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  • Organisation for Economic Co-operation and Development  (417)
  • Égert, Balázs  (41)
  • Blundell-Wignall, Adrian  (32)
  • Economics  (340)
  • Finance and Investment  (170)
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  • 1
    Online Resource
    Online Resource
    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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  • 2
    Online Resource
    Online Resource
    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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  • 3
    Online Resource
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    The effect of structural reforms: Do they differ between GDP and adjusted household disposable income? (2022)
    Paris : OECD Publishing
    Details
    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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  • 4
    Online Resource
    Online Resource
    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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  • 5
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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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  • 6
    Online Resource
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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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  • 7
    Online Resource
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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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  • 8
    Online Resource
    Online Resource
    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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  • 9
    Online Resource
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    To what extent do policies contribute to selfemployment? (2018)
    Paris, France : OECD
    Details
    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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  • 10
    Online Resource
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    The quantification of structural reforms (2018)
    Paris : OECD Publishing
    Details
    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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  • 11
    Online Resource
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    The quantification of structural reforms : introducing country-specific policy effects (2018)
    Paris : OECD Publishing
    Details
    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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  • 12
    Online Resource
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    Globalisation: Time to level the playing field (2018)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (3 p.)
    Titel der Quelle: OECD Observer
    Keywords: Economics
    DOI: 10.1787/9167dd67-en
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  • 13
    Online Resource
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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
    URL: Volltext  (lizenzpflichtig)
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  • 14
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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
    URL: Volltext  (lizenzpflichtig)
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  • 15
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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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  • 16
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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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  • 17
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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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  • 18
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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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  • 19
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    Foreign direct investment, corruption and the OECD Anti-Bribery Convention (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 32 Seiten) , Illustrationen
    Series Statement: OECD working papers on international investment 2017, 01
    Series Statement: OECD working papers on international investment
    Keywords: corrumption ; institutions ; law ; foreign direct investment ; Finance and Investment ; Arbeitspapier ; Graue Literatur
    Abstract: This paper estimates a dynamic foreign direct investment (FDI) gravity model to explore the impact of corruption in general and the OECD Anti-Bribery Convention in particular. The evidence from previous studies in both domains is mixed, probably due to econometric inconsistencies and misuse of data. The more robust findings are that corruption has an insignificant or even positive effect on FDI in the general population. However, adherence to the OECD Anti-Bribery Convention has a clear negative impact on FDI—countries that adhere reduce investments in corrupt destinations.
    DOI: 10.1787/9cb3690c-en
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  • 20
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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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    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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    The MNE Guidelines at 40: Implementation still matters (2016)
    Paris : OECD Publishing
    In:  OECD Observer
    Details
    Language: English
    Pages: 1 Online-Ressource (4 p.)
    Titel der Quelle: OECD Observer
    Keywords: Finance and Investment ; Economics
    DOI: 10.1787/b49f2f35-en
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  • 23
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    Evaluating capital flow management measures used as macro-prudential tools (2016)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2015, no. 2, p. 7-27 | volume:2015 | year:2015 | number:2 | pages:7-27
    Details
    Language: English
    Pages: 1 Online-Ressource (21 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2015, no. 2, p. 7-27
    Angaben zur Quelle: volume:2015
    Angaben zur Quelle: year:2015
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-27
    Keywords: Finance and Investment
    Abstract: Earlier OECD research has shown that capital flow management measures (CFMs) that are used as macro-prudential measures (MPMs), including currency-based restrictions applied to banks’ operations also with non-residents, have the intended negative impact on capital account openness as measured by covered interest parity indicators. But what is their impact as macro-prudential tools to improve resilience to financial stability risks? This paper refers to the Bruno and Shin (2013) study that suggests that currency-based restrictions act as an effective macro-prudential buffer by reducing the sensitivity in emerging economies of cross-border bank lending to global credit cycles as measured by the volatility index VIX. The specific restrictions considered by the Bruno and Shin study are defined as CFMs and MPMs by both the IMF and the OECD. The paper shows that this result is mitigated when using updated data and testing the same hypotheses for more countries. Therefore further research is needed before concluding on the effectiveness of CFMs used as MPMs. On the other hand, the paper does find that CFMs, including currency-based measures, play a role in managing the domestic credit implications of those central banks engaged in foreign exchange interventions. The paper suggests that countries concerned with financial stability risks that may arise from global credit push factors, while wishing to avoid price distortions caused by CFMs, could use Basel III-consistent liquidity coverage ratios and net stable funding ratios as alternatives to CFMs; they also have the advantage of not having raised objections between governments so far regarding international commitments to exchange rate flexibility and cross-border openness, including the OECD Code of Liberalisation of Capital Movements.
    DOI: 10.1787/fmt-2015-5jm0p44dlq6f
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    The stabilisation properties of immovable property taxation : evidence from OECD countries (2015)
    Paris : OECD, Economics Dep.
    Details
    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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    Infrastructure versus other investments in the global economy and stagnation hypotheses : What do company data tell us? (2015)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 2, p. 7-45 | volume:2014 | year:2014 | number:2 | pages:7-45
    Details
    Language: English
    Pages: 1 Online-Ressource (39 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 2, p. 7-45
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-45
    Keywords: Finance and Investment ; Economics
    Abstract: This paper uses data drawn from 10 000 global companies in 75 advanced and emerging countries to look at trends in infrastructure and other non-financial industries in light of the talk of stagnation. There appears to be a twin paradox in the global economy: some companies and industries are possibly over-investing, driving down returns on equity (ROEs) versus the cost of capital and creating margin pressure globally, while others carry out too little long-term investment in favour of buybacks and the accumulation of cash. This pattern is associated with a shift in the centre of gravity of world economic activity towards emerging markets. Most of the over-investment appears to be occurring in the extremely strong growth of emerging market sales and investment in non-infrastructure companies, much of which is being financed from rapidly growing debt since the financial crisis. Global value chains, emerging market policies of financial repression, low interest rates, taxation incentives, natural resource endowments and other factors determine where investment is stronger and where it is restrained. Potential problems of debt-financed over-investment in non-infrastructure industries in emerging markets and the incentives for buybacks are identified as major policy issues that need to be addressed if sustainable growth is to be achieved. Evidence on the role of causal factors (sales, GDP, the return on equity, the cost of equity and debt and a measure of financial openness) on corporate capital spending is presented. Finally some policy recommendations are made. JEL classification: F21, G15, G18, G23 Keywords: Global economy, infrastructure, investment, listed companies
    DOI: 10.1787/fmt-2014-5js4sbd025d6
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  • 26
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    The Bitcoin question : currency versus trust-less transfer technology (2014)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (21 S.) , graph. Darst.
    Series Statement: OECD working papers on finance, insurance and private pensions 37
    Keywords: Finanzintermediation ; Geldpolitik ; Geldsubstitut ; Goldstandard ; Vertrauen ; Bargeldloser Zahlungsverkehr ; Virtuelle Währung ; Payment technology ; Plenary power ; Finance and Investment ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The financial crisis has led to a widespread loss of trust in financial intermediaries of all kinds, perhaps helping to open the way towards the general acceptance of alternative technologies. This paper briefly summarises the crypto-currency phenomenon, separating the ‘currency’ issues from the potential technology benefits. With respect to crypto currencies, the paper argues that these can’t undermine the ability of central banks to conduct monetary policy. They do, however, raise consumer protection and bank secrecy issues. The valuation of Bitcoins and price volatility issues are discussed, as well as electronic theft, contract failures, etc., all of which could result in large losses to users and hence ultimate costs to the taxpayer (e.g. the failure to provide adequate private pensions resulting in increased reliance on public pensions). The anonymity features of the crypto-currencies also facilitate tax evasion and money laundering, both of which are major public policy concerns. The technology associated with crypto-currencies, on the other hand, could ultimately shift the entire basis of trust involved in any financial transaction. It is an innovation that creates the ability to carry out transactions without the need for a trusted third party; i.e. a move towards trust-less transactions. This mechanism could work to eliminate the role of many intermediaries, thereby reducing transactions costs by introducing much needed competition to incumbent firms. The generic issues that policy makers need to examine are summarised.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jz2pwjd9t20-en
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  • 27
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    Strengthening competition in Poland (2014)
    Paris : OECD, Economics Dep.
    Details
    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).
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jz2pwzpzvkg-en
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    Problems in the international financial system (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2014, no. 1, p. 99-121 | volume:2014 | year:2014 | number:1 | pages:99-121
    Details
    Language: English
    Pages: 1 Online-Ressource (23 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2014, no. 1, p. 99-121
    Angaben zur Quelle: volume:2014
    Angaben zur Quelle: year:2014
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:99-121
    Keywords: Finance and Investment
    Abstract: Since the 1980s OECD investment-saving correlations – as an inverse measure of economic openness – indicate a very wide disparity of openness between the OECD and emerging market economies (EMEs) with an absence of open markets in the latter. Given the increasing weight of EMEs in the world economy this pattern of growth with disparity of openness is ultimately unsustainable. This approach to development is not in the interests of EMEs in the post-crisis global environment. Various studies show how the absence of capital mobility inhibits development though private sector capital expenditure at the firm level. This paper generalises those findings in a panel study, showing that in the period since 2008 the increased presence of capital controls is associated with highly significant negative effects on business investment. It suggests that the world economy could be entering a more dangerous phase of potential instability that is not in the interests of either the advanced or the emerging world. There is scope for better policies to encourage more openness; the OECD Codes of Liberalisation could be an effective tool for managing the reform process.
