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  • 1
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    A genie in a bottle? : globalisation, competition and inflation (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 42 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1462
    Keywords: Globalisierung ; Wettbewerb ; Inflation ; Marktmacht ; Betriebliche Wertschöpfung ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Declining inflation in many countries over the past few decades at the same time as rising global competition has led to a debate on the importance of globalisation for domestic inflation. This paper explores the implications of global value chain (GVC) integration and market contestability for inflation using a range of industry-level and micro-data sources. We provide evidence that rising participation in GVCs has placed downward pressure on producer price inflation, by increasing the ability of firms to substitute domestic inputs with cheaper foreign equivalents. We investigate the channels, which suggests that increased GVC participation contributed to lower inflation via downward pressures on unit labour costs – by raising productivity and reducing wages – in the importing country, especially when low-wage countries are integrated in supply chains. We then present industry-level evidence to support the conjecture that a higher level of GVC integration dampens producer price inflation by accentuating the impact of global economic slack on domestic inflation. However, we also find an increasing trend in mark-ups, suggestive of rising market power, particularly in services sectors. Thus, looking forward, there is a risk that stalling globalisation since the crisis, coupled with stronger aggregate demand and declining market contestability, could lead to inflationary pressures in the medium term, thereby letting the inflation genie out of the bottle.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/deda7e54-en
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  • 2
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    Digital technology diffusion : a matter of capabilities, incentives or both? (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 80 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1476
    Keywords: 2010 - 2016 ; Digitalisierung ; Technischer Fortschritt ; Innovationsdiffusion ; Produktivitätsentwicklung ; Qualifikation ; Europa ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: Insufficient diffusion of new technologies has been quoted as one possible reason for weak productivity performance over the past two decades (Andrews et al., 2016). This paper uses a novel data set of digital technology usage covering 25 industries in 25 European countries over the 2010-16 period to explore the drivers of digital adoption across two broad sets of digital technologies by firms, cloud computing and back or front office integration. The focus is on structural and policy factors affecting firms’ capabilities and incentives to adopt -- including the availability of enabling infrastructures (such as high-speed broadband internet), managerial quality and workers skills, and product, labour and financial market settings. We identify the effects of structural and policy factors based on the difference-in-difference approach pioneered by Rajan and Zingales (1998) and show that a number of these factors are statistically and economically significant for technology adoption. Specifically, we find strong support for the hypothesis that low managerial quality, lack of ICT skills and poor matching of workers to jobs curb digital technology adoption and hence the rate of diffusion. Similarly our evidence suggests that policies affecting market incentives are important for adoption, especially those relevant for market access, competition and efficient reallocation of labour and capital. Finally, we show that there are important complementarities between the two sets of factors, with market incentives reinforcing the positive effects of enhancements in firm capabilities on adoption of digital technologies
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/7c542c16-en
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  • 3
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    Design of insolvency regimes across countries (2018)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 37 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1504
    Keywords: 2010 - 2016 ; Insolvenz ; Private Verschuldung ; Marktaustritt ; Allokationseffizienz ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores cross-country differences in the design of insolvency regimes, based on quantitative indicators constructed from countries’ responses to a recent OECD policy questionnaire. The indicators – which are available for 36 countries for 2010 and 2016 – aim to better capture the key design features of insolvency which impact the timely initiation and resolution of personal and corporate insolvency proceedings. According to these metrics, the design of insolvency regimes varies significantly across countries, with important differences emerging with respect to the treatment of failed entrepreneurs, the availability of preventative and streamlining tools and ease of corporate restructuring. While a comparison of indicator values for 2010 and 2016 imply that recent reform efforts have improved policy design, there remains much scope to reform insolvency regimes in many OECD countries. This is particularly significant in light of complementary analysis which shows that the design of insolvency regimes is relevant for understanding three inter-related sources of contemporary labour productivity weakness: the survival of “zombie” firms, capital misallocation and stalling technological diffusion.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/d44dc56f-en
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  • 4
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    Confronting the zombies : policies for productivity revival (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 36 Seiten) , Illustrationen
    Series Statement: OECD economic policy paper no. 21 (December 2017)
