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  • 1
    Language: English
    Pages: 1 Online-Ressource (22 p.) , 21 x 28cm.
    Series Statement: OECD Working Papers on Fiscal Federalism no.43
    Keywords: Environment ; Taxation ; Development
    Abstract: This paper explores the nexus between decarbonisation and intergovernmental fiscal relations, focusing on related challenges and reform options. It highlights the significant role of subnational governments in tackling climate change. Subnational and national governments share responsibilities in areas such as taxation, spending and regulation pertaining to environmental protection, as well as climate change mitigation and adaptation, which calls for effective intergovernmental co-operation to align policy objectives and implementation strategies. The paper outlines decarbonisation requirements across sectors and discusses subnational government involvement in service delivery, investment, revenue generation and regulatory frameworks. Policy options to strengthen subnational contributions to national decarbonisation goals are presented. While focusing primarily on OECD countries, the paper acknowledges the need for improved information on subnational decarbonisation efforts in both advanced and developing countries.
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  • 2
    Language: English
    Pages: 1 Online-Ressource (30 Seiten) , 21 x 28cm.
    Series Statement: OECD Working Papers on Fiscal Federalism no.37
    Keywords: Economics ; Governance
    Abstract: The COVID-19 pandemic has had devastating effects on lives, the economy, and the public finances worldwide, drawing attention to the need to enhance resilience to future shocks. This paper focuses on subnational governments, given their important and growing role in the provision of essential public goods and services worldwide. The paper discusses key aspects of subnational resilience, in particular the sensitivity of subnational finances to macroeconomic cycles and shocks and the availability of fiscal buffers; the main factors influencing subnational governments’ ability to provide essential services during crises; and their ability to anticipate and prepare for future shocks, especially those related to climate change. The paper also discusses policy and institutional reform options for both national and the subnational governments to strengthen subnational resilience.
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  • 3
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.871
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  • 4
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 44 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.810
    Keywords: Economics ; Indonesia
    Abstract: Indonesia has made considerable progress over the years in improving the social conditions of its population, especially among disadvantaged groups, not least by raising government spending and strengthening social protection programmes. Nevertheless, in some respects social outcomes remain sub-par in relation to regional peers.
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  • 5
    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.813
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  • 6
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.793
    Keywords: Economics
    Abstract: The global crisis has left many G20 countries with an unenviable legacy of lower potential output and high government indebtedness. Global imbalances, which had narrowed during the recession, are now beginning to widen again, as the recovery takes hold. Structural reform will be needed not only to recover the crisis-driven output loss and to maintain it in the longer term, but also to put the public finances back on a sustainable path and to rebalance global growth. To contribute to the policy debate, this paper summarises the analysis carried out by the OECD on the effects of a host of structural reforms on GDP growth, public finances and external current account balances.
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  • 7
    Language: English
    Pages: 24 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.825
    Keywords: Economics ; Brazil ; Indonesia
    Abstract: This paper tests the hypothesis that, by giving people more voice in the government decision-making process, fiscal decentralisation fosters social capital, measured in terms of interpersonal trust. Empirical evidence based on World Values Survey data and seemingly unrelated probit estimations for a cross-section of countries suggests that people living in federal/decentralised countries find it more important to have voice in government decisions than their counterparts living in unitary/centralised countries. Pro-voice attitudes are, in turn, associated with greater social capital. The cross-country estimations are complemented by country-specific regressions for Brazil and Indonesia on account of these countries. experiences with fiscal decentralisation. The results show that the cohorts of individuals that have been exposed to decentralisation are in general more pro-voice (and trustful of strangers in the case of Brazil) than their counterparts that have not been exposed to decentralisation. These findings are not driven by the effects of political liberalisation on people.s attitudes towards the importance of having voice in government decisions and interpersonal trust.
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  • 8
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.824
    Keywords: Economics
    Abstract: Despite large differences across countries, Latin America’s average investment-to-GDP ratio and the overall quality of infrastructure in the region are relatively low by international comparison. Empirical evidence on the effects of fiscal decentralisation on investment based on a panel of Latin American countries since the late 1990 suggests that fiscal decentralisation discourages Latin American subnational governments from investing (acquiring fixed assets) and that lower subnational spending on investment is associated with lower economy-wide gross fixed capital formation. Latin American countries will therefore need to face a double challenge of revisiting the current arrangements for decentralised provision that discourage subnational governments from investing, while making the most of decentralisation as a policy lever to raise private investment.