    DOI: 10.1787/fmt-2014-5jxzmkg91s0t
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  • 29
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    Bank business models and the Basel system : Complexity and interconnectedness (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 43-68 | volume:2013 | year:2013 | number:2 | pages:43-68
    Details
    Language: English
    Pages: 1 Online-Ressource (26 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 43-68
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:43-68
    Keywords: Finance and Investment
    Abstract: The main hallmarks of the global financial crisis were too-big-to-fail institutions taking on too much risk with other people’s money: excess leverage and default pressure resulting from contagion and counterparty risk. This paper looks at whether the Basel III agreement addresses these issues effectively. Basel III has some very useful elements, notably a (much too light “back-up”) leverage ratio, a capital buffer, a proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses and liquidity and stable funding ratios. However, the paper shows that Basel risk weighting and the use of internal bank models for determining them leads to systematic regulatory arbitrage that undermines its effectiveness. Empirical evidence about the determinants of the riskiness of a bank (measured in this study by the Distance-to-Default) shows that a simple leverage ratio vastly outperforms the Basel Tier 1 ratio. Furthermore, business model features (after controlling for macro factors) have a huge impact. Derivatives origination, prime broking, etc., carry vastly different risks to core deposit banking. Where such differences are present, it makes little sense to have a one-size-fits-all approach to capital rules. Capital rules make more sense when fundamentally different businesses are separated. JEL classification: G01, G15, G18, G20, G21, G24, G28 Keywords: Financial crisis, Basel III, derivatives, bank business models, distance-todefault, structural bank separation, banking reform, GSIFI banks
    DOI: 10.1787/fmt-2013-5jzb2rhkd65b
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  • 30
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    Bank business models and the separation issue (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 69-91 | volume:2013 | year:2013 | number:2 | pages:69-91
    Details
    Language: English
    Pages: 1 Online-Ressource (23 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 69-91
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:69-91
    Keywords: Finance and Investment
    Abstract: The main hallmarks of the global financial crisis were too-big-to-fail institutions taking on too much risk with other people’s money while gains were privatised and losses socialised. It is shown that banks need little capital in calm periods, but in a crisis they need too much – there is no reasonable ex-ante capital rule for large systemically important financial institutions that will make them safe. The bank regulators paradox is that large complex and interconnected banks need very little capital in the good times, but they can never have enough in an extreme crisis. Separation is required to deal with this problem, which derives mainly from counterparty risk. The study suggests banks should be considered for separation into a ring-fenced non-operating holding company (NOHC) structure with ring-fencing when they pass a key allowable threshold for the gross market value (GMV) of derivatives, a case which is reinforced if the bank has high wholesale funding and low levels of liquid trading assets. The pricing of derivatives and repos would become more commensurate with the risks if the NOHC proposal were to be pursued as a unifying strategy for the different national approaches. Most of the objections to this structure are summarised and rebutted. Other national proposals for separation in Switzerland, the Volcker rule, the Vickers rule, and the Liikanen proposal are argued to be inferior to the ring-fenced NOHC proposal, on the grounds that empirical evidence about what matters for a safe business model is not taken properly into account. JEL classification: G01, G15, G18, G20, G21, G24, G28 Keywords: Financial crisis, derivatives, bank business models, distance-to-default, structural bank separation, banking reform, GSIFI banks
    DOI: 10.1787/fmt-2013-5jzb2rhk9b6j
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    Capital controls on inflows, the global financial crisis and economic growth : Evidence for emerging economies (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 29-42 | volume:2013 | year:2013 | number:2 | pages:29-42
    Details
    Language: English
    Pages: 1 Online-Ressource (14 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 29-42
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:29-42
    Keywords: Finance and Investment
    Abstract: The results of an IMF study on controls on capital inflows in emerging economies, using a probit regression approach, are first replicated and tested for stability. The IMF results, downplayed by the authors, have been used by others to suggest controls can be helpful in a crisis situation. However, the stability findings suggest the results are not sufficiently robust to make strong claims in this regard. The same 37 countries and the IMF capital control measures are then used in a panel regression study to examine the impact of capital inflows on annual real GDP growth around the Global Financial Crisis. The results between the pre-crisis and the crisis periods are inconsistent with the IMF study – finding that capital restrictions on inflows (particularly debt liabilities) are most useful in good times when inflows to emerging markets are strong and upward pressure on managed exchange rates and reserves accumulation is greatest. However, lower controls on bonds and on FDI inflows seem to be associated with better growth outcomes during the crisis period studied. These findings are more consistent with studies that see capital controls as part of exchange rate targeting policies and concerns about excess reserves accumulation. JEL Classification: C23, C25, F21, F43, G01 Keywords: Capital controls, economic growth, emerging economies, financial crisis
    DOI: 10.1787/fmt-2013-5jzb2rhkgthc
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    Macro-prudential policy, bank systemic risk and capital controls (2014)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 2, p. 7-28 | volume:2013 | year:2013 | number:2 | pages:7-28
    Details
    Language: English
    Pages: 1 Online-Ressource (22 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 2, p. 7-28
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-28
    Keywords: Finance and Investment
    Abstract: The paper explores the issue of macro-prudential policies in the light of empirical evidence on the determinants of bank systemic risk, and the effectiveness of capital controls. In many ways this reflects a step back in time towards sector approaches to monetary policy that were so prevalent in the 1960s, 1970s and early 1980s. Complexity and interdependence is such that proposals on these issues should be treated with care until much more is understood about the issue. JEL Classification: C23, C25, F21, F43, G01. Keywords: Macro-prudential policies, capital controls, economic growth, emerging economies, financial crisis.
    DOI: 10.1787/fmt-2013-5jzb2rhkhks4
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    Efficacité et équité du système de prélèvements et de transferts en France (2013)
    Paris : OECD Publishing
    Details
    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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    The 90 % public debt threshold : the rise and fall of a stylished fact (2013)
    Paris : OECD, Economics Dep.
    Details
    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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  • 35
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    The efficiency and equity of the tax and transfer system in France (2013)
    Paris : OECD, Economics Dep.
    Details
    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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    Challenges to sustain Poland's growth model (2013)
    Paris : OECD, Economics Dep.
    Details
    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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    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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  • 38
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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.
    Details
    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.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5k4695840w7b-en
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  • 39
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    Long-term investment, the cost of capital and the dividend and buyback puzzle (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 1, p. 39-52 | volume:2013 | year:2013 | number:1 | pages:39-52
    Details
    Language: English
    Pages: 1 Online-Ressource (14 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 1, p. 39-52
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:39-52
    Keywords: Finance and Investment
    Abstract: The paper argues that interest rates are at extremely low levels to support banks, and the search for yield has pushed the liquidity driven speculative bubble from real estate, derivatives and structured products markets into the corporate debt market. Equities have rallied strongly too. This asset cycle is certainly helping banks reduce hidden losses on illiquid securities and could also help reduce the cost of equity. But for this to occur at current bond yields would require an unrealistic bubble in equities. Markets are assuming that this transition from low to higher rates (more in line with nominal GDP) can be handled smoothly by policy makers, when in fact this may not be so. Extreme volatility would risk new financial fragility problems. The paper presents a panel model using more than 4 000 global companies and shows that the Capex decision in general depend on the cost of equity, the accelerator and uncertainty, whereas buybacks are driven mainly by the gap between the cost of equity and debt. Right now the incentive structure implied by very low interest rates, which may be sustained for a long time, together with tax incentives, works directly against longterm investment. Debt finance is cheap, while the cost of equity capital needed for risky long-term investment is still high. This combination provides a direct incentive for borrowing to carry out buybacks (de-equitisation). Noting that weak investment reduces potential GDP, the paper makes some policy suggestions. JEL Classification: G15, G32, G28, E52. Keywords: Long-term investment, interest rates, de-equitisation, cost of capital, dividend and buybacks, monetary policy.
    DOI: 10.1787/fmt-2013-5k41z8t05l8s
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  • 40
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    Business models of banks, leverage and the distance-to-default (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 2, p. 7-34 | volume:2012 | year:2012 | number:2 | pages:7-34
    Details
    Language: English
    Pages: 1 Online-Ressource (28 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 2, p. 7-34
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:7-34
    Keywords: Finance and Investment
    Abstract: This study models the distance-to-default (DTD) of a large sample of banks with the aim of shedding light on policy and regulatory issues. The determinants of the distance-to-default in a panel sample of 94 banks over the period 2004 to 2011, controlling for the market beta of each bank, includes house prices, relative size, simple leverage, derivatives gross market value of exposure, trading assets, wholesale funding and cross-border revenue. The Basel Tier 1 ratio finds no support as a predictor of default risk. The un-weighted leverage ratio, on the other hand, finds strong support. At the macro level house prices are a powerful predictor of the DTD. At the business model level, the results appear to be consistent with an approach to policy that focuses on the apparent importance of the “size-derivativesleverage- wholesale funding nexus” in influencing the DTD of banks. While these results are preliminary, it is encouraging that the out-of-sample predictive power of the model improves systematically as each year of new observations is added. The results are also consistent with some central bank involvement in the supervision process, given the importance of the asset price cycle, identified in this study.