    Series Statement: OECD Economic Policy Papers no.21
    Keywords: Produktivitätsentwicklung ; Insolvenz ; Unternehmenssanierung ; Bank ; Allokation ; Marktaustritt ; OECD-Staaten ; Economics ; Graue Literatur
    Abstract: Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation and stalling technological diffusion. New OECD policy indicators show that there is much scope to improve the design of insolvency regimes in order to reduce the barriers to restructuring of weak firms and the personal costs associated with entrepreneurial failure. Insolvency regime reform can not only address the aforementioned sources of productivity weakness but also enhance the productivity impacts of reducing entry barriers in product markets. As the zombie firm problem may partly stem from bank forbearance, complementary reforms to insolvency regimes are essential to ensure that a more aggressive policy to resolve non-performing loans is effective. Distortions in the banking sector highlight the importance of market-based financing instruments for productivity growth with the inherent debt bias in corporate tax systems emerging as a key barrier to technological diffusion. Finally, well-designed job search and retraining policies are effective at returning workers displaced by firm exit to work, particularly in environments where barriers to firm entry are low.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f14fd801-en
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  • 5
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    Breaking the shackles : zombie firms, weak banks and depressed restructuring in Europe (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 39 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1433
    Keywords: Kreditrationierung ; Produktivität ; Insolvenz ; Europa ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the connection between “zombie” firms (firms that would typically exit in a competitive market) and bank health and the consequences for aggregate productivity in 11 European countries. Controlling for cyclical effects, the results show that zombie firms are more likely to be connected to weak banks, suggesting that the zombie firm problem in Europe may at least partly stem from bank forbearance. The increasing survival of zombie firms congests markets and constrains the growth of more productive firms, to the detriment of aggregate productivity growth. Our results suggest that around one-third of the impact of zombie congestion on capital misallocation could be directly attributed to bank health and additional analysis suggests that this may partly be due to reduced availability of credit to healthy firms. Finally, improvements in bank health are more likely to be associated with a reduction in the prevalence of zombie firms in countries where insolvency regimes do not unduly inhibit corporate restructuring. Thus, leveraging the important complementarities between bank strengthening efforts and insolvency regime reform would contribute to breaking the shackles on potential growth in Europe.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/0815ce0c-en
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  • 6
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    Insolvency regimes, technology diffusion and productivity growth : evidence from firms in OECD countries (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 28 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1425
    Keywords: Insolvenz ; Innovationsdiffusion ; Produktivitätsentwicklung ; Wirtschaftsdaten ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Graue Literatur
    Abstract: This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to insolvency regimes that lower barriers to corporate restructuring are associated with higher MFP growth of laggard firms. These results are consistent with the idea that insolvency regimes that do not unduly inhibit corporate restructuring can incentivise experimentation and provide scope to reconfigure production and organisational structures in order to faciliate technological adoption. The results also highlight policy complementarities, with insolvency regimes that reduce the cost of entrepreneurial failure potentially enhancing the MFP gains from lowering administrative entry barriers in product markets. Finally, we find that reducing debt bias in corporate tax systems and well-developed venture capital markets are associated higher laggard firm MFP growth, suggesting that equity financing can also be an important driver of technological diffusion. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that stalling technological diffusion has contributed to the aggregate productivity slowdown.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/36600267-en
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  • 7
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    Coping with creative destruction : reducing the costs of firm exit (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1353
    Keywords: Kündigung ; Arbeitsmarktpolitik ; Marktaustritt ; Kosten ; Schumpeterismus ; Employment ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: A policy framework that does not unduly inhibit the creative destruction process is vital to sustaining productivity growth. Yet, a key question is what happens to workers who lose their jobs due to this process and what are the policies that minimise the costs of worker displacement? Accordingly, this paper exploits a retrospective panel of workers in 13 European countries over the period 1986-2008 to explore the factors which shape the re-employment prospects of workers displaced due to firm exit. The results suggest that higher spending on active labour market policies (ALMPs), financed through an offsetting reduction in spending on passive measures, can aid the re-employment prospects of displaced workers. There may also be a case to better tailor ALMPs to workers displaced by firm exit to the extent that the re-employment probabilities of this group of workers are more sensitive to ALMPs than workers that are displaced for other involuntary reasons. The effectiveness of ALMPs is also enhanced by lower entry barriers in product markets and higher public sector efficiency, while reductions in the labour tax wedge can aid the re-employment prospects of displaced workers. Finally, regional mobility emerges as a key channel through which workers who lose their job due to plant closure become re-employed, suggesting that housing market policies may also be relevant.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/bbb44644-en
