans l’ensemble du système. Le coin fiscal sur les revenus du travail est élevé sauf dans le bas de la distribution des salaires, ce qui peut réduire la participation au marché du travail ainsi que les offres d’emploi. Une plus grande neutralité fiscale à l’intérieur et entre les différentes catégories d’actifs, et le déplacement des prélèvements sur le travail et le capital vers les taxes environnementales et les taxes sur la propriété immobilière permettraient d’améliorer les performances économiques. De la même façon, le système de prestations sociales devrait être simplifié pour gagner en transparence et en cohérence. La suppression des dispositifs permettant les sorties précoces du marché du travail, l’élimination des régimes spéciaux de retraite et l’internalisation du coût des pensions de réversion augmenteraient l’équité tout en générant des économies. Les performances du marché du travail pourraient être améliorées en augmentant les incitations à la recherche d’emploi et en raccourcissant l’allocation de congé parental. Ce Document de travail se rapporte à l’Étude économique de l’OCDE de la France 2013 (www.oecd.org/eco/etudes/France).
    DOI: 10.1787/5k487n499bq6-fr
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  • 51
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    Challenges to sustain Poland's growth model (2013)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (13 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1054
    Keywords: Wirtschaftswachstum ; Produktionspotenzial ; Wirtschaftliche Anpassung ; Polen ; Economics ; Poland ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Notwithstanding a very strong economic performance over the past decade or so, Poland’s per capita income is substantially lower in comparison with the United States and per capita income growth will be sharply slowing down over the coming decades under the scenario of gradual policy changes mostly because of population ageing. Bold structural reforms are needed to boost labour productivity and labour resource utilisation. This paper argues that in order to increase labour resource utilisation, policy action should focus on raising the effective retirement age, encourage childbearing and lower high unemployment rates for young people and the unskilled via increased and more efficient active labour market policies. Labour productivity could be boosted via rendering the tax system more growth friendly, reducing product market regulation (including heavy government involvement in the economy, high administrative costs of running and starting businesses and increasing competition in uncompetitive segments of the economy). Investing in human capital and encouraging innovation are also essential for long-term productivity growth.
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    DOI: 10.1787/5k452kltcxxq-en
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  • 52
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    Knowledge-based capital, innovation and resource allocation (2013)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (80 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1046
    Keywords: Immaterielle Werte ; Innovation ; Allokation ; Science and Technology ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Investment in knowledge-based capital (KBC) – assets that lack physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of economies to reallocate scarce resources to firms that invest in KBC. Well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards the socially optimal level(s). Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Welldefined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.
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    DOI: 10.1787/5k46bj546kzs-en
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  • 53
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    Fiscal federalism and its impact on economic activity, public investment and the performance of educational systems (2013)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (61 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1051
    Keywords: 1995-2011 ; Finanzbeziehungen ; Nationaleinkommen ; Produktivität ; Öffentliche Investition ; Schule ; OECD-Staaten ; Education ; Governance ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Intergovernmental fiscal frameworks usually reflect fundamental societal choices and history and are not foremost geared towards achieving economic policy objectives. Yet, like most institutional arrangements, fiscal relations affect the behaviour of firms, households and governments and thereby economic activity. This paper presents empirical research on the potential effects of fiscal decentralisation on a set of outcomes such as GDP, productivity, public investment and school performance. The results can be summarised as follows: decentralisation, as measured by revenue or spending shares, is positively associated with GDP per capita levels. The impact seems to be stronger for revenue decentralisation than for spending decentralisation. Decentralisation is strongly and positively associated with educational outcomes as measured by international student assessments (PISA). While educational functions can be delegated either to sub-central governments (SCG) or to schools, the results suggest that both strategies appear to be equally beneficial for educational performance. Finally, investment in physical and – especially – human capital as a share of general government spending is significantly higher in more decentralised countries.
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    DOI: 10.1787/5k4695840w7b-en
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  • 54
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    Knowledge-based capital, innovation and resource allocation : a going for growth report (2013)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (55 S.) , graph. Darst.
