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  • Andrews, Dan  (24)
  • de Serres, Alain  (24)
  • Paris : OECD Publishing  (47)
  • Ann Arbor, Michigan : ProQuest
  • Economics  (47)
  • 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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    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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  • 3
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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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  • 4
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    The career effects of labour market conditions at entry (2020)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (39 p.)
    Series Statement: OECD Productivity Working Papers no.20
    Keywords: Economics
    Abstract: This paper explores the effects of labour market conditions at graduation on an individual’s work-life over the following decade. Australians graduating into a state and year with a 5 percentage point higher youth unemployment rate can expect to earn roughly 8 per cent less in their first year of work and 3½ per cent less after five years, with the effect gradually fading to around zero ten years on. The magnitude of this effect varies according to the characteristics of the individual and the tertiary institution they attend. We then explore the mechanisms behind this scarring. Scarring partly reflects the subsequent evolution of the unemployment rate — the fact that unemployment shocks tend to persist — highlighting the potential for timely and effective macroeconomic stabilisation policies to ameliorate these scarring effects. More generally, job switching to more productive firms emerges as a key channel through which workers recover from adverse shocks that initially disrupt (worker-firm) match quality. We find some evidence that the speed of recovery has slowed since 2000, which is consistent with the decline in labour market dynamism observed in Australia over that period.
    DOI: 10.1787/29c11c75-en
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  • 5
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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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  • 6
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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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  • 7
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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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  • 8
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    A genie in a bottle? : globalisation, competition and inflation (2018)
    Paris : OECD Publishing
    Details
    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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  • 9
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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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  • 10
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    Fostering innovative business investment in Spain (2017)
    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. 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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  • 11
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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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  • 12
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    Skills mismatch, productivity and policies : evidence from the second wave of PIAAC (2017)
    Paris : OECD Publishing
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    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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  • 13
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    The walking dead? : zombie firms and productivity performance in OECD countries (2017)
    Paris : OECD Publishing
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    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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  • 14
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    Rebalancing Turkey's growth by improving resource allocation and productivity in manufacturing (2017)
    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. 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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  • 15
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    Coping with creative destruction : reducing the costs of firm exit (2017)
    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. 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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  • 16
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    Confronting the zombies : policies for productivity revival (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 36 Seiten) , Illustrationen
    Series Statement: OECD economic policy paper no. 21 (December 2017)
    Series Statement: OECD Economic Policy Papers no.21
    Keywords: Produktivitätsentwicklung ; Insolvenz ; Unternehmenssanierung ; Bank ; Allokation ; Marktaustritt ; OECD-Staaten ; Economics ; Graue Literatur
    Abstract: Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation and stalling technological diffusion. New OECD policy indicators show that there is much scope to improve the design of insolvency regimes in order to reduce the barriers to restructuring of weak firms and the personal costs associated with entrepreneurial failure. Insolvency regime reform can not only address the aforementioned sources of productivity weakness but also enhance the productivity impacts of reducing entry barriers in product markets. As the zombie firm problem may partly stem from bank forbearance, complementary reforms to insolvency regimes are essential to ensure that a more aggressive policy to resolve non-performing loans is effective. Distortions in the banking sector highlight the importance of market-based financing instruments for productivity growth with the inherent debt bias in corporate tax systems emerging as a key barrier to technological diffusion. Finally, well-designed job search and retraining policies are effective at returning workers displaced by firm exit to work, particularly in environments where barriers to firm entry are low.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f14fd801-en
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  • 17
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    Insolvency regimes, technology diffusion and productivity growth : evidence from firms in OECD countries (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1425
    Keywords: Insolvenz ; Innovationsdiffusion ; Produktivitätsentwicklung ; Wirtschaftsdaten ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to insolvency regimes that lower barriers to corporate restructuring are associated with higher MFP growth of laggard firms. These results are consistent with the idea that insolvency regimes that do not unduly inhibit corporate restructuring can incentivise experimentation and provide scope to reconfigure production and organisational structures in order to faciliate technological adoption. The results also highlight policy complementarities, with insolvency regimes that reduce the cost of entrepreneurial failure potentially enhancing the MFP gains from lowering administrative entry barriers in product markets. Finally, we find that reducing debt bias in corporate tax systems and well-developed venture capital markets are associated higher laggard firm MFP growth, suggesting that equity financing can also be an important driver of technological diffusion. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that stalling technological diffusion has contributed to the aggregate productivity slowdown.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/36600267-en