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  • 8
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    Fostering innovative business investment in Spain (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 37 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1387
    Keywords: KMU ; Wettbewerb ; Innovationsmanagement ; Spanien ; Economics ; Spain ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Spain has chronically low productivity growth, which undermines its ability to generate higher living standards. Important contributors to low productivity growth are the misallocation of capital to low productivity firms and under-investment in knowledge-based capital. To foster a better allocation of capital a first priority is to better tune bank, capital market and government financing to the needs of new innovative firms. This could be done through better small and medium-sized enterprises (SMEs) bond and loan securitisation tools, reallocating public financing to early stage finance and making it easier for firms to access public innovation funding by shifting some funding from loans to grants for research and development (R&D) projects. Attracting more foreign capital and improving the regulatory framework to increase the return on investment would also help. This could be done by reducing regulatory barriers that hold back competition, improving the neutrality of the tax system, improving pricing signals and reforming insolvency laws.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/f957c2cc-en
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  • 9
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    Insolvency regimes, zombie firms and capital reallocation (2017)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 55 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1399
    Keywords: Private Verschuldung ; Insolvenz ; Unternehmensfinanzierung ; Allokation ; Produktivität ; Marktaustritt ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores cross-country differences in the design of insolvency regimes and their potential links with two inter-related sources of labour productivity weakness: the survival of “zombie” firms (firms that would typically exit in a competitive market) and capital misallocation. New cross-country policy indicators of insolvency regimes are constructed based on countries’ responses to a recent OECD questionnaire, which aimed to better capture the key design features of insolvency which impact the timely initiation and resolution of insolvency proceedings. According to these metrics, cross-country differences in the design of insolvency regimes are significant. Firm level analysis shows that reforms to insolvency regimes which reduce barriers to corporate restructuring and the personal cost associated with entrepreneurial failure may reduce the share of capital sunk in zombie firms. These gains are partly realised via the restructuring of weak firms, which in turn spurs the reallocation of capital to more productive firms. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that rising capital misallocation and the increasing survival of low productivity firms have contributed to the productivity slowdown.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5a16beda-en
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  • 10
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    Skills mismatch, productivity and policies : evidence from the second wave of PIAAC (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 26 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1403
    Keywords: Produktivität ; Allokation ; Humankapital ; Fachkräfte ; Berufsbildung ; Arbeitsmobilität ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper extends earlier OECD work exploring the link between skills mismatch, productivity and policies to include the countries in the second wave of OECD Survey of Adult Skills, with a special focus on New Zealand. We find that the percentage of workers who are mismatched in terms of skills is 28% in New Zealand, slightly over the OECD average of 25%. The share of over-skilling is at the OECD average of 18%, while the share of under-skilling - at around 10% - is also above the OECD average of 7%. The results suggest that improving the allocation of skills to OECD best practice could be associated with an increase in productivity of around 7% in New Zealand.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/65dab7c6-en
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  • 11
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    Rebalancing Turkey's growth by improving resource allocation and productivity in manufacturing (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1367
    Keywords: Industrie ; Produktivitätsentwicklung ; Arbeitsmarkt ; Strukturwandel ; Unternehmensbesteuerung ; Wirtschaftswachstum ; Türkei ; Economics ; Turkey ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Turkey’s manufacturing sector has expanded considerably but not efficiently and competitively enough. This paper documents the drivers of its recent growth and diversification, and the factors that have held it back. It documents its segmentation and the outsized tail of poorly performing firms, which undermines aggregate productivity growth. Low productivity eases job creation in the short term, but undermines it in the long run and holds back improvements in living standards because of competitiveness losses. A core of well-performing firms (“frontier firms”) is not growing at full potential because of shortcomings in the policy framework. Intermediary (“follower”) firms sustain competition and deliver jobs, but tend to fall behind in productivity. Lower productivity units (“laggards”), which employ a large share of the low-skilled majority of the working age population, survive mostly thanks to the incomplete enforcement of rules and regulations. The resulting stalemate requires a coherent strategy of “systemic upgrading” of the business environment. This would enable all firms to operate in compliance with the law and on a level-playing field, under supportive regulations, taxation and innovation incentives. All firms could then achieve stronger productivity gains and the most promising firms could grow faster. At the same time, a credible flexicurity system needs to be put in place that facilitates adjustment in the labour market while protecting those affected by structural change.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/c35af920-en