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  • 9
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 33 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.795
    Keywords: Economics
    Abstract: This paper assesses the sustainability of global imbalances by testing for the presence of unit roots in the current account positions (measured in relation to GDP) of the United States, China, Japan, Germany and the oil-exporting countries using a methodology that allows for structural breaks in levels and trends. We find that the external positions of these major countries/regions are stationary around structural breaks, which define episodes of current account reversals. On the basis of an event analysis of past reversals, it appears that structural breaks are associated with shifts in the fiscal stance, exchange rate parities and potential output growth, a finding that underscores the scope for macroeconomic and structural policies to ensure the sustainability of external positions while avoiding potentially disruptive reversals. These findings have implications for long-term capital flows after the crisis.
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  • 10
    Language: English
    Pages: 20 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.704
    Keywords: Economics ; Brazil
    Abstract: Brazil, like other natural resource-exporting countries, has benefited from a sharp increase in commodity prices over the last few years. To investigate the possible impact of terms-of-trade gains on the real economy, this paper estimates normalised quadratic input demand and output supply functions for the Brazilian economy during 1997-2008. Technological change is modelled in a flexible manner through the inclusion of quadratic splines in the profit function. The paper contributes to the literature by using nonlinear seemingly unrelated regression techniques to estimate the input demand and output supply functions and by disaggregating exports and imports into capital, consumption and intermediate goods. Improvements in the terms of trade due to rising export prices and/or falling import prices are associated with hikes in export volumes on the back of rising import demand and some labour shedding in the sectors using imported capital goods. The direct impact of terms-of-trade changes on domestic consumption and investment is comparatively modest, possibly due to the fact that the Brazilian economy remains relatively closed to trade.
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  • 11
    Language: English
    Pages: 25 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.690
    Keywords: Economics ; Indonesia
    Abstract: This paper uses household survey (Sakernas) data from the 1996 and 2004 to estimate the determinants of earnings in Indonesia. The Indonesian labour market is segmented, with a majority of workers engaged in informal-sector occupations, and earnings data are available only for formal-sector workers (salaried employees). This posed problems for the estimation of earnings equations, because selection into different labour market statuses is likely to be non-random. In order to describe selection into different labour market statuses we use the most general version of the method proposed by Dubin and McFadden (1984), which Bourguignon, Fournier and Gurgand (2007) proved to be preferable to other available multinomial selection methods. We also deal with reverse causality between education attainment and earnings by estimating the selection equations using an instrumental variable technique. Our findings cast doubt on the use of a binomial selection rule and suggest that workers with higher levels of educational attainment are most likely to find a job in the formal sector, and that the informal sector is perceived by those workers who cannot obtain a job in the formal sector as an alternative to inactivity. This Working Paper relates to the 2008 OECD Economic Assessment of Indonesia (www.oecd.org/eco/surveys/indonesia).
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  • 12
    Language: English
    Pages: 24 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.711
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  • 13
    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.679
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  • 14
    Language: English
    Pages: 27 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.710
    Keywords: Economics ; Indonesia
    Abstract: The Indonesian labour market is characterised by widespread informality. To some extent, these outcomes can be attributed to a sharp increase in the real value of the minimum wage since 2001, when minimum-wage setting was decentralised to the provincial governments. To test this hypothesis, this paper uses survey data on the labour market (Sakernas), household income and expenditure (Susenas) and the industrial sector (Survei Industri) to construct a district-level dataset spanning the period 1996 to 2004. The effects of changes in the minimum wage on unemployment, formal-sector employment and the incidence of informality in urban areas are estimated separately by fixed effects and jointly by a seemingly unrelated regression (SUR) estimator. Our findings show that an increase in the minimum-to-mean wage ratio is associated with a net increase in employment: a rise in informal-sector employment more than compensates for job losses in the formal sector. This Working Paper relates to the 2008 OECD Economic Assessment of Indonesia (www.oecd.org/eco/surveys/indonesia).