    DOI: 10.1787/fmt-2012-5k4bxlxbd646
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  • 41
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    Bank lending puzzles : Business models and the responsiveness to policy (2013)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2013, no. 1, p. 7-30 | volume:2013 | year:2013 | number:1 | pages:7-30
    Details
    Language: English
    Pages: 1 Online-Ressource (24 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2013, no. 1, p. 7-30
    Angaben zur Quelle: volume:2013
    Angaben zur Quelle: year:2013
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:7-30
    Keywords: Finance and Investment
    Abstract: Banks are still dealing with historic losses buried in their balance sheets. As a result, the US economy is picking up only modestly and Europe is sinking further into recession, despite unprecedented low interest rates and policies to compress the term premium. The aim of this study is to explore the business activities of banks, with a special focus on their lending behaviour, and its responsiveness to unconventional monetary policy. The paper shows that deleveraging has been mainly via mark-to-market assets falling in value, and policy is now serving to reflate these assets without a strong impact on lending. A panel regression study shows that GSIFI banks are least responsive to policy. Non-GSIFI banks respond to the lending rate spread to cash rates, the spread between lending rates and the alternative investment in government bonds, and the distance-to-default (the banks solvency). The paper shows that better lending in the USA is a result of safer banks and a better spread to government bonds – yields on the latter are too attractive relative to lending rates in Europe. Finally, the paper comments on the problem of using cyclical tools to address structural problems in banks, and suggests which alternative policies would better facilitate a financial system more aligned with lending, trust and stability and less towards high-risk activities and leverage via complex products. JEL Classification: E50, E51, E52, E58, G20, G21, G24, G28. Keywords: Bank Lending, Bank business model, deleveraging, structural policy, unconventional monetary policy, distance to default, spreads, bank separation, GSIFI.
    DOI: 10.1787/fmt-2013-5k40m1nz55wj
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  • 42
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    International Drivers of Corruption : A Tool for Analysis (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264167513
    Language: English
    Pages: Online-Ressource (105 p.) , ill.
    Parallel Title: Erscheint auch als OECD International drivers of corruption
    Keywords: Finance and Investment ; Development ; Weltwirtschaft ; Globalisierung ; Korruption
    Abstract: Corruption and other governance problems result primarily from processes generated within the domestic political economy. There are major international factors, however, that interact with domestic processes: international drivers of corruption. This report introduces an analytical tool to help readers understand how these international drivers of corruption affect governance and corruption at the country level. It provides a means for identifying those drivers that matter most for domestic governance, as well as opportunities for international actors to work more effectively to improve governance in specific country contexts.
    DOI: 10.1787/9789264167513-en
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  • 43
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    OECD Handbook on Measuring the Space Economy (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264169166
    Language: English
    Pages: Online-Ressource (110 p.) , ill.
    Parallel Title: Erscheint auch als OECD OECD handbook on measuring the space economy
    Keywords: Raumfahrt ; Weltraum ; Economics ; Raumfahrt ; Wirtschaft
    Abstract: This publication provides a summary of the key methodological issues surrounding indicators and statistics on the space sector and the larger space economy and it meant to be complementary to The Space Economy at a Glance 2011.
    DOI: 10.1787/9789264169166-en
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  • 44
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    Strategic Transport Infrastructure Needs to 2030 (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264168626
    Language: English
    Pages: Online-Ressource (248 p.) , ill.
    Parallel Title: Erscheint auch als OECD Strategic transport infrastructure needs to 2030
    RVK:
    RB 10762
    Keywords: -2030 ; Verkehrsinfrastruktur ; Infrastrukturversorgung ; OECD-Staaten ; Finance and Investment ; Transport ; Economics ; OECD ; Mitgliedsstaaten ; Verkehrsinfrastruktur ; Bedarfsplanung
    Abstract: Transcontinental Infrastructure Needs to 2030/50 explores the long-term opportunities and challenges facing major gateway and transport hub infrastructures -- ports, airports and major rail corridors – in the coming decades. The report uses projections and scenarios to assess the broader economic outlook and future infrastructure requirements, and examines the options for financing these, not least against the backdrop of the economic recession and financial crisis which have significantly modified the risks and potential rewards associated with major infrastructure projects. Building on numerous in-depth case studies from Europe, North America and Asia, the report offers insights into the economic prospects for these key facilities and identifies policy options for improved gateway and corridor infrastructure in the future.
    DOI: 10.1787/9789264114425-en
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  • 45
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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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  • 46
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    Institutional and Financial Relations across Levels of Government (2012)
    Paris : OECD Publishing
    Details
    ISBN: 9789264167001
    Language: English
    Pages: Online-Ressource (157 p.) , ill.
    Series Statement: OECD Fiscal Federalism Studies
    Parallel Title: Erscheint auch als Institutional and financial relations across levels of government
    Keywords: Öffentliche Finanzen ; Finanzbeziehungen ; Dezentralisierung ; OECD-Staaten ; Finance and Investment ; Governance ; Aufsatzsammlung ; OECD ; Finanzwirtschaft ; Dezentralisation
    Abstract: As financial markets put more and more pressure on governments to reduce their deficits and debts, sub-central levels of government are a key player in the implementation of national strategies. The room for manoeuvre to implement consolidations strategies coordinated across levels of government highly depends on the institutional structure of intergovernmental relations, and the effectiveness of their multi-level governance structure. This was already the case for recovery strategies, in the beginning of the crisis. This report provides an overview of the institutional and financial relations across levels of government that enables policymakers evaluate their position and identify good practices for mobilizing sub-central governments for national growth, equity and stability objectives. This report is divided into two parts: the first part is analytical and the second part provides institutional and quantitative country information and comparisons.
    DOI: 10.1787/9789264167001-en
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  • 47
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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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  • 48
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    Deleveraging, Traditional versus Capital Markets Banking and the Urgent Need to Separate and Recapitalise G-SIFI Banks (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2012, no. 1, p. 7-44 | volume:2012 | year:2012 | number:1 | pages:7-44
    Details
    Language: English
    Pages: 1 Online-Ressource (38 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2012, no. 1, p. 7-44
    Angaben zur Quelle: volume:2012
    Angaben zur Quelle: year:2012
    Angaben zur Quelle: number:1
    Angaben zur Quelle: pages:7-44
    Keywords: Finance and Investment
    Abstract: Since the crisis, even with massive support from governments and central banks, widespread regulatory changes and promises from bank executives to improve the governance of risk, the world continues to see failures of Globally Systemically Important Financial Institutions (G-SIFIs, like Dexia), and huge losses (most recently from JP Morgan). Banks refuse to lend to each other, the central banks have become the interbank market and ‘bad deleveraging’ bears down on the economy forcing job losses in small- and medium-sized companies. ‘Good deleveraging’ occurs via building capital, and in this respect the US approach to dealing with the crisis provides something of a lesson that policy makers in Europe should take note of. With respect to regulations, the paper shows that capital and liquidity rules create a bias against lending to the enterprise sector (that drives jobs and economic growth). With respect to G-SIFIs, the paper shows how movements in their balance sheets are dominated by derivatives, the exposure to which varies with the cycle in risk. Netting of derivatives provides no protection against market risk, and the collateral and margin calls associated with these swings is both pro-cyclical and dangerous. The paper argues the OECD case that the best way to deal with all of these issues – both materially reducing the risk that arises from too-big-to fail while encouraging well-capitalised retail banks get on with the job of lending to create jobs – is to separate retail banking from securities business and ensure the former is (particularly in Europe) well capitalised. In this respect the paper argues that the non-operating holding company approach with ring-fenced subsidiaries (close to the Vickers proposal in the UK) is perhaps a better model than the US Volcker rule.
    DOI: 10.1787/fmt-2012-5k91hbvgfq20
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  • 49
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    Solving the Financial and Sovereign Debt Crisis in Europe (2012)
    Paris : OECD Publishing
    In:  OECD Journal: Financial Market Trends Vol. 2011, no. 2, p. 201-224 | volume:2011 | year:2011 | number:2 | pages:201-224
    Details
    Language: English
    Pages: 1 Online-Ressource (24 p.) , 21 x 28cm.
    Titel der Quelle: OECD Journal: Financial Market Trends
    Angaben zur Quelle: Vol. 2011, no. 2, p. 201-224
    Angaben zur Quelle: volume:2011
    Angaben zur Quelle: year:2011
    Angaben zur Quelle: number:2
    Angaben zur Quelle: pages:201-224
    Keywords: Finance and Investment
    Abstract: This paper examines the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are: extreme differences in competitiveness; the absence of a growth strategy; sovereign, household and corporate debt at high levels in the very countries that are least competitive; and banks that have become too large, driven by dangerous trends in ‘capital markets banking’. The paper explains how counterparty risk spreads between banks and how the sovereign and banking crises are serving to exacerbate each other. Of all the policies proposed, the paper highlights those that are coherent and the magnitudes involved if the euro is not to fracture.
    DOI: 10.1787/fmt-2011-5k9cswmzsdwj
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  • 50
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    Estudios económicos de la OCDE : México 2011 (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264115934
    Language: Spanish
    Pages: Online-Ressource (184 p.)
    Parallel Title: Parallelausg. OECD Economic Surveys; Mexico 2011
    Parallel Title: Parallelausg. Études économiques de l'OCDE ; Mexique 2011
    Parallel Title: Parallelausg. OECD Economic Surveys: Mexico 2011
    Parallel Title: Parallelausg. Études économiques de l'OCDE : Mexique 2011
    Keywords: Economics ; Mexico
    Abstract: Tema destacado: La reforma fiscal para una economía mexicana más fuerte, más justa y más limpia.