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  • 18
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    Breaking the shackles : zombie firms, weak banks and depressed restructuring in Europe (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1433
    Keywords: Kreditrationierung ; Produktivität ; Insolvenz ; Europa ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the connection between “zombie” firms (firms that would typically exit in a competitive market) and bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the results show that zombie firms are more likely to be connected to weak banks, suggesting that the zombie firm problem in Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that around one-third of the impact of zombie congestion on capital misallocation could be directly attributed to bank health and additional analysis suggests that this may partly be due to reduced availability of credit to healthy firms. Finally, improvements in bank health are more likely to be associated with a reduction in the prevalence of zombie firms in countries where insolvency regimes do not unduly inhibit corporate restructuring. Thus, leveraging the important complementarities between bank strengthening efforts and insolvency regime reform would contribute to breaking the shackles on potential growth in Europe.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/0815ce0c-en
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  • 19
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    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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  • 20
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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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  • 21
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    Can pro-growth policies lift all boats? : An analysis based on household disposable income (2015)
    Paris : OECD Publishing
    In:  OECD Journal: Economic Studies Vol. 2015, no. 1, p. 227-268 | volume:2015 | year:2015 | number:1 | pages:227-268
    Details
    Language: English
    Pages: 1 Online-Ressource (42 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Economic Studies
    Angaben zur Quelle: Vol. 2015, no. 1, p. 227-268
    Angaben zur Quelle: volume:2015
    Angaben zur Quelle: year:2015
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:227-268
    Keywords: Economics
    Abstract: In a majority of OECD countries, GDP growth over the past three decades has been associated with growing income disparities. To shed some lights on the potential sources of trade-offs between growth and equity, this paper investigates the long-run impact of structural reforms on GDP per capita and household income distribution. Pro-growth reforms can be distinguished according to whether they are found to generate an increase or a reduction in household disposable income inequality. Those that contribute to reduce inequality include the reduction in regulatory barriers to competition, trade and FDI, as well as the stepping-up in job search assistance and training programmes. Conversely, a tightening of unemployment benefits for the long-term unemployed is found to lift mean household income but to lower income among poorer households, thus raising inequality. Several other reforms have no significant impact on income distribution. JEL Classification: 047, D37, E61 Keywords: Growth, inequality, pro-growth policies
    DOI: 10.1787/eco_studies-2015-5jrqhbb1t5jb
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  • 22
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    Frontier firms, technology diffusion and public policy : micro evidence from OECD countries (2015)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 02
    Series Statement: OECD productivity working papers
    Keywords: Produktivitätsentwicklung ; Technische Effizienz ; Allokation ; Innovationsdiffusion ; Institutionelle Infrastruktur ; Mikrodaten ; OECD-Staaten ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: This paper analyses the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it. Firms at the global productivity frontier – defined as the most productive firms in each two-digit industry across 23 countries – are typically larger, more profitable, younger and more likely to patent and be part of a multinational group than other firms. Despite the slowdown in aggregate productivity, productivity growth at the global frontier remained robust over the 2000s. At the same time, the rising productivity gap between the global frontier and other firms raises key questions about why seemingly non-rival technologies do not diffuse to all firms. The analysis reveals a highly uneven process of technological diffusion, which is consistent with a model whereby global frontier technologies only diffuse to laggards once they are adapted to country-specific circumstances by the most productive firms within each country (i.e. national frontier firms). This motivates an analysis of the sources of differences in the productivity and size of national frontier firms vis-à-vis the global frontier and the catch-up of laggard firms to the national productivity frontier. Econometric analysis suggests that well-designed framework policies can aid productivity diffusion by sharpening firms’ incentives for technological adoption and by promoting a market environment that reallocates resources to the most productive firms. There is also a role for R&D tax incentives, business-university R&D collaboration and patent protection but trade-offs emerge which can inform the design of innovation-specific policies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jrql2q2jj7b-en
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  • 23
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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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    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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  • 25
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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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    A Framework for Assessing Green Growth Policies (2010)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 71 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.774
    Keywords: Economics
    Abstract: This paper proposes an analytical framework for assessing policies that will contribute to a better integration of environmental externalities in the pursuit of economic efficiency and growth objectives. The framework consists of two parts. The first part lays out principles and criteria for the identification and selection of policies that will benefit both income and the environment or that will boost income at the least cost in terms of the environment (and vice-versa). In general putting a price on a pollution source or on the over-exploitation of a scarce resource is found to be the most efficient single policy to address many environment externalities. However, given that environmental damage often result from several interacting market failures, an appropriate policy response will in many cases involve a mix of complementary instruments. The second part focuses more on issues of structural adjustment related to the transition towards a greener economy. It finds that green growth policies could lead to significant re-allocation of resources within and across broad economic sectors. A policy framework facilitating the re-deployment of labour across firms and sectors, as well as the entry of new firms and the exit of firms in declining industries will thus be important in order for countries to seize the opportunities brought about by green growth policies.