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  • 15
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 35 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.703
    Keywords: Economics ; Brazil
    Abstract: The possibility that a country’s external current account may adjust nonlinearly to shocks is attracting increasing attention in the empirical literature. To shed further light on this issue in the context of emerging-market economies, this paper uses Brazilian data to estimate the determinants of the current account in a smooth-transition vector-autoregressive (ST-VAR) setting. We allow for the transition parameters and the model coefficients to be estimated simultaneously by non-linear constrained maximum likelihood. We find strong evidence of non-linearity in the VAR when (lagged) government consumption and investment are used as the variables governing transition across regimes. The computation of non-linear impulse response functions suggests that the system’s history, as well as the sign and magnitude of shocks, affect the current account’s responses to exogenous changes in income, government consumption and investment. In particular, responses to fiscal shocks depend on whether they are positive or negative and whether they follow periods of fiscal expansions or contractions. Current account responses to a positive fiscal impulse are much stronger when conditioned on periods of fiscal expansion (rising government consumption) than retrenchment. The importance of conditioning history and the magnitude of shocks in the current account’s response to shocks is confirmed by forecast error variance decomposition analysis.
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  • 16
    Language: English
    Pages: 23 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.712
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  • 17
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    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 48 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.637
    Keywords: Economics ; Indonesia
    Abstract: Indonesia’s growth performance is improving, following a slow recovery from the 1997-98 financial crisis. Investment is picking up, despite considerable business-climate obstacles to entrepreneurship. Unemployment remains high, and labour informality is pervasive. Fiscal policy has been conducted responsibly and in an increasingly decentralised manner. Monetary policy is now carried out within a fully-fledged inflation-targeting framework. This paper argues that the main barriers to raising the economy’s growth potential are to be found on the supply side of the economy. Indonesia will need to improve the business environment and to make better use of labour inputs to put the economy on a higher growth trajectory. The country’s income gap relative to the OECD is sizeable, and several years of sustained growth will be needed to eliminate it. This Working Paper relates to the 2008 OECD Economic Assessment of Indonesia (www.oecd.org/eco/surveys/indonesia).
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  • 18
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.608
    Keywords: Economics ; Chile
    Abstract: Chile’s labour force participation is low by comparison with most countries in the OECD area, especially among females and youths. In the case of women, labour supply has risen steadily over time for prime-age and older individuals, against a background of relative stability for men. With regards to youths, participation rates are trending down, primarily as a result of rising school enrolment, especially for males, while remaining fairly low and stable over the years for young females. The main policy challenge in this area is to raise female labour supply further, for both prime-age individuals and youths, as a means of making a better use of labour inputs in support of long-term growth. This can be achieved essentially by removing provisions in the labour code that constrain the allocation of working time and by improving access to affordable child care for mothers with young children. Policies aimed at fostering human capital accumulation for the population as a whole would also contribute, because educational attainment is one of the most powerful determinants of labour force participation. This paper relates to the 2007 Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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  • 19
    Online Resource
    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 23 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.604
    Keywords: Economics
    Abstract: This paper develops a differential game of tax avoidance by modelling the interactions between a taxpayer and the tax authority. This framework is particularly useful for explicitly modelling situations of conflict. The solution to the game is a non-co-operative Nash that depends on the resources that need to be used by the tax authority to enforce legislation and the cost to be borne by the taxpayer in tax compliance, provided that the curvature of the utility functions is bounded. Empirical evidence is provided for the value added tax (VAT) using a cross-section of OECD and non-OECD countries. OECD indicators of tax administration efficiency are included in the regressions. The empirical findings show that VAT efficiency, defined as the ratio of collections as a share of consumption to the statutory rate, rises the lower the VAT rate, the lower the share of administrative costs in tax revenue (proxying for the efficiency of tax administration), the more pro-competition the regulatory framework in product markets (measuring non-tax incentives for non-compliance) and the better the country’s governance indicators (regulatory quality, rule of law and government effectiveness). This paper is forthcoming in the Public Finance Review.