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  • 12
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    The walking dead? : zombie firms and productivity performance in OECD countries (2017)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 46 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1372
    Keywords: 2003 - 2013 ; Unternehmensfinanzierung ; Marktaustritt ; Investition ; Erwerbstätigkeit ; Allokation ; Produktivitätsentwicklung ; OECD-Staaten ; Economics ; Industry and Services ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the extent to which “zombie” firms – defined as old firms that have persistent problems meeting their interest payments – are stifling labour productivity performance. The results show that the prevalence of and resources sunk in zombie firms have risen since the mid-2000s and that the increasing survival of these low productivity firms at the margins of exit congests markets and constrains the growth of more productive firms. Controlling for cyclical effects, cross-country analysis shows that within-industries over the period 2003-2013, a higher share of industry capital sunk in zombie firms is associated with lower investment and employment growth of the typical non-zombie firm and less productivity-enhancing capital reallocation. Besides limiting the expansion possibilities of healthy incumbent firms, market congestion generated by zombie firms can also create barriers to entry and constrain the post-entry growth of young firms. Finally, we link the rise of zombie firms to the decline in OECD potential output growth through two key channels: business investment and multi-factor productivity growth
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/180d80ad-en
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  • 13
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    Insolvency regimes and productivity growth : a framework for analysis (2016)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 47 Seiten) , Illustrationen
    Series Statement: OECD Economics Department working papers no. 1309
    Keywords: Insolvenz ; Wirtschaftspolitik ; Produktivitätsentwicklung ; Vergleich ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper develops an analytical framework to identify the policies relevant for firm exit and the channels through which they shape aggregate productivity growth. A range of potentially relevant policies are identified, spanning insolvency regimes, regulations affecting product, labour and financial markets, macroeconomic policies, subsidies, taxation and environment regulations. These policies can directly shape aggregate productivity along the exit margin through a variety of channels, including the strength of market selection and the scope and speed at which scarce resources consumed by failing firms can be reallocated to more productive uses. However, since market imperfections often generate obstacles to the orderly exit of failing firms, the efficiency of insolvency regimes emerges as particularly crucial. Thus, the paper analyses corporate and personal insolvency regimes in terms of their goals, optimal design (including trade-offs) and key features relevant for explaining cross-country differences in productivity. Finally, the paper proposes a strategy to obtain policy indicators that better capture cross-country differences in the key design features of corporate and personal insolvency regimes, with a view to facilitate further research on exit policies and productivity growth.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jlv2jqhxgq6-en
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  • 14
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    The best versus the rest : the global productivity slowdown, divergence across firms and the role of public policy (2016)
    Paris : OECD Publishing
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    Language: English
    Pages: 1 Online-Ressource (circa 77 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 05 (November 2016)
    Series Statement: OECD productivity working papers
    Keywords: firm dynamics ; regulation ; knowledge diffusion ; technological change ; productivity ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: In this paper, we aim to bring the debate on the global productivity slowdown – which has largely been conducted from a macroeconomic perspective – to a more micro-level. We show that a particularly striking feature of the productivity slowdown is not so much a lower productivity growth at the global frontier, but rather rising labour productivity at the global frontier coupled with an increasing labour productivity divergence between the global frontier and laggard (non-frontier) firms. This productivity divergence remains after controlling for differences in capital deepening and mark-up behaviour, suggesting that divergence in measured multi-factor productivity (MFP) may in fact reflect technological divergence in a broad sense. This divergence could plausibly reflect the potential for structural changes in the global economy – namely digitalisation, globalisation and the rising importance of tacit knowledge – to fuel rapid productivity gains at the global frontier. Yet, aggregate MFP performance was significantly weaker in industries where MFP divergence was more pronounced, suggesting that the divergence observed is not solely driven by frontier firms pushing the boundary outward. We contend that increasing MFP divergence – and the global productivity slowdown more generally – could reflect a slowdown in the diffusion process. This could be a reflection of increasing costs for laggard firms of moving from an economy based on production to one based on ideas. But it could also be symptomatic of rising entry barriers and a decline in the contestability of markets. We find the rise in MFP divergence to be much more extreme in sectors where pro-competitive product market reforms were least extensive, suggesting that policy weaknesses may be stifling diffusion in OECD economies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/63629cc9-en