    Series Statement: OECD economic policy papers 4
    Keywords: Immaterielle Werte ; Investitionsentscheidung ; Innovation ; Allokation ; Wirtschaftswachstum ; Science and Technology ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: Investment in knowledge-based capital (KBC) – assets that have no physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of national economies to reallocate scarce resources to firms that invest in KBC. In this regard, well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards socially optimal levels. Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Well-defined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.
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    DOI: 10.1787/5k46bh92lr35-en
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  • 55
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    Intergovernmental grants, pro- or counter-cyclical? (2013)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (15 S.)
    Series Statement: Fiscal consolidation across government levels 3
    Series Statement: OECD Economics Department working papers 1072
    Series Statement: Fiscal consolidation across government levels
    Keywords: Finanzausgleich ; Finanzbeziehungen ; Antizyklische Finanzpolitik ; OECD-Staaten ; Taxation ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper provides empirical analysis that measures the cyclical properties of intergovernmental transfers (or grants). Modelling a fiscal policy reaction function this paper tests whether the transfers systems in OECD countries are pro- or counter-cyclical, i.e. whether they offset cyclical fluctuations of sub-central economies or, on the contrary, exacerbate them. Regression results suggest that transfer systems tend to be pro-cyclical in general and in more than half of OECD countries they tend to destabilise sub-central budgets. Transfer pro-cyclicality may be the result of several factors: Transfer spending is often determined as a share of central government tax revenue, which itself tends to fluctuate with the cycle. Moreover, many grants are matching sub-central spending and hence tend to exacerbate fluctuations of that sub-central spending. Pro-cyclical grants could partly explain the often observed pro-cyclicality of subcentral government fiscal policy.
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    DOI: 10.1787/5k43nxqrlmtf-en
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  • 56
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    Public debt, economic growth and nonlinear effects : myth or reality? (2012)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 993
    Keywords: 1790-2009 ; Öffentliche Schulden ; Wirtschaftswachstum ; Welt ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The economics profession seems to increasingly endorse the existence of a strongly negative nonlinear effect of public debt on economic growth. Reinhart and Rogoff (2010) were the first to point out that a public debt-to-GDP ratio higher than 90% of GDP is associated with considerably lower economic performance in advanced and emerging economies alike. A string of recent empirical papers broadly validates this threshold value. This paper seeks to contribute to this literature by putting a variant of the Reinhart-Rogoff dataset to a formal econometric testing. Using nonlinear threshold models, there is some evidence in favour of a negative nonlinear relationship between debt and growth. But these results are very sensitive to the time dimension and country coverage considered, data frequency (annual data vs. multi-year averages) and assumptions on the minimum number of observations required in each nonlinear regime. We show that when non-linearity is detected, the negative nonlinear effect kicks in at much lower levels of public debt (between 20% and 60% of GDP). These results, based on bivariate regressions on secular time series, are largely confirmed on a shorter dataset (1960-2010) when using a multivariate growth framework that accounts for traditional drivers of long-term economic growth and model uncertainty. Nonlinear effects might be more complex and difficult to model than previously thought. Instability might be a result of nonlinear effects changing over time, across countries and economic conditions. Further research is certainly needed to fully understand the link between public debt and growth.