    DOI: 10.1787/9789264115934-es
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  • 51
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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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    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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    Model Tax Convention on Income and on Capital: Condensed Version 2010 : (Polish version) (2011)
    Warszawa : Wolters Kluwer Polska Sp. z o.o., Poland
    Details
    ISBN: 9789264045095
    Language: Polish
    Pages: Online-Ressource (570 p.)
    Parallel Title: Parallelausg. Model Tax Convention on Income and on Capital; Condensed Version 2010
    Parallel Title: Parallelausg. Modèle de convention fiscale concernant le revenu et la fortune ; Version abrégée 2010
    Parallel Title: Parallelausg. Model Tax Convention on Income and on Capital: Condensed Version 2010
    Parallel Title: Parallelausg. Modèle de convention fiscale concernant le revenu et la fortune : Version abrégée 2010
    Keywords: Finance and Investment ; Taxation
    DOI: 10.1787/9789264045095-pl
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  • 54
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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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    A Market Perspective on the European Sovereign Debt and Banking Crisis (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 2, p. 9-36
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 28 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 2, p. 9-36
    Keywords: Finance and Investment
    Abstract: Europe has been beset by an interrelated banking crisis and sovereign debt crisis. Bond spreads faced by Greece and Ireland, and to a lesser extent Portugal followed by Spain, have increased. This paper explores these issues from the perspective of financial markets, focusing mainly on the four countries in the frontline of these pressures: Greece and Portugal, on the one hand, where the problems are primarily fiscal in nature; and Ireland and Spain, on the other, where banking problems related to the property boom and bust have been the key moving part. The paper first examines the probabilities of default implicit in observable market spreads and considers these calculations against sovereign debt dynamics. It then explores the implications of the interaction between bank losses and fiscal deficits on the one hand, and the feedback that any debt haircuts anticipated by markets could have on bank solvency. The study finds that market-implied sovereign default probabilities do in fact discriminate quite clearly between countries based on five criteria that affect the probability of debt restructuring. The discussion highlights some implications for banking system balance sheets of expected losses and shows the potential impact on them of sovereign restructuring implicit in market analysis. While the paper does not make any recommendations for policy action, it does explore a range of policy options and the implications each might have for the financial markets. JEL Classification: G01, G12, G15, G18, G21, H06, H60, H62, H63, H68 Keywords: financial crisis, sovereign risks, public deficits and debt, bond markets, banks.
    DOI: 10.1787/fmt-2010-5kggc0z2hm9r
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    Country notes (2011)
    Paris : OECD Publishing
    In:  OECD journal on budgeting Vol. 11, no. 2, p. 69-213
    Details
    ISSN: 1681-2336
    Language: English
    Pages: 145 p
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: Vol. 11, no. 2, p. 69-213
    Keywords: Finance and Investment ; Governance
    Abstract: Each country note has the following structure: Section 1 gives a brief overview of the main economic developments in recent years in the relevant country including real GDP, fiscal balance and gross debt figures. This presentation is mainly based on the “OECD Economic Outlook No. 88”, OECD Economic Outlook: Statistics and Projections (database) (OECD, 2010a), and uses OECD definitions of general government balance and gross debt which may differ from national definitions (see Box 2.1). Section 2 presents the government’s fiscal consolidation strategies as manifested in fiscal balance and gross debt targets over the medium term, the size of the consolidation, and the composition of expenditures and revenues. Section 2 is based on information from the national authorities (or publicly available information) which may use other definitions of fiscal balance and gross debt than the OECD in Section 1. For example, most EU countries have reported such figures on a Maastricht basis. Major consolidation measures are given in Section 3, quantified to the largest extent possible in local currencies and current prices annually. Expenditure measures are split between operational and programme measures and other initiatives. Revenue measures are listed without categories. Updates and additional consolidation measures may have been adopted in member countries after the data collection ended in November/December 2010, but are outside the scope of this analysis. Table 1 summarises the government’s specific consolidation measures and their impact. The impact is given in per cent of nominal GDP, calculated by the OECD Secretariat by using nominal forecasts of GDP from the “OECD Economic Outlook No. 88”, OECD Economic Outlook: Statistics and Projections (database) (OECD, 2010a). Eventual pension reforms are also included in this section. Section 4 provides recent or planned institutional reforms. Table 2 summarises the government’s fiscal consolidation plan as presented in Section 2 and corresponding figures.
    DOI: 10.1787/budget-11-5kg869h4t8lx
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    Global SIFIs, Derivatives and Financial Stability (2011)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2011, no. 1, p. 167-200
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 34 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2011, no. 1, p. 167-200
    Keywords: Finance and Investment
    Abstract: This paper looks at Global Systemically Important Financial Institutions (GSIFIs) and the global derivatives business. The derivatives business has grown exponentially versus global GDP in sharp contrast to the primary securities on which derivatives are based. Inter-connectedness risk and unconstrained potential leverage remain the most urgent tasks still facing the financial reform process. Concentrated oligopolistic derivatives markets and the ability of banks to shift promises and/or use their IRB models to estimate ex-ante risk capital – capital that might be needed in the event of a crisis – undermine the intent of financial reform. Nor do netting and clearing eliminate aggregate risk of losses and bankruptcy. The paper repeats the need to implement two of the OECD’s long-standing reform recommendations: a binding leverage ratio based on equity and the separation of high risk investment banking activities from traditional banking. A derivatives transactions tax is also put forward as a possible option that would counter the cross-subsidisation of risk from the too-big-to-fail (TBTF) problem.
    DOI: 10.1787/fmt-2011-5kg55qw0qsbv
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    Fiscal consolidation : targets, plans and measures (2011)
    Paris : OECD Publishing
    In:  OECD journal on budgeting Vol. 11, no. 2, p. 15-67
    Details
    ISSN: 1681-2336
    Language: English
    Pages: 53 p
    Titel der Quelle: OECD journal on budgeting
    Publ. der Quelle: Paris : Organisation for Economic Co-operation and Development, 2001
    Angaben zur Quelle: Vol. 11, no. 2, p. 15-67
    Keywords: Finance and Investment ; Governance
    Abstract: This chapter discusses OECD member countries’ consolidation plans as of November/December 2010. The time frame for the plans ranges from 2009 to 2015. The chapter analyses current fiscal positions and announced fiscal strategies, consolidation plans, and the expenditure and revenue measures for 30 OECD member countries.
    DOI: 10.1787/budget-11-5kg869h4w5f6
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    OECD Banking Statistics: Methodological Country Notes 2010 (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264089907
    Language: English
    Pages: Online-Ressource (198 p.) , ill.
    Parallel Title: Parallelausg. Statistiques bancaires de l'OCDE ; Notes méthodologiques par pays 2010
    Parallel Title: Parallelausg. Statistiques bancaires de l'OCDE : Notes méthodologiques par pays 2010
    Keywords: Finance and Investment ; Economics ; Austria ; Belgium ; Canada ; Chile ; Czech Republic ; Denmark ; Finland ; France ; Germany ; Greece ; Hungary ; Ireland ; Italy ; Japan ; Korea, Republic of ; Luxembourg ; Mexico ; Netherlands ; New Zealand ; Norway ; Poland ; Portugal ; Slovak Republic ; Spain ; Sweden ; Switzerland ; Turkey ; United Kingdom ; United States
    Abstract: Trends in bank profitability and factors affecting it are major indicators of changes in the state of health of national banking systems. This publication complements Banking Statistics: Financial Statements of Banks 2010 which provides a unique tool for analysing developments in bank profitability in OECD countries. In addition to information on financial statements of banks in OECD countries, it includes data on the number of reporting banks, their branches and staff, structural information on the whole financial sector and ratios aiming at facilitating the analysis of bank profitability of OECD countries. The methodological country notes included in this volume were prepared to facilitate the comprehension and the interpretation of the statistics and to provide a brief description of the activities of banks in each country.
    DOI: 10.1787/9789264089907-en
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    OECD Guidelines for Multinational Enterprises, 2011 Edition (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264115415
    Language: English
    Pages: Online-Ressource (92 p.)
    Edition: 2011
    Parallel Title: Parallelausg. Les principes directeurs de l'OCDE à l'intention des entreprises multinationales
    Parallel Title: Parallelausg. OECD-Leitsätze für multinationale Unternehmen
    Keywords: Finance and Investment ; Governance ; Industry and Services
    Abstract: This 2011 edition of the OECD Guidelines for Multinational Enterprises commits 42 countries to new, tougher standards of corporate behaviour. The updated Guidelines include new recommendations on human rights abuse and company responsibility for their supply chains, making them the first inter-governmental agreement in this area. The Guidelines establish that firms should respect human rights in every country in which they operate. Companies should also respect environmental and labour standards, for example, and have appropriate due diligence processes in place to ensure this happens. These include issues such as paying decent wages, combating bribe solicitation and extortion, and the promotion of sustainable consumption. The Guidelines are a comprehensive, non-binding code of conduct that OECD member countries and others have agreed to promote among the business sector. A new, tougher process for complaints and mediation has also been put in place.
    DOI: 10.1787/9789264115415-en
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    OECD Guide to Measuring the Information Society 2011 (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264113541
    Language: English
    Pages: Online-Ressource (206 p.) , ill.
    Keywords: Science and Technology ; Economics
    Abstract: This OECD Guide to Measuring the Information Society is a compilation of concepts, definitions, classifications and methods for information society measurement and analysis.
    DOI: 10.1787/9789264113541-en
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    Economic Diversification in Africa : A Review of Selected Countries (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264096233
    Language: English
    Pages: Online-Ressource (84 p.) , ill.