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  • 15
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    Skill mismatch and public policy in OECD countries (2015)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (51 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1210
    Keywords: framework policies ; Fachkräfte ; Arbeitsmobilität ; Hochqualifizierte Arbeitskräfte ; Humankapital ; Bildungspolitik ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the relationship between skill mismatch and public policies using micro data for 22 OECD countries from the recent OECD Survey of Adult Skills (PIAAC). Results suggest that differences in skill mismatch across countries are related to differences in public policies. After controlling for individual and job characteristics, well-designed product and labour markets and bankruptcy laws that do not overly penalise business failure are associated with lower skill mismatch. Given the negative relationship between skill mismatch and labour productivity, reducing skill mismatch emerges as a new channel through which well-designed framework policies can boost labour productivity. Skill mismatch is also lower in countries with housing policies that do not impede residential mobility (e.g. transaction costs on buying property and stringent planning regulations). Greater flexibility in wage negotiations and higher participation in lifelong learning as well higher managerial quality are also associated with a better matching of skills to jobs.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1pzw9lnwk-en
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  • 16
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    Labour market mismatch and labour productivity : evidence from PIAAC data (2015)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (50 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1209
    Keywords: Fachkräfte ; Hochqualifizierte Arbeitskräfte ; Arbeitsproduktivität ; Führungskräfte ; Humankapital ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the link between skill and qualification mismatch and labour productivity using cross-country industry data for 19 OECD countries. Utilising mismatch indicators aggregated from micro-data sourced from the recent OECD Survey of Adult Skills (PIAAC), the main results suggest that higher skill and qualification mismatch is associated with lower labour productivity, with over-skilling and under-qualification accounting for most of these impacts. A novel result is that higher skill mismatch is associated with lower labour productivity through a less efficient allocation of resources, presumably because when the share of over-skilled workers is higher, more productive firms find it more difficult to attract skilled labour and gain market shares at the expense of less productive firms. At the same time, a higher share of under-qualified workers is associated with both lower allocative efficiency and within-firm productivity – i.e. a lower ratio of high productivity to low productivity firms. While differences in managerial quality can potentially account for the relationship between mismatch and within-firm productivity, the paper offers some preliminary insights into the policy factors that might explain the link between skill mismatch and resource allocation.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js1pzx1r2kb-en
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  • 17
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    Productivity spillovers from the global frontier and public policy : industry-level evidence (2015)
    Paris : OECD, Economics Dep.
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    Language: English
    Pages: Online-Ressource (44 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1238
    Keywords: 1984 - 2007 ; Produktivitätsentwicklung ; Spillover-Effekt ; Wirtschaftswachstum ; Schumpeterismus ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: For much of the second half of the twentieth century, labour productivity grew rapidly in most OECD economies, fuelled by the adoption of a large stock of unexploited existing technologies. However, the slowdown in productivity growth over the past decade underscores the idea that as economies converge toward the global technological frontier, the ability to capitalise on new innovations developed at frontier becomes more important. Using industry level data for 15 countries over the period 1984-2007, this paper augments the neo-Schumpeterian framework to identify the relevant channels and policies that shape an economy’s ability to learn from the global productivity frontier. An economy’s ability to benefit from frontier innovation is a positive function of its degree of international connectedness, ability to allocate skills efficiently and investments in knowledge based capital, including managerial capital and R&D. Productivity growth, via more effective learning from the global frontier, is supported by a policy framework that promotes efficient resource allocation – including lower barriers to entrepreneurship, efficient judicial systems and bankruptcy laws that do not overly penalise failure – and fosters the creation of markets for seed and early stage finance. Innovation policies that support basic research and facilitate the absorption of external knowledge for firms – including via university-industry R&D collaboration – also enhance spillovers from the global productivity frontier, and consequently, productivity growth.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: PDF Reader.