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  • 20
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.593
    Keywords: Economics ; Brazil ; Czech Republic
    Abstract: The bulk of recent literature on foreign-exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially in emerging-market economies, because central banks often explicitly reserve the right to intervene to calm disorderly markets and to accumulate foreign reserves, and when the exchange rate is perceived as out of step with fundamentals. This paper uses a friction model to estimate intervention reaction functions and the associated marginal effects for Brazil and the Czech Republic since adoption of inflation targeting in these countries in 1999 and 1998, respectively. The main findings are that: i) in both countries interventions occur predominantly to reduce exchange-rate volatility, while in Brazil the central bank also reacts to exchange-rate deviations from medium-term trends; ii) there are strong, asymmetric threshold effects in the reaction functions, and interventions are more likely and of higher magnitudes when they are carried out to depreciate than to appreciate the domestic currency; and iii) interventions seem to take place independently of contemporaneous monetary policy in Brazil, but not in the Czech Republic, where both policies appear to be interrelated.
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  • 21
    Language: English
    Pages: 36 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.607
    Keywords: Economics ; Chile
    Abstract: Informality often arises from disincentives associated with high taxes and a restrictive regulatory framework in both labour and product markets. About 20% of the Chilean population aged 15 years and above and working at least 20 hours per week did not have a formal labour contract in 2006. At the same time, nearly 11% of the potential value added tax base is estimated to have been undeclared in 2005. While Chile’s tax system is not particularly burdensome to business formality, there is scope for making product-market regulations less onerous to firms and the labour code more flexible, especially with regards to indefinite contracts and the allocation of working time. Low human capital remains an important obstacle to reducing labour informality. To the extent that informal businesses also hire informally, there is some room for designing policies to tackle business informality in conjunction with those aimed at boosting formal labour contracting. Chile is strengthening its social safety net through the introduction of unemployment insurance and by reforming existing health insurance and pension systems. An important policy question is whether the incentives for formality arising from more comprehensive social protection will be strong enough to compensate for the additional costs these contributory programmes entail. This paper relates to the 2007 Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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  • 22
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    Online Resource
    Paris : OECD Publishing
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.605
    Keywords: Economics ; Chile
    Abstract: Compliance with the structural budget surplus rule, which has been in place since 2001, has allowed the government to maintain a counter-cyclical fiscal stance in an environment of rising copper prices, while delivering a gradual reduction in public indebtedness. Monetary policy is conducted within a framework that combines inflation targeting with exchange-rate flexibility. A Fiscal Responsibility Law was promulgated in September 2006, strengthening the macroeconomic framework further by embedding the fiscal rule in law and setting out regulations for the use of fiscal savings. Complementary pension reform is being discussed in Congress with the objective of strengthening the pension system’s solidarity pillar and encouraging retirement saving. The tax system is also being improved with a view to removing obstacles to financial deepening and to business-sector development. Government spending on social programmes is budgeted to rise considerably, in line with the authorities’ emphasis on social development. The main challenge in the macroeconomic area is to maintain the policy setting that has served Chile so well over the recent copper-price upswing, while tempering demands for hiking public social spending and maintaining a lean public sector in a low-tax, low-debt environment. This paper relates to the 2007 Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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  • 23
    Language: English
    Pages: 78 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.575
    Keywords: Economics
    Abstract: Based on 18 country reviews performed over the 2003-2005 period, this paper examines, the cross-country differences in policy approaches to product market competition and their consequences for product market rents. Against this background, the paper summarises OECD recommendations to further strengthen competition in various sectors and areas. These include: removing remaining barriers to trade and inward foreign direct investments; better securing deterrence of cartels through effective sanctions; facilitate market access to inherently competitive industries by easing zoning laws (the retail sector), abolishing reserved monopolies (sales of tobacco and alcohol), limiting the scope of trade associations’ self-regulation and easing residency or nationality requirements (professional services); meet competition challenges in network industries by facilitating the effective separation of monopoly components from competitive activities, reducing public ownership, clearly separating the government’s ownership and regulatory functions and creating the right incentives for investing in infrastructures.
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  • 24
    Language: English
    Pages: 27 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.544
    Keywords: Economics ; Brazil
    Abstract: This paper tests for horizontal tax competition in the VAT for a sample of Brazilian states in the period 1985-2001. The states have considerable autonomy to set their VAT rates and bases, often using this tax as an industrial policy tool. The empirical findings, based on the estimation of a tax reaction function in an error-correction set-up, confirm the hypothesis of horizontal tax competition: the states react strongly to changes in their neighbours? VAT code, especially those that belong to the same geo-economic region. Also, there appears to be a Stackelberg leader among the states, with the remaining jurisdictions responding strongly to its policy moves. There is no co-occupancy of tax bases between different levels of government and hence limited scope for vertical externalities in tax setting. But the fact that the federal government shares with the states part of the revenue of its more elastic taxes, such as the income tax, appears to affect the opportunity cost of horizontal tax competition.