    DOI: 10.1787/5kmfj2xvcmkf-en
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  • 27
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    L' impact de l'économie géographique sur le PIB par tête dans les pays de l'OCDE (2009)
    Paris : OECD Publishing
    Details
    Language: French
    Parallel Title: Parallele Sprachausgabe The contribution of economic geography to GDP per capita
    Keywords: Economics
    Abstract: Cet article examine dans quelle mesure la dispersion des performances économiques entre pays de l’OCDE peut être expliquée par la proximité de zones denses d’activités économiques. Pour ce faire, divers indicateurs de distance par rapport aux marchés et de coûts de transports sont ajoutés comme déterminants dans un modèle de Solow augmenté, utilisé comme référence. Diverses mesures de distance sont estimées avoir un effet significatif sur le PIB par habitant. De plus, l’impact économique estimé est loin d’être négligeable. L’éloignement par rapport aux marchés pourrait pénaliser l’Australie et la Nouvelle Zélande, par rapport à la moyenne des pays de l’OCDE, à hauteur de 11 % du PIB. A l’inverse, la Belgique et les Pays-Bas bénéficieraient de leur position centrale pour environ 6-7 % du PIB. Des premières indications suggèrent également que les dépenses en R-D et en capital humain peuvent avoir un effet plus fort sur le PIB par tête dans les pays ayant un fort degré de concentration urbaine.
    DOI: 10.1787/9789264053656-9-fr
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  • 28
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    Have Developed Countries Escaped the Curse of Distance? (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 30 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.610
    Keywords: Economics
    Abstract: There is widespread evidence that a better access to markets contributes to raising income levels. However, no quantification of the impact of distance to markets has been made on the basis of a sample restricted to advanced — and therefore more homogeneous — countries. This paper applies the framework developed by Redding and Venables (2004) on a panel data covering 21 OECD countries over 1970-2004, and shows that, relative to the average OECD country, the cost of remoteness for countries such as Australia and New Zealand could be as high as 10% of GDP. Conversely, the benefit for centrally-located countries like Belgium and the Netherlands could be around 6-7%. Second, the paper explains why the key estimated parameter in the Redding-Venables model is biased upwards in cross-section samples that mix both developing and developed countries, because of the inability to adequately control for heterogeneity in technology levels across countries. The paper also provides a detailed discussion of the links between the ?death-of-distance? hypothesis, the evolution of transport costs and that of the elasticity of trade to distance.
    DOI: 10.1787/241705110254
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  • 29
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    The Contribution of Economic Geography to GDP Per Capita (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 56 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.602
    Keywords: Economics
    Abstract: This paper examines how much of the dispersion in economic performance across OECD countries can be accounted for by economic geography factors. More specifically, two aspects of economic geography are examined, namely the proximity to areas of dense economic activity and endowments in natural resources. To do so, various indicators of distance to markets, transportation costs, and dependence on natural resources are added as determinants in an augmented Solow model, which serves as a benchmark. Three measures of distance to markets are found to have a statistically significant effect on GDP per capita: the sum of bilateral distances, market potential and the weighted sum of market access and supplier access. And the estimated economic impact is far from negligible. The reduced access to markets relative to the OECD average could contribute negatively to GDP per capita by as much as 10% in Australia and New Zealand. Conversely, a favourable impact of around 6-7% of GDP is found in the case of two centrally-located countries: Belgium and the Netherlands. Endowments in natural resources are also found to have a significant positive effect on GDP per capita, suggesting that OECD countries have, on average, escaped the natural resource curse or severe forms of the Dutch disease. The paper provides also some tentative evidence that spending on R&D and human capital might have a stronger effect on GDP per capita in countries with a higher degree of urban concentration.