    DOI: 10.1787/5js03hkvxhmr-en
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  • 18
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    Frontier firms, technology diffusion and public policy : micro evidence from OECD countries (2015)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 40 Seiten) , Illustrationen
    Series Statement: OECD productivity working papers no. 02
    Series Statement: OECD productivity working papers
    Keywords: Produktivitätsentwicklung ; Technische Effizienz ; Allokation ; Innovationsdiffusion ; Institutionelle Infrastruktur ; Mikrodaten ; OECD-Staaten ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: This paper analyses the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it. Firms at the global productivity frontier – defined as the most productive firms in each two-digit industry across 23 countries – are typically larger, more profitable, younger and more likely to patent and be part of a multinational group than other firms. Despite the slowdown in aggregate productivity, productivity growth at the global frontier remained robust over the 2000s. At the same time, the rising productivity gap between the global frontier and other firms raises key questions about why seemingly non-rival technologies do not diffuse to all firms. The analysis reveals a highly uneven process of technological diffusion, which is consistent with a model whereby global frontier technologies only diffuse to laggards once they are adapted to country-specific circumstances by the most productive firms within each country (i.e. national frontier firms). This motivates an analysis of the sources of differences in the productivity and size of national frontier firms vis-à-vis the global frontier and the catch-up of laggard firms to the national productivity frontier. Econometric analysis suggests that well-designed framework policies can aid productivity diffusion by sharpening firms’ incentives for technological adoption and by promoting a market environment that reallocates resources to the most productive firms. There is also a role for R&D tax incentives, business-university R&D collaboration and patent protection but trade-offs emerge which can inform the design of innovation-specific policies.
    Note: Zusammenfassung in französischer Sprache
    DOI: 10.1787/5jrql2q2jj7b-en
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  • 19
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    Managerial capital and business R&D as enablers of productivity convergence (2014)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (30 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1137
    Keywords: Management ; Produktivität ; Wirtschaftliche Konvergenz ; Forschung ; Wirtschaftswachstum ; Economics ; Industry and Services ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the role of managerial capital and business research and development (R&D) in fostering multifactor productivity (MFP) convergence in a panel of 42 countries. The OECD long-term growth model is augmented to show that, in addition to trade openness, an economy’s speed of convergence to its long-run steady state level of MFP is an increasing function of the quality of its managerial capital and the size of its domestic R&D sector. The economic importance of these two enabling factors are examined in the context of a scenario, whereby MFP growth at the technological frontier is ½ percentage point higher (than in the baseline projection) per annum until 2060. This exercise shows that some countries benefit significantly more from higher frontier growth than could be expected based on their trade openness alone. In turn, evidence on the policy determinants of managerial capital and business R&D is reviewed, which highlights the importance of structural reforms and carefully-designed innovation policies.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jxx3d441knr-en
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  • 20
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    Do resources flow to patenting firms? : cross-country evidence from firm level data (2014)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (58 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1127
    Keywords: 2003 - 2010 ; Innovation ; Patent ; Unternehmenswachstum ; Vergleich ; OECD-Staaten ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper exploits longitudinal data on firm performance and patenting activity for 23 OECD countries over the period 2003-2010 to explore the extent to which changes in the patent stock are associated with flows of capital and labour to patenting firms. While the finding that patenting is associated with real changes in economic activity at the firm level is in line with recent literature, new empirical evidence presented suggests that the impact of patenting on firm size is likely to be causal. Moreover, these data reveal important differences across OECD countries in the extent to which innovative firms can attract the complementary tangible resources that are required to implement and commercialise new ideas. In turn, the contribution of framework policies to explaining the observed cross-country differences in the magnitude of these flows is explored. While further research is required to establish causality, the results are consistent with the idea that well-functioning product, labour and capital markets; efficient judicial systems and bankruptcy laws that do not overly penalise failure can raise the returns to innovative activity. The paper also investigates the heterogeneous impacts of policies and finds that young firms – which are more likely to experiment with disruptive technologies and rely on external financing to implement and commercialise their ideas – disproportionately benefit from reforms to labour markets and more developed markets for credit and seed and early stage finance.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5jz2lpmk0gs6-en
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  • 21
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    Knowledge-based capital, innovation and resource allocation (2013)
    Paris : OECD, Economics Dep.
    Details
    Language: English
    Pages: Online-Ressource (80 S.) , graph. Darst.