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  • 25
    Language: English
    Pages: 30 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.581
    Keywords: Economics
    Abstract: There is a large literature on how the sharing of revenue between different levels of government and the design of intergovernmental transfer schemes affect sub-national finances. Using a panel of OECD countries during 1980-2005, this paper tests for: i) the presence of a stable long-run statistical association between changes in transfer receipts and sub-national net worth and ii) the direction of causality between changes in transfer receipts and net worth. The main empirical findings are that, first, there is a stable long-term relationship between transfer receipts and local government net worth for the case of current, but not capital, transfers. An increase in intergovernmental transfer receipts is found to be associated with a modest reduction in the recipient jurisdiction’s net worth over the long term, but a fall in net worth is associated with an almost one-to-one subsequent increase in transfer receipts. Second, the direction of causality is sensitive to the technique used to estimate the long-term parameters. One technique suggests that causality runs from transfers to net worth, which lends support to a large literature on the effect of cost-shifting on sub-national budget outcomes. But causality also appears to run from net worth to transfer receipts, suggesting that transfers may be used as a deficitfinancing tool.
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  • 26
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    Online Resource
    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 9, no. 1, p. 7-80
    ISSN: 1609-7521
    Language: English
    Pages: 75 p
    Parallel Title: Parallelausg. Droit et politique de la concurrence dans l'Union européenne
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 9, no. 1, p. 7-80
    Keywords: Governance
    Abstract: Competition policy played a central role in the development of the EU and its institutions. The European Commission, supported by the European courts, developed the framework for competition policy in Europe. This framework has been built since the Treaty of Rome in 1957 on a foundation of promoting market opening while strengthening the institutions of the European Community. The competition policy of the European Community is now in transition toward a basis in market-centered economic considerations, as well as on application through the now-extensive network of nationallevel authorities. The “modernisation” reforms of the enforcement process became effective in May 2004, along with changes in the control of mergers, and the Commission has been considering revisions to its policies about other topics, notably abuse of dominance and state aid. As the Member States adapt their substantive rules to those of the Community, the roles of the European Commission, the national competition agencies and the courts are changing. Co-ordination of enforcement among many agencies in the European Community, particularly concerning applications for leniency as part of cartel investigations, is increasingly important. The Commission moved to strengthen its capacity for economic analysis and to correct weaknesses in its decision process that had been revealed in critical court decisions. The challenge to this system, well adapted for administrative application, is to produce results that are convincing to the courts while maintaining policy consistency in a system of decentralised enforcement. This report served as the basis for a peer review in the Competition Committee in 2005.
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  • 27
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    Online Resource
    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 9, no. 1, p. 7-98
    ISSN: 1684-3452
    Language: French
    Pages: 93 p
    Parallel Title: Parallelausg. Competition Law and Policy in the European Union
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 9, no. 1, p. 7-98
    Keywords: Governance
    Abstract: La politique de la concurrence a joué un rôle clé dans le développement de l’Union européenne et de ses institutions. La Commission européenne, avec l’appui des tribunaux européens, a mis en place le cadre de la politique de la concurrence en Europe. Ce cadre a été édifié depuis le traité de Rome de 1957 avec le souci fondamental de promouvoir l’ouverture du marché tout en renforçant les institutions communautaires. La politique de la concurrence de la Communauté européenne connaît actuellement une transition vers une orientation axée sur l’économie de marché et sa mise en oeuvre s’effectue par le réseau désormais étendu des autorités de la concurrence nationales. Les réformes destinées à la « modernisation » du processus d’application sont entrées en vigueur en mai 2004, ainsi que les modifications intervenues en matière de contrôle des fusions. La Commission envisage en outre de revoir son dispositif dans d’autres domaines, comme l’abus de position dominante et les aides publiques. À mesure que les États membres adaptent leurs règles substantielles aux principes communautaires, le rôle de la Commission européenne, des autorités nationales de la concurrence et des tribunaux évolue aussi. La coordination du processus d’application entre les nombreux organes de la Communauté européenne, notamment en ce qui concerne les demandes de clémence déposées dans le cadre d’enquêtes relatives aux ententes, est de plus en plus importante. La Commission a pris des mesures pour renforcer ses capacités d’analyse économique et pour corriger les faiblesses de son processus de décision qui étaient apparues à l’occasion d’importantes décisions de justice. Tout le problème pour ce dispositif, qui est adapté aux méthodes administratives d’application, est de produire des résultats convaincants pour les tribunaux, tout en préservant la cohérence de l’action des pouvoirs publics dans un contexte d’application décentralisée. Ce rapport a servi de base à l’examen par les pairs réalisé en 2005 dans le cadre du Comité de la concurrence.