    DOI: 10.1787/242216186836
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    Reforming the Polish Tax System to Improve its Efficiency (2008)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 44 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.630
    Keywords: Economics ; Poland
    Abstract: The Polish tax system is characterised by high social security contributions for both employers and employees. As a result, Poland has one of the highest tax wedges in the OECD, despite relatively low personal income tax rates. This, combined with a relatively high minimum wage and generous early-retirement and disability benefit programmes, contributes to low employment rates, in particular among low-skilled workers. The system also relies heavily on consumption taxes, whereas relatively little revenue is collected from such bases as environment externalities, inheritances and, in particular, property. One of the key implications of the tax structure is that the system as a whole is one of the least redistributive among OECD countries. This paper reviews the main features of the tax system and explores options to improve its efficiency, including possibilities to broaden existing tax bases as well as to shift the tax burden from labour towards less mobile and distorting sources such as property.
    DOI: 10.1787/240788685657
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  • 31
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    Réglementation des systèmes financiers et croissance économique dans les pays de l'OCDE (2008)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2006, no. 2, p. 89-131
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 46 p
    Parallel Title: Parallelausg. Regulation of financial systems and economic growth in OECD countries: An empirical analysis
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2006, no. 2, p. 89-131
    Keywords: Economics
    Abstract: Le fonctionnement du système financier peut avoir un impact décisif sur la croissance économique et sur la stabilité de l’économie. Il influe sur la croissance économique à long terme par son effet sur l’efficience de l’intermédiation entre épargnants et emprunteurs finaux ; par le degré auquel il permet une surveillance des utilisateurs de fonds externes, ce qui se répercute sur la productivité du capital utilisé ; enfin, par son incidence sur le volume de l’épargne, qui conditionne la capacité future de l’économie de générer des revenus. Le système financier agit sur la stabilité de l’économie en raison du fort pouvoir de levier de ses activités et de son rôle central dans le règlement de l’ensemble des transactions au sein de l’économie, de sorte que toute défaillance d’un segment risque de compromettre la stabilité du système dans son ensemble.
    DOI: 10.1787/eco_studies-v2006-art10-fr
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  • 32
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    The contribution of economic geography to GDP per capita (2008)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2008, no. 1, p. 1-37
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 38 p
    Parallel Title: Parallelausg. L'impact de l'économie géographique sur le PIB par tête dans les pays de l'OCDE
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2008, no. 1, p. 1-37
    Keywords: Economics
    Abstract: This article examines how much of the dispersion in economic performance across OECD countries can be accounted for by the proximity to areas of dense economic activity. To do so, various indicators of distance to markets and transportation costs are added as determinants in an augmented Solow model, which serves as a benchmark. Measures of distance to markets are found to have a statistically significant effect on GDP per capita. And the estimated economic impact is far from negligible. The reduced access to markets relative to the OECD average could contribute negatively to GDP per capita by as much as 11% in Australia and New Zealand. Conversely, a favourable impact of around 6-7% of GDP is found in the case of two centrally-located countries: Belgium and the Netherlands. The paper provides also some tentative evidence that spending on R&D and human capital might have a stronger effect on GDP per capita in countries with a higher degree of urban concentration.
    DOI: 10.1787/eco_studies-v2008-art9-en
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  • 33
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    Regulation of financial systems and economic growth in OECD countries : An empirical analysis (2007)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2006, no. 2, p. 77-113
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 46 p
    Parallel Title: Parallelausg. Réglementation des systèmes financiers et croissance économique dans les pays de l'OCDE
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2006, no. 2, p. 77-113
    Keywords: Economics
    Abstract: The operation of the financial system can have a key impact on economic growth and the stability of the economy. It affects long-term economic growth through its effect on the efficiency of intermediation between the savers and final borrowers of funds; through the extent to which it allows for monitoring of the users of external funds, affecting thereby the productivity of capital employed; and through its implications for the volume of saving, which influences the future income-generating capacity of the economy. It affects the stability of the economy because of the high degree of leverage of its activities and its pivotal role in the settlement of all transactions in the economy, so that any failure in one segment risks undermining the stability of the whole system.