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    DOI: 10.1787/5k918xk8d4zn-en
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  • 57
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    Climate change policies in Poland : minimising abatement costs (2012)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 953
    Keywords: Klimawandel ; Klimapolitik ; Polen ; Environment ; Economics ; Poland ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Poland is on track to meet its international greenhouse-gas emissions commitments. However, it will need to cut emissions significantly in the future, if the European Commission’s proposal on the Low Carbon Roadmap is adopted. Policies should ensure that the country’s substantial reduction potential, mainly linked to the energy sector’s high emissions intensity, and implying overall abatement costs above the EU-average, is realised in a least-cost fashion by imposing an economy-wide single carbon price. This stands in contrast with current explicit and implicit carbon prices, which vary widely across different sectors of the economy. Crucial to least-cost abatement is also a high responsiveness to the EU-ETS carbon price signal. While Poland has made good progress in complying with EU regulations related to the energy sector, the large share of public ownership and the lack of effective separation between electricity producers and distributors may blur the price signal for investment decisions in generation capacity. The isolation of the Polish electricity market implies a need for more investment in low-emission technologies in Poland to achieve a given emissions-reduction target, whereas a deeper integration with neighbouring electricity markets would spread the burden more efficiently across countries. The cost-efficiency advantage of uniform support to renewables via green certificates should be retained to minimise abatement costs. Government policies aimed at a higher share of nuclear power and natural gas from shale formations need to take fully into account tail risks and the short- and long-term environmental costs of the use of the former and fully consider environmental risks related to extraction of the latter. Energy efficiency policies can help to address market failure but should not be allowed to distort relative carbon prices. This Working Paper relates to the 2012 OECD Economic Review of Poland (www.oecd.org/eco/surveys/Poland).
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    DOI: 10.1787/5k9b7bz18m0x-en
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  • 58
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    Intangible assets, resource allocation and growth : a framework for analysis (2012)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 989
    Keywords: Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the growing importance of intangible assets as a potential source of innovation and productivity gains, and the contribution of efficient resource allocation to this process. Realising the growth opportunities implied by intangible assets depends on the ability to reallocate labour and capital to their most productive use, which is determined by the design of framework policies. The redeployment of tangible resources takes on heightened importance given the inherent difficulties in allocating intangibles efficiently. Indeed, the characteristics of intangible assets create market imperfections, which hinder the allocation of new ideas to where they can be developed most efficiently. While a number of policy instruments are typically deployed to address these market failures, the paper also explores how the growing importance of intangible assets is affecting the suitability of these policy tools. In turn, a number of policy issues are identified, spanning the financing of start-up firms, the treatment of intangibles in corporate valuation and accounting frameworks, competition policy in the digital economy and the role of intellectual property rights frameworks in rapidly growing domains such as information technology.
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    DOI: 10.1787/5k92s63w14wb-en
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  • 59
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    Public policy and resource allocation : evidence from firms in OECD countries (2012)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 996
    Keywords: Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The correlation between a firm’s size and its productivity level varies considerably across OECD countries, suggesting that some countries are more successful at channelling resources to high productivity firms than others. Accordingly, we examine the extent to which regulations affecting product, labour and credit markets influence productivity, via their effect on the efficiency of resource allocation. Our results suggest that there is an economically and statistically robust negative relationship between policy-induced frictions and productivity, though the specific channel depends on the policy considered. In the case of employment protection legislation, product market regulations (including barriers to entry and bankruptcy legislation) and restrictions on foreign direct investment, this is largely traceable to the worsening of allocative efficiency (i.e. a lower correspondence between a firm’s size and its productivity level). By contrast, financial market under-development tends to be associated with a higher fraction of low productivity relative to high productivity firms. Furthermore, stringent regulations are more disruptive to resource allocation in more innovative sectors, though the nature of innovation turns out to be important.