    Parallel Title: Erscheint auch als Economic diversification in Africa
    Keywords: Wirtschaftspolitik ; Entwicklungspolitik ; Afrika ; Angola ; Benin ; Kenia ; Südafrika ; Tunesien ; Finance and Investment ; Development ; Economics ; Afrika ; Wirtschaftspolitik ; Entwicklungspolitik ; Internationaler Vergleich
    Abstract: This study provides an empirical review of the role of governments, the private sector, regional economic institutions and the broader international community in driving economic diversification. Individual case studies of five African economies describe both the catalysts of and barriers to diversification. The study is published jointly by the United Nations Office of the Special Adviser on Africa (UN-OSAA) and the NEPAD-OECD Africa Investment Initiative.
    DOI: 10.1787/9789264096233-en
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    OECD Economic Surveys: Israel 2011 : (Hebrew version) (2011)
    Jerusalem : Ministry of Finance, Israel
    Details
    ISBN: 9789264128910
    Language: Hebrew
    Pages: Online-Ressource (126 p.) , ill.
    Parallel Title: Parallelausg. OECD Economic Surveys; Israel 2011
    Parallel Title: Parallelausg. Études économiques de l'OCDE; Israe͏̈l 2011
    Parallel Title: Parallelausg. OECD Economic Surveys: Israel 2011
    Parallel Title: Parallelausg. Études économiques de l'OCDE: Israe͏̈l 2011
    Keywords: Economics ; Israel
    DOI: 10.1787/9789264128910-he
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    OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2010 : (Serbian version) (2011)
    Belgrade : Serbian Fiscal Society
    Details
    ISBN: 9788691513702
    Language: Serbian
    Pages: Online-Ressource
    Parallel Title: Parallelausg. OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 2010
    Parallel Title: Parallelausg. Principes de l'OCDE applicables en matière de prix de transfert à l'intention des entreprises multinationales et des administrations fiscales 2010
    Parallel Title: Parallelausg. OECD-Verrechnungspreisleitlinien für multinationale Unternehmen und Steuerverwaltungen 2010
    Keywords: Finance and Investment ; Taxation ; Trade ; Industry and Services
    DOI: 10.1787/9788691513702-sr
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    Handbook on Deriving Capital Measures of Intellectual Property Products : (Korean version) (2011)
    Daejeon : Statistics Korea
    Details
    ISBN: 9789264124196
    Language: Korean
    Pages: Online-Ressource
    Parallel Title: Parallelausg. Handbook on Deriving Capital Measures of Intellectual Property Products
    Keywords: Economics
    DOI: 10.1787/9789264124196-ko
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    OCDE Definición Marco de Inversión Extranjera Directa : Cuarta edición (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264094475
    Language: Spanish
    Pages: Online-Ressource (292 p.)
    Edition: Cuarta edición
    Parallel Title: Parallelausg. OECD Benchmark Definition of Foreign Direct Investment 2008; Fourth Edition
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 ; Quatrième édition
    Parallel Title: Parallelausg. OECD Benchmark Definition of Foreign Direct Investment 2008: Fourth Edition
    Parallel Title: Parallelausg. Définition de référence de l'OCDE des investissements directs internationaux 2008 : Quatrième édition
    Keywords: Finance and Investment ; Economics
    Abstract: La inversión extranjera directa (IED) es uno de los principales motores de la globalización. A medida que los patrones de inversión de las empresas multinacionales se vuelven más complejos, es necesario contar con estadísticas de IED fiables y comparables a nivel internacional para una toma de decisiones sensata y sólida. La Definición Marco de Inversión Extranjera Directa de la OCDE, establece la norma general para las estadísticas de IED, pues ofrece un punto de referencia único para los productores de estadísticas y para los usuarios en todos los aspectos de la información relacionada con la IED, sin dejar de ser consistente con otras normas estadísticas aceptadas a nivel internacional. Esta edición presenta nuevos desgloses analíticos y tratamientos estadísticos que reflejan de una forma más adecuada la realidad de la economía mundial. La edición revisada de la Definición Marco de Inversión Extranjera Directa ofrece métodos para clasificar distintos tipos de IED (como fusiones y adquisiciones, inversiones nuevas) y para identificar al inversor final. Esta nueva edición también contempla aspectos relacionados con el uso de las estadísticas de IED, incluyendo indicadores de globalización, con un capítulo sobre las estadísticas relacionadas con las actividades de las empresas multinacionales.
    DOI: 10.1787/9789264094475-es
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    The Impact of the Financial Crisis on the Insurance Sector and Policy Responses (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264092211
    Language: English
    Pages: Online-Ressource (100 p.)
    Series Statement: Policy Issues in Insurance no.13
    Parallel Title: Druckausg.
    Parallel Title: Erscheint auch als The impact of the financial crisis on the insurance sector and policy responses
    Keywords: Versicherung ; Versicherungsmarkt ; Finanzkrise ; OECD-Staaten ; Finance and Investment ; Governance ; Versicherungsmarkt ; Finanzkrise
    Abstract: This special report assesses the impact of the crisis on the insurance sector and reviews policy responses within OECD countries. It is based to a large extent on a quantitative and qualitative questionnaire that was circulated to OECD countries in 2009. The report shows that generallythe insurance sector demonstrated resilience to the crisis, though with some variation across the OECD, and concludes with a number of policy conclusions.
    DOI: 10.1787/9789264092211-en
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    The Space Economy at a Glance 2011 (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264113565
    Language: English
    Pages: Online-Ressource , ill.
    Keywords: Development ; Science and Technology ; Economics
    Abstract: Space applications have become an important part of everyday life. Weather forecasting, air traffic control, global communications and broadcasting, disaster management -- these and many other key activities would be almost unthinkable today without satellite technology. The space industry itself is relatively small compared to other manufacturing sectors, but its technological dynamism and strategic significance mean that it plays an ever more critical role in modern society. This book assembles information on the space economy from a wide range of official and non-official sources. Together these paint a richly detailed picture of the space industry, its downstream services activities, and its wider economic and social impacts. Who are the main space-faring nations? How large are revenues and how much employment is there in the sector? How much R&D goes on, and where? What is the value of spin-offs from space spending? Answers to these and other questions are provided in this second OECD statistical overview of the emerging space economy. A dynamic link (StatLink) is provided for graphs, which directs the user to a web page where the corresponding data are available in Excel® format.
    DOI: 10.1787/9789264111790-en
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    Maintaining Momentum : OECD Perspectives on Policy Challenges in Chile (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264095199
    Language: English
    Pages: Online-Ressource (256 p.)
    Parallel Title: Parallelausg. Mejores políticas para el desarrollo ; Perspectivas OCDE sobre Chile
    Parallel Title: Parallelausg. Mejores políticas para el desarrollo : Perspectivas OCDE sobre Chile
    Parallel Title: Erscheint auch als Maintaining momentum
    Keywords: Wirtschaftspolitik ; Wirtschaftliche Anpassung ; Wirkungsanalyse ; Wirtschaftswachstum ; Chile ; Economics ; Chile ; Chile ; Wirtschaftspolitik ; OECD
    Abstract: To inform the current policy debate in Chile and present an economic assessment with concrete recommendations and policy options, this report provides a detailed analysis of the overall Chilean economic situation.
    DOI: 10.1787/9789264095199-en
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    Benefits of Investing in Water and Sanitation : An OECD Perspective (2011)
    Paris : OECD Publishing
    Details
    ISBN: 9789264100817
    Language: English
    Pages: Online-Ressource (148 p.)
    Series Statement: OECD Studies on Water
    Parallel Title: Erscheint auch als Benefits of investing in water and sanitation
    DDC: 628.1
    Keywords: Wasserversorgung ; Kanalisation ; Abwasserwirtschaft ; Kosten-Nutzen-Analyse ; Entwicklungsländer ; Environment ; Finance and Investment ; Entwicklungsländer ; Wasserwirtschaft ; Wasserversorgung ; Sanitäranlage ; Wasserversorgung ; Sanitäranlage ; Abwasserbeseitigung
    Abstract: The provision of water supply, sanitation and wastewater services generates substantial benefits for public health, the economy and the environment. Benefit-to-cost ratios can be as high as 7 to 1 for basic water and sanitation services in developing countries. Wastewater treatment interventions, for example, generate significant benefits for public health, the environment and for certain economic sectors such as fisheries, tourism and property markets. The full magnitude of the benefits of water services is seldom considered for a number of reasons, including the difficulty in quantifying important non-economic benefits such as non-use values, dignity, social status, cleanliness and overall well-being. Also, information about the benefits of water services is usually hidden in the technical literature, where it remains invisible to key decision-makers in ministries. This report draws together and summarises existing information on the benefits of water and sanitation.
    DOI: 10.1787/9789264100817-en
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  • 71
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    Manual de estadísticas de patentes de la OCDE (2010)
    Madrid : Oficina Española de Patentes y Marcas, Ministry of Industry, Tourism and Trade, Spain
    Details
    ISBN: 9788496113176
    Language: Spanish
    Pages: Online-Ressource (179 p.) , ill.