    DOI: 10.1787/eco_studies-v2006-art10-en
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  • 34
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    Regulation of Financial Systems and Economic Growth (2006)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.506
    Keywords: Economics
    Abstract: This paper examines whether regulation that is more conducive to competitive and efficient financial systems has a significant positive impact on sectoral output and productivity growth in a sample of 25 OECD countries. More specifically, following a methodology used by Rajan and Zingales (1998), the paper tests whether industries that depend more heavily on external sources of funding tend to grow faster in countries that have more competition-friendly regulation in markets for banking services and financial instruments. The regulatory indicators are assembled from surveys conducted by the World Bank on regulations in banking and securities markets. They point to substantial variations in the stance of regulation across countries, in particular with respect to the broad rules underpinning securities market transactions. The empirical analysis indicates that financial system regulation matters for output growth both in a statistical and economic sense.
    DOI: 10.1787/870803826715
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    Tax Treatment of Private Pension Savings in OECD Countries and the Net Tax Cost Per Unit of Contribution to Tax-Favoured Schemes (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 108 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.406
    Keywords: Economics
    Abstract: This paper provides, for all OECD countries, an estimate of the net tax cost per currency unit of contribution to a tax-favoured retirement savings plan, using a present-value methodology. The latter takes into account the future flows of revenues foregone on accrued income and of revenues collected on benefit withdrawals corresponding to a unit contribution made in a given year. The net tax cost is first calculated for nine (five-year) age groups, which have different relative income levels and investment time horizons, and is then averaged across age groups. In order to take into consideration the relevant country-specific features of savings taxation, the paper also provides an overview of the tax treatment of private pension arrangements and alternative savings vehicles. The results indicate that the size of tax subsidy varies significantly across countries, ranging from nearly 40 cents per unit of contribution (Czech Republic) to around zero (Mexico, New Zealand). Over half of ...
    DOI: 10.1787/387535760801
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    Long-Term Budgetary Implications of Tax-Favoured Retirement Plans (2004)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 71 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.393
    Keywords: Economics
    Abstract: This paper provides estimates of the implicit fiscal assets as well as of the evolution over time of fiscal costs and revenues related to tax-favoured retirement saving regimes in 17 OECD countries, taking into account current and future contributions, asset accumulation and withdrawals, all of which will be strongly influenced by future demographic developments. The main results show that in the case where tax incentives are assumed to lead essentially to saving diversion rather than creation, the net budgetary cost of tax-favoured schemes would remain large, despite the sharp rise in revenues collected from withdrawals as population ages. The paper shows that this cost would significantly be reduced if tax-favoured schemes succeed in promoting additional private savings. It then explores a number of policy options to maximize the amount of additional saving ...
    DOI: 10.1787/138080145732
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  • 37
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    La baisse des taux d'épargne privée durant les années 90 dans les pays de l'OCDE : Contribution des déterminants autres que la richesse (2004)
    Paris : OECD Publishing
    In:  Revue économique de l'OCDE Vol. 2003, no. 1, p. 129-167
    Details
    ISSN: 1684-3444
    Language: French
    Pages: 41 p
    Parallel Title: Parallelausg. The Decline in Private Saving Rates in the 1990s in OECD Countries: How Much Can Be Explained by Non-wealth Determinants?
    Titel der Quelle: Revue économique de l'OCDE
    Publ. der Quelle: Paris : OCDE, 1998
    Angaben zur Quelle: Vol. 2003, no. 1, p. 129-167
    Keywords: Economics
    Abstract: La baisse substantielle des taux d’épargne privée observée dans plusieurs pays de l’OCDE durant la fin des années 90 a coïncidé dans bien des cas avec une forte hausse de la richesse financière nette des ménages. Ce phénomène a été interprété par plusieurs analystes comme indiquant que la forte augmentation des valeurs mobilières et immobilières durant cette période avait été traitée par les ménages comme une hausse permanente de la richesse, entraînant une baisse non soutenable de l’épargne, et faisant ainsi surgir la crainte d’un éventuel effet de richesse négatif. À l’aide de techniques d’estimation pour un panel d’équations dynamiques, cette étude examine les principaux déterminants de l’épargne privée pour un échantillon de 15 pays de l’OCDE et constate que la baisse de l’épargne observée après 1995 peut être largement expliquée par des déterminants fondamentaux autres que la richesse financière, y compris en période hors échantillon. Parmi ces déterminants, c’est la hausse de l’épargne publique qui a contribué le plus à la désépargne privée entre 1995 et 2000. À en juger par les résultats, il ne semble guère que les consommateurs aient réagi trop fortement au boom du marché boursier des années 90, même dans les pays où les taux d’épargnes ont tombés à des niveaux sans précédent. Par contre, les résultats donnent à penser qu’un assouplissement de ...