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    DOI: 10.1787/5k9158wpf727-en
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  • 60
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    Politiques environnementales de la France: Internaliser les externalités globales et locales (2011)
    Paris : OECD Publishing
    Details
    Language: French
    Pages: 48 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.859
    Parallel Title: Parallelausg. France's Environmental Policies: Internalising Global and Local Externalities
    Keywords: Environment ; Economics ; France
    Abstract: Les autorités ont défini un programme très ambitieux en matière de politique de l’environnement, dont les grands axes sont, outre la réduction des émissions de gaz à effet de serre (GES), la lutte contre la pollution atmosphérique locale et la pollution de l’eau, la gestion des déchets et la préservation de la biodiversité. Les lois adoptées dans le sillage du Grenelle de l’environnement pour favoriser la transition vers une économie sobre en carbone ciblent la production d’électricité, l’industrie, les transports, la gestion des déchets, le bâtiment et l’agriculture. Le gouvernement est déterminé à réduire les émissions de GES de 75 % d’ici à 2050, ce qui constitue un objectif ambitieux. Cette étude s’attache à évaluer les politiques sous l’angle de leur rapport coût-efficacité. Dans ce contexte, une attention particulière doit être accordée aux possibilités d’imposer un prix unique du carbone après la censure de la contribution carbone par le Conseil constitutionnel, aux enjeux de la production d’électricité d’origine renouvelable et nucléaire, aux moyens de faire baisser l’intensité carbone dans le secteur résidentiel et les transports, à la façon d’améliorer la gestion des déchets, ainsi qu’à la question de savoir si les coûts externes liés à l’utilisation d’engrais et de pesticides sont convenablement pris en compte dans la gestion de l’eau. Si des avancées considérables ont été réalisées sur la voie d’une économie « verte », il reste à relever un important défi en internalisant les externalités globales et locales dans tous les secteurs de l’économie, ce qui permettrait d’être plus efficace en termes de coûts/bénéfices.
    DOI: 10.1787/5kgdpn0cxzd2-fr
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  • 61
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    Réduire la dette publique française : Les options de l'assainissement budgétaire (2011)
    Paris : OECD Publishing
    Details
    Language: French
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.858
    Parallel Title: Parallelausg. Bringing French Public Debt Down: The Options for Fiscal Consolidation
    Keywords: Economics ; France
    Abstract: France has a track record of persistent general government deficits, partly reflecting pro-cyclical fiscal policies in upswings. This has resulted in a quadrupling of its public debt-to-GDP ratio since the 1970s to above 80% of GDP. Reducing public debt is crucial because a high level of public debt may hamper long-term growth and may have a direct impact on fiscal sustainability if long-term interest rates rise. Bringing back public debt to 60% of GDP even by 2030 would require a fiscal effort of 4 to 5 percentage points of GDP (under the assumption of unchanged long-term rates), implying permanent primary general government surpluses, which is very ambitious in view of French fiscal history since 1970. The government’s consolidation programme, which is aimed at reducing the general government deficit to 3% of GDP by 2013, represents around two-thirds of this effort. This study analyses how fiscal governance could be improved by the creation of a structural deficit rule and looks at ways the public deficit could be lowered. With France already having a very large public sector, most of the effort should be borne by holding down spending. Better control of the public wage bill, increasing public-sector efficiency and tackling age-related costs are the obvious candidates to contain expenditure. On the revenue side, there is significant potential for cutting tax expenditures. Furthermore, eliminating distortions in the tax base would encourage economic growth.
    DOI: 10.1787/5kgdpn0x92jg-fr
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  • 62
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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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  • 63
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    Public Policies and Investment in Network Infrastructure (2011)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2011, no. 1, p. 1-23
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 23 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. 1-23
    Keywords: Economics
    Abstract: How can public policy influence investment in infrastructure in network industries? Network industries rely mainly on fixed networks to deliver services, with investment being lumpy and largely irreversible. As a result, public policies – such as public provision, the introduction of competition and the regulatory environment – can potentially have an important impact on investment behaviour, with the net effect depending on the extent that policies boost socially-productive investment or reduce inefficient investment. Drawing on responses to a unique questionnaire assessing public policy in the network sectors, the information in this paper presents a systematic picture of relevant policies in place across OECD countries. Econometric analysis – both at the sectoral and firm level – finds that public policies can have significant quantitative effects. In particular, the introduction of competitive pressures through the reduction of barriers to entry and the combination of regulator independence and incentive regulation can promote investment in the sector.