    Parallel Title: Parallelausg. OECD Patent Statistics Manual
    Parallel Title: Parallelausg. Manuel de l'OCDE sur les statistiques des brevets
    Keywords: Science and Technology ; Economics
    Abstract: La edición del Manual de estadísticas de patentes de la OCDE recoge los avances más recientes en este campo. Proporciona directrices para la utilización de los datos de patentes como indicadores de la ciencia y la tecnología, así como recomendaciones para la recopilación e interpretación de los indicadores de patente. Su objetivo es mostrar para qué pueden y para qué no pueden ser utilizadas las estadísticas de patentes, y cómo deben contabilizarse para obtener la mayor información acerca de las actividades de ciencia y tecnología (CyT) al tiempo que se reduzca el ruido estadístico y el sesgo. Finalmente, describe cómo los datos de patentes pueden emplearse en el análisis de una amplia colección de temas relacionados con el cambio técnico y la actividad de patentes, incluidos los vínculos entre industria-ciencia, estrategias de las empresas a la hora de patentar, internacionalización de la investigación e indicadores del valor de las patentes.
    DOI: 10.1787/9788496113176-es
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  • 72
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    Thinking beyond Basel III : Necessary Solutions for Capital and Liquidity (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2010, no. 1, p. 9-33
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 25 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2010, no. 1, p. 9-33
    Keywords: Finance and Investment
    Abstract: In previous studies, the OECD has identified the main hallmarks of the crisis as too-big-to-fail institutions that took on too much risk; insolvency resulting from contagion and counterparty risk; the lack of regulatory and supervisory integration; and the lack of efficient resolution regimes. This article looks at how the Basel III proposals address these issues, helping to reduce the chance of another crisis like the current one. The Basel III capital proposals have some very useful elements, notably a leverage ratio, a capital buffer and the proposal to deal with pro-cyclicality through dynamic provisioning based on expected losses. However, this report also identifies some major concerns. For example, Basel III does not properly address the most fundamental regulatory problem that the “promises” that make up any financial system are not treated equally. This issue has many implications for the reform process, including reform of the structure of the supervision and regulation process and whether the shadow banking system should be incorporated into the regulatory framework – and, if so, how. Finally, modifications in the overall riskweighted asset framework are suggested that would deal with concentration issues.
    DOI: 10.1787/fmt-2010-5km7k9tpcjmn
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  • 73
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    Policy framework for effective and efficient financial regulation : General guidance and high-level checklist (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 267-321
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 58 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 267-321
    Keywords: Finance and Investment
    Abstract: The structure and operation of the financial system have undergone marked changes in the past couple of decades, driven by dramatic improvements in technology, rapid product innovation, integration of financial systems, competition in financial services, and policy, regulatory, and trade reforms. These developments have led to a dynamic, sophisticated, and global financial services arena which fostered economic growth. Yet, the financial and economic crisis has brought to the fore many inappropriate or ill-adapted elements of our approach to financial regulation. The crisis has forced us to think hard about the financial system: how it works, the objectives it should fulfil, and the tools and policies to help shape it. The Policy Framework for Effective and Efficient Financial Regulation, supported by General Guidance and a High-Level Checklist, is a tool that can support ongoing efforts by policymakers, regulators, and supervisors to achieve a stronger, more resilient financial system. It is not meant to substitute for the more focused, micro-prudential principles and guidelines of international standard-setting bodies. But it can guide our strategic thinking and promote governmental leadership and action so that the financial system can play its vital role in the functioning of the economy, both domestically as well as globally. The Policy Framework, including the General Guidance and High-Level Checklist, is the product of work by the Committee on Financial Markets and the Insurance and Private Pensions Committee, and was the subject of a broad public consultation. The Policy Framework challenges policy makers to think about the fundamentals of financial regulation in a globalised financial system. It also invites them to improve their understanding of the financial system and work in close cooperation with other countries to develop proper tools and instruments so that public policy objectives are met. I hope that policymakers will use the Policy Framework in setting national policy and in working with international partners.
    DOI: 10.1787/fmt-2009-5kmn0vkxwng1
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  • 74
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    The elephant in the room: The need to deal with what banks do (2010)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 2, p. 1-27
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 27 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 2, p. 1-27
    Keywords: Finance and Investment
    Abstract: Contagion risk and counterparty failure have been the main hallmarks of the current crisis. While some large diversified banks that focused mainly on commercial banking survived very well, others suffered crippling losses. Sound corporate governance and strong riskmanagement culture should enable banks to avoid excessive leverage and risk taking. The question is whether there is a better way, via leverage rules or rules on the structures of large conglomerates, to ensure volatile investment banking functions do not dominate the future stability of the commercial banking and financial intermediation environment that is so critical for economic activity. While there is a main consensus on the need for reform of capital rules, dynamic provisioning, better co-operation for future crises, centralised trading of derivatives etc., the question is whether such reforms will be sufficient if they do not address contagion and counterparty risk directly. The world outside of policy making is waiting for a fundamental reassessment of banks’ business models: what banks are supposed to do and how they compete with each other. It is the “elephant in the room” on which some policy makers have not yet had the time or inclination to focus. This article emphasises not only the need for transparent and comparable accounting rules and for improvements in corporate governance, but also supports the imposition of a group leverage ratio to provide a binding capital constraint (that Basel riskweighted rules have been unable to achieve) and proposes a Non- Operating Holding Company Structure (NOHC) – reforms that are essential to deal with contagion and counterparty risk that are so integral to the ‘too big to fail’ issue.
    DOI: 10.1787/fmt-v2009-art11-en
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  • 75
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    Supporting Investment Policy and Governance Reforms in Iraq (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264077256
    Language: English
    Pages: Online-Ressource (244 p.) , ill.
    Series Statement: Private Sector Development in the Middle East and North Africa
    Parallel Title: Druckausg.
    Parallel Title: Erscheint auch als Supporting investment policy and governance reforms in Iraq
    RVK:
    QG 810
    Keywords: Investitionspolitik ; Investitionsrecht ; Internationales Investitionsrecht ; Korruption ; Öffentlicher Auftrag ; Irak ; Finance and Investment ; Governance ; Iraq ; Irak ; Investitionspolitik ; Wirtschaftsreform ; Internationale Politik
    Abstract: This publication reviews measures taken to support investment policy and governance reforms in Iraq. It finds that Iraqi parliamentary elections, held without major security incidents in March 2010, are the latest in a series of indicators suggesting that the country may be achieving greater stability in governance and security - a key prerequisite for foreign and domestic investment, growth and job creation. Furthermore, the business environment is gradually improving as a result of an ongoing institutional capacity building process supported by the international community. The MENA-OECD Initiative on Governance and Investment for Development is part of this effort, playing a key role in building the capacity of the National Investment Commission and its one-stop shop for investment licensing. The Initiative has helped raise awareness on corruption and bribery issues, provided training for the negotiators of international agreements, and advised on implementing regulations for the landmark Investment Law of 2006. This publication examines these issues, and MENA-OECD involvement in advancing them, for the period 2007-2008.
    DOI: 10.1787/9789264077256-en
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  • 76
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    Measuring Globalisation: OECD Economic Globalisation Indicators 2010 (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264084360 , 9789264084377
    Language: English
    Pages: Online-Ressource (232 p.) , ill.
    Keywords: Finance and Investment ; Science and Technology ; Industry and Services
    Abstract: This second edition of the OECD Economic Globalisation Indicators presents a broad range of indicators showing the magnitude and intensity of globalisation. This process is becoming increasingly important for policymakers and other analysts, hence the need for a volume that brings together the existing measures, based on national data sources and comparable across countries. Together, the indicators shed new light on financial, technological and trade interdependencies within OECD and non-OECD countries. Measures of globalisation include indicators on capital movements and foreign direct investments, international trade, the economic activity of multinational firms and the internationalisation of technology. In addition, the 2010 edition also includes indicators linked to the current financial crisis, portfolio investments, environmental aspects and the emergence of global value chains.
    DOI: 10.1787/9789264084360-en
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  • 77
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    Guidance on Sustainability Impact Assessment (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264086913
    Language: English
    Pages: Online-Ressource (32 p.)
    Parallel Title: Parallelausg. Document d'orientation pour les études d'impact sur la durabilité
    Keywords: Environment ; Social Issues/Migration/Health ; Economics
    Abstract: This publication offers a general introduction to sustainability impact assessment, which is an approach for exploring the combined economic, environmental and social impacts of a range of proposed policies, programmes, strategies and action plans. Such assessments can also assist decision-making and strategic planning throughout the entire policy cycles. It is not an in-depth or detailed user manual, but rather outlines basic principles and process steps of sustainability impact assessments, drawing on examples from Switzerland, Belgium and the European Commission, among others. This publication is a valuable source of information for policy makers on sustainability impact assessments.
    DOI: 10.1787/9789264086913-en
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  • 78
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    Export and Import Price Index Manual: Theory and Practice (2010)
    Washington DC. : International Monetary Fund
    Details
    ISBN: 9789264085411
    Language: English
    Pages: Online-Ressource (675 p)
    Keywords: Economics
    Abstract: A joint production by six international organizations, this manual explores the conceptual and theoretical issues that national statistical offices should consider in the daily compilation of export and import price indices. Intended for use by both developed and developing countries, it replaces guidance from the United Nations that is now more than a quarter-century old and thus badly outdated. The chapters cover many topics; they elaborate on the different practices currently in use, propose alternatives whenever possible, and discuss the advantages and disadvantages of each alternative. Given its comprehensive nature, the manual is expected to satisfy the needs of many users in addition to national statistical offices and international organizations, particularly businesses, policymakers, and researchers.
    DOI: 10.1787/9789264085411-en
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  • 79
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    Counter-cyclical Economic Policy (2010)
    Paris : OECD Publishing
    Details
    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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  • 80
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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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  • 81
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    OECD Principles of Occupational Pension Regulation : Methodology for Assessment and Implementation (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264087095
    Language: English
    Pages: Online-Ressource (136 p.)