    DOI: 10.1787/eco_studies-v2003-art4-fr
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  • 38
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    Structural Policies and Growth : A Non-Technical Overview (2003)
    Paris : OECD Publishing
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    Language: English
    Pages: 52 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.355
    Keywords: Economics
    Abstract: In contrast to what has happened throughout the 1960s and 1970s, some of the largest EU countries and Japan are no longer closing the income gap vis-à-vis the United States. Worse, the gap may even be widening since the mid-1990s. While in the case of Japan the gap in GDP per capita is essentially due to the lagging performance in labour productivity, the European Union is trailing mainly in terms of labour resource utilisation, reflecting both lower employment rates and fewer hours worked. This paper provides a brief overview of the main structural factors thought to have contributed to differences in the degree of labour resource utilisation, as well as in the intensity of physical and human capital use and in the pace of technological progress. In doing so, it provides a set of performance and policy indicators which can be used to assess progress achieved in structural reform ...
    DOI: 10.1787/877032331705
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  • 39
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    Macroeconomic Policy and Economic Performance (2003)
    Paris : OECD Publishing
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    Language: English
    Pages: 66 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.353
    Keywords: Economics
    Abstract: This paper analyses the major changes in both monetary and fiscal policy that have taken place over the past two decades and, within the limits of the existing empirical research, evaluates the overall costs and benefits for the OECD economies. The general findings for monetary policy are that, while it was costly to lower inflation (in terms of output and employment), there are also benefits in terms of lower risk premiums on interest rates, a more favourable investment climate and an improvement in economic efficiency. That said, the paper concludes that there is not much of a case for lowering inflation further from its already low level. While inflation was being lowered, in a number of cases central banks were also undergoing rather significant changes to their institutional structures and policy-making frameworks. There is some limited evidence that these changes have helped in terms of better anchoring inflation expectations. At the same time there is no firm answer on how ...
    DOI: 10.1787/444611645531
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  • 40
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    The Decline in Private Saving Rates in the 1990s in OECD Countries : How Much Can Be Explained by Non-wealth Determinants? (2003)
    Paris : OECD Publishing
    In:  OECD journal: economic studies Vol. 2003, no. 1, p. 117-153
    Details
    ISSN: 1995-2856
    Language: English
    Pages: 40 p
    Parallel Title: Parallelausg. La baisse des taux d'épargne privée durant les années 90 dans les pays de l'OCDE : Contribution des déterminants autres que la richesse
    Titel der Quelle: OECD journal: economic studies
    Publ. der Quelle: Paris : Organisation for Economic Cooperation & Development, 2008
    Angaben zur Quelle: Vol. 2003, no. 1, p. 117-153
    Keywords: Economics
    Abstract: The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this investigation, there is little evidence that consumers had gone too far in responding to the stock market boom of the late 1990s, even in countries where private saving rates have fallen to historically low levels. On the other hand, the results suggest that a loosening of fiscal policy may have a limited stimulatory impact on private consumption...
    DOI: 10.1787/eco_studies-v2003-art4-en
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  • 41
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    The Decline in Private Saving Rates in the 1990s in OECD Countries : How Much Can be Explained by Non-Wealth Determinants? (2002)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.344
    Keywords: Economics
    Abstract: The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this ...
    DOI: 10.1787/241254248236
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  • 42
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    Sectoral Shifts in Europe and the United States : How They Affect Aggregate Labour Shares and the Properties of Wage Equations (2002)
    Paris : OECD Publishing
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    Language: English
    Pages: 50 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.326
    Keywords: Economics ; United States
    Abstract: This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the 1980s and 1990s partly reflects changes in the sectoral composition of the economy. The application of a fixed-weight aggregation method changes the profile of the observed wage share in a significant way: in particular there is no longer sign of an overshooting of the wage share levels of the early-1970s. Error-correction wage equations based on the adjusted wage shares generally have a better regression fit and show long-run elasticities of real wages to unemployment that vary less across countries and are substantially lower than those obtained with observed shares. These results are broadly confirmed by wage regressions using sectoral data and the Pooled Mean Group estimator ...