    DOI: 10.1787/eco_studies-2011-5kg51mlvk6r6
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  • 64
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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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  • 65
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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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    Fiscal Policy Reaction to the Cycle in the OECD : Pro- or Counter-cyclical? (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 48 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.763
    Keywords: Economics
    Abstract: This paper analyses the reaction of fiscal policy to the cycle in OECD countries. The results suggest that while overall government balances were counter-cyclical in the past and more so in economic downturns than in upswings, discretionary fiscal policy was neutral on average. However, discretionary fiscal policy appears to react to the cycle in a non-linear fashion: fiscal policy in countries with high public debt and high government deficits tends to be pro-cyclical, while countries that have low public debt and that have surpluses are more likely to conduct a counter-cyclical fiscal policy. The paper also finds that asset prices have a significant impact on government balances.
    DOI: 10.1787/5kmft7pthb27-en
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  • 67
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    Catching-up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.792
    Keywords: Economics
    Abstract: This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe. Using an array of estimation methods, we show that the Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel’s Law may hold during periods of very fast growth. We interpret these results as a sign that price level convergence comes from goods, market and non-market service prices. Furthermore, we find that the Phillips curve flattens with a decline in the inflation rate, that inflation persistence increases and that commodity prices have a stronger effect on inflation in a higher inflation environment.
    DOI: 10.1787/5kmblscvdk7d-en
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  • 68
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    Counter-cyclical Economic Policy (2010)
    Paris : OECD Publishing
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    Language: English
    Pages: 103 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.760
    Keywords: Economics
    Abstract: What changes are needed to make counter-cyclical economic policy more effective in the aftermath of the recent crisis? An important lesson from the severity of the recent recession is that policy in various areas will have to be more prudent during upswings and to build in greater safety margins to be able to react to large adverse shocks. In the period leading up to the crisis, cycles became more synchronised, while asset prices became more volatile. Recent events also underline the difficulties encountered in detecting and reacting to asset price misalignments. The confluence of the turn in asset prices, financial market crisis and slump in trade challenged the ability of counter-cyclical policies to cope with the severe downturn, although experience reveals that countries where the fiscal position was sound and inflation under control were better able to cushion the shocks. Furthermore, robust micro-prudential regulation can help the financial sector withstand shocks. In this light, existing policies should be strengthened to ensure that there is room for manoeuvre going into a downturn. In order to deal with similar shocks in the future, macroeconomic and financial sector policies should consider precautionary policy settings and macro-prudential regulation to address systemic threats to stability.
    DOI: 10.1787/5kmfw36tj97h-en
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  • 69
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    Modeling Institutions, Start-ups and Productivity during Transition (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 26 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.773
    Keywords: Economics
    Abstract: The transition paths from plan to market have varied markedly across countries. Central and Eastern European and the Baltic countries, which opted for a fast and profound transformation of their institutions, rapidly narrowed the productivity gap with advanced economies. In contrast, in countries of the Commonwealth of Independent States, which embarked on reforms later and contented with less depth, the productivity gap remains substantial. While the literature has focused mainly on empirical studies, this paper develops a dynamic search model of the firm start-ups that is consistent with the above trends. The model shows that an enabling institutional set up stimulates start-ups of highly productive firms at an earlier stage of transition, underscoring the importance of reforms. The role of the state sector as an employer during transition rises in countries where reforming institutions is particularly costly.
    DOI: 10.1787/5kmfkz5rk39s-en
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  • 70
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    The Impact of Monetary and Commodity Fundamentals, Macro News and Central Bank Communication on the Exchange Rate : Evidence from South Africa (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.692
    Keywords: Economics ; South Africa
    Abstract: This paper studies drivers of high-frequency (daily) dynamics of the South African rand vis-à-vis the dollar from January 2001 to July 2007. We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on changes in daily returns of the rand-dollar exchange rate. We also identify a one-sided nonlinear mean reversion to the long-term monetary equilibrium. In addition we establish very short-lived effects on the exchange rate of selected macroeconomic surprises and central bank communication aimed at talking up the rand.