    Parallel Title: Parallelausg. Principes de l'OCDE sur la réglementation des pensions professionnelles ; Méthodologie pour l'évaluation et la mise en œuvre
    Parallel Title: Parallelausg. Principes de l'OCDE sur la réglementation des pensions professionnelles : Méthodologie pour l'évaluation et la mise en œuvre
    Parallel Title: Erscheint auch als OECD OECD principles of occupational pension regulation
    RVK:
    QV 596
    Keywords: Betriebliche Altersversorgung ; Regulierung ; OECD-Staaten ; Employment ; Finance and Investment ; Social Issues/Migration/Health ; Betriebliche Altersversorgung ; OECD ; Evaluation
    Abstract: Occupational pensions play a major role in OECD countries and worldwide, complementing retirement income from state sources. At the end of 2009, private pension savings reached USD 25 trillion. Population ageing has led many OECD countries to undertake a wide range of pension reforms – the overall effect of which has been to reduce public pension promises and, in turn, to increase the importance of private pension savings for retirement. The Core Principles cover seven key areas: i) Conditions for effective regulation and supervision; ; ii) Establishment of pension plans, pension funds, and pension fund managing companies; iii) Pension plan liabilities, funding rules, winding up, and insurance; iv) Asset Management; v) Rights of members and beneficiaries and adequacy of benefits; vi) Governance; and vii) Supervision. Each of the seven core principles consists of a main text and a set of implementing guidelines. In the case of the core principle of supervision, the supporting guidelines integrate the IOPS Principles of Private Pension Supervision. The Methodology provides a structured approach for evaluating a jurisdiction’s occupational pension regulatory system in relation to the OECD Core Principles of Occupational Pension Regulation.
    DOI: 10.1787/9789264087095-en
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  • 82
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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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  • 83
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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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  • 84
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    Frascati Manual 2002 : Proposed Standard Practice for Surveys on Research and Experimental Development (Chinese version) (2010)
    Beijing : Ministry of Science and Technology, China
    Details
    ISBN: 9787502365684
    Language: Chinese
    Pages: Online-Ressource (251 p.) , ill.
    Parallel Title: Parallelausg. Frascati Manual 2002; Proposed Standard Practice for Surveys on Research and Experimental Development
    Parallel Title: Parallelausg. Manuel de Frascati 2002 ; Méthode type proposée pour les enquêtes sur la recherche et le développement expérimental
    Parallel Title: Parallelausg. Frascati Manual 2002; Proposed Standard Practice for Surveys on Research and Experimental Development (Lithuanian version)
    Parallel Title: Parallelausg. Manual de Frascati 2002; Proposta de Práticas Exemplares para Inquéritos sobre Investigação e Desenvolvimento Experimental
    Parallel Title: Parallelausg. Frascati Manual 2002: Proposed Standard Practice for Surveys on Research and Experimental Development
    Parallel Title: Parallelausg. Manuel de Frascati 2002 : Méthode type proposée pour les enquêtes sur la recherche et le développement expérimental
    Parallel Title: Parallelausg. Frascati Manual 2002: Proposed Standard Practice for Surveys on Research and Experimental Development (Lithuanian version)
    Parallel Title: Parallelausg. Manual de Frascati 2002: Proposta de Práticas Exemplares para Inquéritos sobre Investigação e Desenvolvimento Experimental
    Keywords: Science and Technology ; Economics
    Abstract: The internationally recognized methodology for collecting and using R&D statistics, the Frascati Manual is an essential tool for statisticians worldwide. It includes definitions of basic concepts, data collection guidelines, and classifications for compiling statistics. This updated edition contains improved guidelines adjusted for chnges in OECD economies, including measurement of service-sector R&D, R&D globalisation, and R&D human resources.
    DOI: 10.1787/9787502365684-zh
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  • 85
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    Understanding Economic Statistics: An OECD Perspective : (Czech version) (2010)
    Praha 3 : Wolters Kluwer, Czech Republic
    Details
    ISBN: 9789264094413
    Language: Czech
    Pages: Online-Ressource , ill.
    Parallel Title: Parallelausg. Understanding Economic Statistics; An OECD Perspective
    Parallel Title: Parallelausg. Understanding Economic Statistics: An OECD Perspective
    Keywords: Economics
    DOI: 10.1787/9789264094413-cs
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  • 86
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    Performance Budgeting in OECD Countries : (Japanese version) (2010)
    Hiroshima : Institute of Administrative Management, Japan
    Details
    ISBN: 9784906596072
    Language: Japanese
    Pages: Online-Ressource (116 p.) , ill.
    Parallel Title: Parallelausg. Performance Budgeting in OECD Countries
    Parallel Title: Parallelausg. La budgétisation axée sur la performance dans les pays de l'OCDE
    Keywords: Finance and Investment ; Governance
    Abstract: 本書では、過去10年に業績情報を開発し、予算プロセスで使用してきた8つのOECD加盟国（オーストラリア、カナダ、デンマーク、韓国、オランダ、スウェーデン、英国、米国）の経験を検証する。業績情報が実際に予算の意思決定に使われているか否かを調べ、使われている場合はその方法を分析するとともに、資源と結果の関係や、効率、有効性、業績の改善に対する影響、これらの国々における過去数年の経験から得られる教訓について考察する。本書は業績情報の使用を促進する予算システムを採用する際の指針となる。
    DOI: 10.1787/9784906596072-ja
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  • 87
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    Transition to a Low-Carbon Economy : Public Goals and Corporate Practices (2010)
    Paris : OECD Publishing
    Details
    ISBN: 9789264090231
    Language: English
    Pages: Online-Ressource (116 p.) , ill.
    Parallel Title: Parallelausg. La transition vers une économie sobre en carbone ; objectifs publics et pratiques des entreprises
    Parallel Title: Parallelausg. La transition vers une économie sobre en carbone : objectifs publics et pratiques des entreprises
    Parallel Title: Erscheint auch als Transition to a low-carbon economy
    RVK:
    QT 800
    Keywords: Klimawandel ; Umweltmanagement ; OECD-Staaten ; Environment ; Finance and Investment ; Industry and Services ; OECD ; Umweltbezogenes Management ; Klimaänderung
    Abstract: Companies are increasingly aware of the need to address climate change. However, while many companies are taking action to address climate change, many others are still lagging behind. This report surveys responsible business practices addressing climate change and driving the shift to a low-carbon economy. It summarises policies, regulations and other instruments in support of a low carbon economy in OECD countries and emerging economies, and analyses corporate responses to these drivers. Using the principles of responsible business conduct identified in the OECD Guidelines for Multinational Enterprises, this report reviews three key areas of corporate action: accounting for greenhouse gas emissions; achieving emissions reductions; and engaging suppliers, consumers and other stakeholders.
    DOI: 10.1787/9789264090231-en
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  • 88
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    Medición del capital - Manual OCDE 2009 : Segunda edición (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264043695
    Language: Spanish
    Pages: Online-Ressource (210 p.)
    Edition: Segunda edición
    Parallel Title: Parallelausg. Measuring Capital - OECD Manual 2009; Second edition
    Parallel Title: Parallelausg. La mesure du capital - Manuel de l'OCDE 2009 ; Deuxième édition
    Parallel Title: Parallelausg. Measuring Capital - OECD Manual 2009: Second edition
    Parallel Title: Parallelausg. La mesure du capital - Manuel de l'OCDE 2009 : Deuxième édition
    Keywords: Economics
    Abstract: El capital –en particular el de tipo físico– juega varios roles en la vida económica: este constituye riqueza y provee de servicios en el proceso de producción. El capital es invertido, desinvertido y se deprecia llegando a ser obsoleto, y existe una cuestión de cómo medir todas estas dimensiones del capital en la industria y en las cuentas nacionales. El Manual del Capital revisado es la primera guía comprehensiva para los enfoques hacia la medición del capital. Este está dirigido a estadísticos, investigadores y analistas, y trata de dar asesoría práctica, mientras que provee una estructura teórica y un resumen de la literatura relevante. El Manual se presenta en tres partes –una primera parte–, con una descripción no técnica de los principales conceptos y de los pasos necesarios para la medición del capital; una segunda parte, dirigida a la implementación y una tercera parte, describiendo la teoría con una formulación matemática más completa del proceso de medición.
    DOI: 10.1787/9789264043695-es
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  • 89
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    Peace and Security in Africa (2009)
    Paris : OECD Publishing
    In:  OECD journal: general papers Vol. 2009, no. 1, p. 63-85
    Details
    ISSN: 1995-283X
    Language: English
    Pages: 24 p
    Titel der Quelle: OECD journal: general papers
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 63-85
    Keywords: Economics
    Abstract: More action is needed, by both Africa and the wider international community. Building peace and security is essential, both for economic development and for poverty reduction. Leadership is being taken by Africa itself. The number of conflicts has fallen. But even so, one-fifth of the population of Africa still live in conflict zones. More action is needed both to strengthen and support Africa’s own efforts to bring peace to the continent, and to tackle the wider global drivers of conflict, including the illicit trade in small arms and light weapons, and the trade in conflict resources.