    Series Statement: OECD Economics Department working papers 1046
    Keywords: Immaterielle Werte ; Innovation ; Allokation ; Science and Technology ; Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: Investment in knowledge-based capital (KBC) – assets that lack physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of economies to reallocate scarce resources to firms that invest in KBC. Well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards the socially optimal level(s). Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Welldefined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5k46bj546kzs-en
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  • 22
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    Online Resource
    Knowledge-based capital, innovation and resource allocation : a going for growth report (2013)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource (55 S.) , graph. Darst.
    Series Statement: OECD economic policy papers 4
    Keywords: Immaterielle Werte ; Investitionsentscheidung ; Innovation ; Allokation ; Wirtschaftswachstum ; Science and Technology ; Economics ; Arbeitspapier ; Graue Literatur
    Abstract: Investment in knowledge-based capital (KBC) – assets that have no physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of national economies to reallocate scarce resources to firms that invest in KBC. In this regard, well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards socially optimal levels. Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Well-defined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5k46bh92lr35-en
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  • 23
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    Intangible assets, resource allocation and growth : a framework for analysis (2012)
    Paris : OECD
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    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 989
    Keywords: Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: This paper explores the growing importance of intangible assets as a potential source of innovation and productivity gains, and the contribution of efficient resource allocation to this process. Realising the growth opportunities implied by intangible assets depends on the ability to reallocate labour and capital to their most productive use, which is determined by the design of framework policies. The redeployment of tangible resources takes on heightened importance given the inherent difficulties in allocating intangibles efficiently. Indeed, the characteristics of intangible assets create market imperfections, which hinder the allocation of new ideas to where they can be developed most efficiently. While a number of policy instruments are typically deployed to address these market failures, the paper also explores how the growing importance of intangible assets is affecting the suitability of these policy tools. In turn, a number of policy issues are identified, spanning the financing of start-up firms, the treatment of intangibles in corporate valuation and accounting frameworks, competition policy in the digital economy and the role of intellectual property rights frameworks in rapidly growing domains such as information technology.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5k92s63w14wb-en
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  • 24
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    Public policy and resource allocation : evidence from firms in OECD countries (2012)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 996
    Keywords: Economics ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Abstract: The correlation between a firm’s size and its productivity level varies considerably across OECD countries, suggesting that some countries are more successful at channelling resources to high productivity firms than others. Accordingly, we examine the extent to which regulations affecting product, labour and credit markets influence productivity, via their effect on the efficiency of resource allocation. Our results suggest that there is an economically and statistically robust negative relationship between policy-induced frictions and productivity, though the specific channel depends on the policy considered. In the case of employment protection legislation, product market regulations (including barriers to entry and bankruptcy legislation) and restrictions on foreign direct investment, this is largely traceable to the worsening of allocative efficiency (i.e. a lower correspondence between a firm’s size and its productivity level). By contrast, financial market under-development tends to be associated with a higher fraction of low productivity relative to high productivity firms. Furthermore, stringent regulations are more disruptive to resource allocation in more innovative sectors, though the nature of innovation turns out to be important.
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5k9158wpf727-en
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  • 25
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    Drivers of homeownership rates in selected OECD countries (2011)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 849
    Keywords: Wohneigentum ; OECD-Staaten ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5kgg9mcwc7jf-en
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  • 26
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    Housing Markets and Structural Policies in OECD Countries (2011)
    Paris : OECD Publishing
    Details
    Language: English
    Pages: 85 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.836
    Keywords: Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    DOI: 10.1787/5kgk8t2k9vf3-en
    URL: Volltext
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  • 27
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    Towards a better understanding of the informal economy (2011)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 873
    Keywords: Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5kgb1mf88x28-en
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  • 28
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    To move or not to move : what drives residential mobility rates in the OECD? (2011)
    Paris : OECD
    Details
    Language: English
    Pages: Online-Ressource , graph. Darst.
    Series Statement: OECD Economics Department working papers 846
    Keywords: Wohnungswechsel ; Wohnungsmarkt ; Wohnungspolitik ; OECD-Staaten ; Amtsdruckschrift ; Arbeitspapier ; Graue Literatur
    Note: Zsfassung in franz. Sprache , Systemvoraussetzungen: Acrobat Reader.
    DOI: 10.1787/5kghtc7kzx21-en
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