    DOI: 10.1787/763626062738
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  • 43
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    Increases in Business Investment Rates in OECD Countries in the 1990s : How Much Can be Explained by Fundamentals? (2002)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.327
    Keywords: Economics
    Abstract: In several OECD countries, investment rates in the business sector grew strongly in the second half of the 1990s. In some cases, the strength of private investment relative to output growth had raised concerns about the risk of capital overhang and the prospect of a prolonged period of slow capital formation in order to bring investment levels back to more sustainable levels. It is possible that the stock market boom has contributed to a rise of investment demand to an excessive level, not only in the United States, but also in the United Kingdom, Canada, Scandinavia and Greece. The purpose of this paper is to assess the contribution of fundamental determinants to the change in investment in the second half of the 1990s, based on the estimation of panel cointegration equations for gross business investment for 18 OECD countries from 1970 to 1999. In addition to the levels of real GDP and a measure of the cost of capital, the set of explanatory variables includes four alternative ...
    DOI: 10.1787/688436342124
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  • 44
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    The Width of the Intra-European Economic Borders (2001)
    Paris : OECD Publishing
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    Language: English
    Pages: 25 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.304
    Keywords: Economics
    Abstract: This paper first provides a brief overview of the literature on market segmentation and then presents an empirical exercise that sheds more light on the significance of border effects across European countries. The literature suggests that integration in the EU goods and financial markets is typically more advanced than among the other OECD countries. On the other hand, integration in Europe remains significantly lower than that observed between regions within countries. The empirical exercise is based on a set of comparable price data of tradeable goods collected just before the launch of the single currency. The paper finds that for a given distance, crossing national borders adds significantly to the price differential across European cities. However, this border effect is substantially smaller than the one found in previous estimates focusing on European and North American cities, which were based on the comparison of much broader price indices such as the consumer price index ...
    DOI: 10.1787/281117327340
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  • 45
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    Tracking the Euro (2001)
    Paris : OECD Publishing
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    Language: English
    Pages: 44 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.298
    Keywords: Economics
    Abstract: During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed exchange rate path. Based on an eclectic approach, this paper offers an empirical analysis showing that terms-of-trade and saving/investment behaviour seem to have driven the euro exchange rate over the medium and longer run. While such econometric estimates ought to be interpreted with due care, they do support the view that towards the end of 2000, the euro was significantly undervalued ...
    DOI: 10.1787/536702025320
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  • 46
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    Estimating Prudent Budgetary Margins for 11 EU Countries : A Simulated SVAR Model Approach (1999)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 46 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.216
    Keywords: Economics
    Abstract: In this paper, a structural VAR model is estimated for 11 EU countries in order to assess the effect on the government deficit ratio of four independent economic disturbances: supply, fiscal, real private demand and monetary shocks. Based on the estimated distribution of these shocks, stochastic simulations are performed to derive estimates of cyclically-adjusted budget balances that would have to be maintained to avoid breaching the Stability and Growth Pact’s 3 per cent of GDP deficit limit over different time horizons and with varying degrees of confidence. In order to capture the movement in the deficit stemming from automatic stabilisation, fiscal policy shocks are turned off during the simulations. The results suggest that, for the majority of countries, if governments were to aim for a cyclically-adjusted budget deficit between 1.0 and 1.5 per cent of GDP, the actual deficit would, with a 90 per cent likelihood, remain within the 3 per cent limit over a three-year horizon ...
    DOI: 10.1787/475132665781
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  • 47
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    The Macroeconomic Implications of Ageing in a Global Context (1998)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 131 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.193
    Keywords: Economics
    Abstract: This study was prepared in the Economics Department as a contribution to the Organisation -wide study of the economic consequences of population ageing. It presents a number of long-term scenarios illustrating the likely domestic and international macroeconomic effects of ageing across the OECD and policies which might ameliorate or reverse underlying tensions. This work draws together the broad range of elements involved within a consistent framework, based on the Secretariat’s new international dynamic general equilibrium macroeconomic model (MINILINK). A “business-as-usual” case is examined in which, without improvements in labour market performance or specific policy adjustments to allow for the pressures of ageing, economic growth is projected to slow significantly over the next 50 years in nearly all OECD countries; world real interest rates remain stable at current levels or even rise, because of the effects of ageing on private savings and the possible build-up of public ...
    DOI: 10.1787/502646045314
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