    DOI: 10.1787/224472688177
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    Infrastructure Investment in Network industries : The Role of Incentive Regulation and Regulatory Independence (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 24 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.688
    Keywords: Economics
    Abstract: This paper finds that coherent regulatory policies can boost investment in network industries of OECD economies. Rate-of-return regulation is generally thought to result in overinvestment, while incentive regulation is believed to entail underinvestment. Yet, previous empirical work has generally found that the introduction of incentive regulation has not systematically changed investment in network industries. According to the theoretical literature, regulatory uncertainty exposes both types of regimes to the danger of underinvestment. However, regulatory uncertainty is arguably higher under rate-of-return regulation because investment decisions (what can be included in the rate base) are usually evaluated in a discretionary manner, while firms operating under incentive regulation are less affected by this behaviour. In addition, incentive regulation encourages investment in cost-reducing technologies. Using Bayesian model averaging techniques, this paper shows that incentive regulation implemented jointly with an independent sector regulator (indicating lower regulatory uncertainty) has a strong positive impact on investment in network industries. In addition, lower barriers to entry are also found to encourage sectoral investment. These results support the importance of implementing policies in a coherent framework.
    DOI: 10.1787/225261508320
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  • 72
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    Infrastructure and Growth : Empirical Evidence (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 61 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.685
    Keywords: Economics
    Abstract: Investment in network infrastructure can boost long-term economic growth in OECD countries. Moreover, infrastructure investment can have a positive effect on growth that goes beyond the effect of the capital stock because of economies of scale, the existence of network externalities and competition enhancing effects. This paper, which is part of a project examining the links between infrastructure and growth and the role of public policies, reports the results on the links with growth from a variety of econometric approaches. Time-series results reveal a positive impact of infrastructure investment on growth. They also show that this effect varies across countries and sectors and over time. In some cases, these results reveal evidence of possible over-investment, which may be related to inefficient use of infrastructure. Bayesian model averaging of cross-section growth regressions confirm that infrastructure investment in telecommunications and the electricity sectors has a robust positive effect on long-term growth (but not in railways and road networks). Furthermore, this effect is highly nonlinear as the impact is stronger if the physical stock is lower.
    DOI: 10.1787/225682848268
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  • 73
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    Infrastructure Investment : Links to Growth and the Role of Public Policies (2009)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 78 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.686
    Keywords: Economics
    Abstract: Investment in network infrastructure – the energy, water, transport and telecommunication networks – which performs a vital role for the functioning of the economy, can contribute to raising growth and social welfare. But more is not always better. While the paper shows that investment in the network industries has had a positive effect over and above the addition to the capital stock, there is evidence that investment in the past has sometimes been misallocated. This paper identifies the policy framework that promotes investment that is conducive to growth and ensures the appropriate use of infrastructure. Central aspects of this framework are identified as a robust decision making process, improving the selection of investment projects, the introduction of competitive pressures through the reduction of barriers to entry and vertical separation when this is appropriate. In addition, efficient investment can be promoted by the combination of regulator independence and the application of incentive regulation.
    DOI: 10.1787/225678178357
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  • 74
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    Monetary Transmission Mechanism in Central and Eastern Europe: Surveying the Surveyable (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 51 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.654
    Keywords: Economics
    Abstract: This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe (CEE). Our results indicate that the strength of the exchange rate pass-through substantially declined over time mainly due to a fall in inflation rates and to some extent due to the so-called composition effect. The asset price channel is weak and is likely to remain weak because of shallow stock and private bond markets and because of low stock and bond holdings of domestic household. House prices may become an exception with higher levels mortgage lending and with high owner occupancy ratios. While the credit channel could be a powerful channel of monetary transmission - as new funds raised on capital markets are close to zero in CEE - it is actually not, as both commercial banks and non-financial corporations can escape domestic monetary conditions by borrowing from their foreign mother companies. The moderately good news is, however, that those banks and firms are influenced by monetary policy in the euro area because their parent institutions are themselves subjected to the credit channel in the euro area.
    DOI: 10.1787/230605773237
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