    DOI: 10.1787/gen_papers-v2009-art4-en
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  • 90
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    Investment: Unlocking Africa's Potential (2009)
    Paris : OECD Publishing
    In:  OECD journal: general papers Vol. 2009, no. 1, p. 37-62
    Details
    ISSN: 1995-283X
    Language: English
    Pages: 27 p
    Titel der Quelle: OECD journal: general papers
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 37-62
    Keywords: Economics
    Abstract: It is now time to invest in Africa. The prospects are good. Africa is already attracting growing flows of private resources, as a result of its greater political stability and economic reforms. Significant new investors are now engaging in Africa, from within and outside the continent. Development assistance and debt relief alone will not be sufficient to achieve the Millennium Development Goals. Africa now needs more and sustainable investment, both domestic and foreign, in order to accelerate economic growth and progress in poverty reduction, and become better integrated into the global economy. We call for the fulfilment of commitments made at African and G8 Summits and other global fora, including support from development partners to help Africa mobilise more investment, and better focus on mobilisible domestic revenue sources and indigenous resources. Areas such as infrastructure, extractive industry, tourism, agribusiness and ICT are particularly important drivers of development, and require support from development partners.
    DOI: 10.1787/gen_papers-v2009-art3-en
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  • 91
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    Gender and Economic Empowerment in Africa (2009)
    Paris : OECD Publishing
    In:  OECD journal: general papers Vol. 2009, no. 1, p. 87-126
    Details
    ISSN: 1995-283X
    Language: English
    Pages: 41 p
    Titel der Quelle: OECD journal: general papers
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 87-126
    Keywords: Economics
    Abstract: It is time to deliver for women and girls. Africa’s growth and development agenda can only succeed if the continent is able to draw on all its resources and talents, and if women are able to participate fully in economic, social and political life. This will require intensified efforts to eliminate discrimination and promote equal rights. The strong commitment which has been demonstrated by African governments needs to be complemented by strong support from the wider international community, within the framework of a clear allocation of responsibilities, and the clear mapping out of specific steps and measures.
    DOI: 10.1787/gen_papers-v2009-art5-en
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  • 92
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    Dealing with the crisis and thinking about the exit strategy (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2009, no. 1, p. 11-28
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 18 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 11-28
    Keywords: Finance and Investment
    Abstract: This article looks at the stages of crisis management and some of the different degrees of transparency on losses and risks in the US and Europe. It also compares alternative approaches to dealing with impaired assets used in the USA and Europe. Exposure to off-balance losses remains a key issue. Europe, surprisingly, has been and remains the major issuer of collateralised synthetic obligations that have been so prominent in the crisis. The capital needs of banks over the next few years is examined, and great uncertainties remain due to the unknown extent to which off-balance sheet vehicles will need to be consolidated. Finally, the requirements of longer-run reform are outlined.
    DOI: 10.1787/fmt-v2009-art1-en
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  • 93
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    Climate Change and Africa (2009)
    Paris : OECD Publishing
    In:  OECD journal: general papers Vol. 2009, no. 1, p. 5-35
    Details
    ISSN: 1995-283X
    Language: English
    Pages: 32 p
    Titel der Quelle: OECD journal: general papers
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2009, no. 1, p. 5-35
    Keywords: Economics
    Abstract: Climate change is a major threat to sustainable growth and development in Africa, and the achievement of the Millennium Development Goals. Africa is particularly vulnerable to climate change because of its overdependence on rain-fed agriculture, compounded by factors such as widespread poverty and weak capacity. The main longer-term impacts include: changing rainfall patterns affecting agriculture and reducing food security; worsening water security; decreasing fish resources in large lakes due to rising temperature; shifting vectorborne diseases; rising sea level affecting low-lying coastal areas with large populations; and rising water stress.
    DOI: 10.1787/gen_papers-v2009-art2-en
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  • 94
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    The current financial crisis : Causes and policy issues (2009)
    Paris : OECD Publishing
    In:  OECD journal: financial market trends Vol. 2008, no. 2, p. 1-21
    Details
    ISSN: 1995-2872
    Language: English
    Pages: 26 p
    Titel der Quelle: OECD journal: financial market trends
    Publ. der Quelle: Paris : OECD, 2008
    Angaben zur Quelle: Vol. 2008, no. 2, p. 1-21
    Keywords: Finance and Investment
    Abstract: This article treats some ideas and issues that are part of ongoing reflection at the OECD. They were first raised in a major research article for the Reserve Bank of Australia conference in July 2008, and benefited from policy discussion in and around that conference. One fundamental cause of the crisis was a change in the business model of banking, mixing credit with equity culture. When this model was combined with complex interactions from incentives emanating from macro policies, changes in regulations, taxation, and corporate governance, the current crisis became the inevitable result. The paper points to the need for far-reaching reform for a more sustainable situation in the future.
    DOI: 10.1787/fmt-v2008-art10-en
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  • 95
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    Money Laundering through the Football Sector (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264073579
    Language: English
    Pages: Online-Ressource (42 p)
    Keywords: Finance and Investment
    Abstract: This report is based on four main sources: an extensive literature review, the analysis of theanswers to a questionnaire sent to FATF and FSRB members; the results of a typology workshop andsubsequent consultation with the football sector. Results to the questionnaire were obtained in October 2008 from 25 countries, mostly European,seven South-American countries, two from Asia and Australia. The responding countries differ widely insize, role and organisation of football in society (ranging from large countries with big football leagues tosmaller nations or nations with only non-professional football). Differences in information, position andinterest in the person or organisation that provided the answers (national football association, governmentrepresentatives, national FIUs, the police or judicial authorities) needed to be taken into consideration aswell.Following the analysis of questionnaires, a workshop on money laundering and the footballsector was held in Monaco in November 2008 as part of the 2008 FATF/MONEYVAL Typologiesmeeting. This workshop was very well supported by members of the FATF, MONEYVAL andrepresentatives of other countries. The following participants were involved in the 2-day breakout sessionwhich considered issues in depth: Belgium, Brazil, Cyprus, Egmont Group, France, International OlympicCommittee (IOC), Ireland, Italy, Monaco, Norway, Russia, Slovenia, South Africa, Switzerland, theNetherlands and the United Kingdom.The study has also relied on the experience and cooperation of the private sector. Arepresentative of the IOC attended the Monaco workshop in November 2008. Consultation withrepresentatives of the Fédération Internationale de Football Association (FIFA) and of the Union ofEuropean Football Associations (UEFA) also took place in January and April 2009. Those representativesreceived a copy of the report and were given the opportunity to comment. All the comments of the private sector were taken into account when considered relevant.
    DOI: 10.1787/9789264073579-en
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  • 96
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    OECD Guidelines for Multinational Enterprises (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264060326
    Language: English
    Pages: Online-Ressource (65 p)
    Parallel Title: Parallelausg. Les Principes directeurs de l'OCDE à l'intention des entreprises multinationales
    Keywords: Finance and Investment ; Governance ; Industry and Services
    Abstract: The revised OECD Guidelines for Multinational Enterprises were adopted by the governments of the 30 Member countries of the OECD and Argentina, Brazil and Chile on the occasion of the OECD's annual Council meeting at Ministerial level in Paris on 27 June 2000. This booklet comprises the revised text and commentary, implementation procedures and the Declaration on International Investment and Multinational Enterprises.
    DOI: 10.1787/9789264060326-en
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  • 97
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    Updates and Amendments to the System of National Accounts 1993 (2009)
    New York : United Nations
    Details
    ISBN: 9789264076341
    Language: English
    Pages: Online-Ressource (139 p.)
    Keywords: Economics
    Abstract: This joint publication of the United Nations, the International Monetary Fund, the Organisation for Economic Cooperation and Development, the Statistical Office of the European Communities (Eurostat) and the World Bank complements the recommendations of the System of National Accounts, 1993 (1993 SNA), and reflects changes and improvements that have been introduced to the system of national accounts since its last revision in 1993. Along with the 1993 SNA, Updates and Amendments supports the implementation of international standards of national accounting and provides the methodological basis for improving the international comparability of national accounts data. The publication contains the text of the 1993 SNA that has been updated as a result of the adoption of new international standards for the statistical measurement of financial derivatives. It also includes four functional classifications that were fully elaborated and updated after the 1993 SNA was published. It also provides for the first time a glossary of terms and definitions. Languages: [Arabic]; [Chinese]; [English]; [Russian]; [Spanish]
    DOI: 10.1787/9789264076341-en
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  • 98
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    Productivity Measurement and Analysis (2009)
    Paris : OECD Publishing
    Details
    ISBN: 9789264044616
    Language: English
    Pages: Online-Ressource (554 p.)
    Parallel Title: Erscheint auch als Productivity measurement and analysis
    Keywords: Produktivität ; Arbeitsproduktivität ; Messung ; Economics ; Aufsatzsammlung ; Konferenzschrift ; Produktivität ; Produktivitätsmessung ; Produktivitätszuwachs
    Abstract: Productivity measurement and analysis are the main topics addressed in this book, which brings together contributions presented and discussed in two international workshops organized by the Statistics Directorate and the Directorate for Science, Technology and Industry (DSTI) of the OECD. The first workshop was organised jointly by the OECD with Fundaccion BBVA and the Instituto Valenciano de Investigaciones Económicas and held in Madrid in October 2005, and the second one was organized jointly by the OECD and the Swiss Federal Statistical Office and the State Secretary for Economic Affairs of Switzerland and held in Bern in October 2006. The two workshops brought together representatives of statistical offices, central banks and other branches of government in OECD countries that are engaged in the analysis and the measurement of productivity developments at aggregate and industry levels.
    DOI: 10.1787/9789264044616-en
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  • 99
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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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  • 100
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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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