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  • 28
    Language: English
    Pages: 31 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.545
    Keywords: Economics ; Brazil ; Chile ; Colombia ; Mexico
    Abstract: In 1999, new monetary policy regimes were adopted in Brazil, Chile, Colombia and Mexico, combining inflation targeting with floating exchange rates. These regime changes have been accompanied by lower volatility in the monetary stance in Brazil, Colombia and Mexico, despite higher inflation volatility in Brazil and Colombia. This paper estimates a conventional New Keynesian model for these four countries and shows that: i) the post-1999 regime has been associated with greater responsiveness by the monetary authority to changes in expected inflation in Brazil and Chile, while in Colombia and Mexico monetary policy has become less counter-cyclical, ii) lower interest-rate volatility in the post-1999 period owes more to a benign economic environment than to a change in the policy setting, and iii) the change in the monetary regime has not yet resulted in a reduction in output volatility in these countries.
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  • 29
    Language: French
    Pages: 56 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.473
    Parallel Title: Parallelausg. Product Market Competition and Economic Performance in France
    Keywords: Economics ; France
    Abstract: La croissance économique française sur la dernière décade s'est avérée insuffisante pour résorber un taux de chômage élevé et persistant. Les études et comparaisons internationales disponibles suggèrent qu'un renforcement du degré de concurrence permettrait d'améliorer significativement la performance économique. La France n’est plus loin de la meilleure pratique pour ce qui est de la réforme de la politique de la concurrence. Pourtant, d’autres considérations de politique économique font souvent obstacle à l’émergence d’une véritable concurrence. Des pressions concurrentielles relativement faibles prévalent dans plusieurs secteurs, notamment les secteurs de services abrités. Les restrictions à la concurrence réduisent la croissance de la production et freinent la création d’emplois dans les secteurs réglementés. L’action des pouvoirs publics doit pondérer davantage le bien-être global des consommateurs face à l’opposition des groupes d’intérêt spéciaux de taille relativement restreinte mais très actifs. Le présent chapitre passe en revue les réformes qui renforceraient la concurrence en : i) consolidant les institutions et en clarifiant mieux les responsabilités de la mise en œuvre de la concurrence ; ii) donnant aux autorités sectorielles de réglementation une plus grande compétence pour l’amélioration de l’accès non discriminatoire des tiers et d’autres aspects de la concurrence dans les industries de réseau ; iii) abolissant les réglementations trop contraignantes dans le secteur de la distribution ; et iv) supprimant la protection inutile dans certains services professionnels. Ce Document de travail se rapporte à l'Étude économique de l'OCDE de la France 2005 (www.oecd.org/eco/etudes/france).
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  • 30
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    Paris : OECD Publishing
    Language: English
    Pages: 42 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.531
    Keywords: Economics ; Brazil
    Abstract: Brazil has made considerable progress in recent years towards consolidating macroeconomic stability, which is a key framework condition for sustained growth. Monetary policy continues to respond swiftly to changes in the inflation outlook, anchoring expectations. Fiscal policy has been guided by debt sustainability considerations, delivering primary budget surpluses that have often exceeded the end-year targets. Nevertheless, while the public debt-to-GDP has been reduced, it remains high, especially in comparison with other emerging-market economies. Brazil?s overarching macroeconomic challenge is therefore to continue to reduce the public debt overhang while improving the quality of fiscal adjustment, which has so far been underpinned by revenue hikes, rather than a retrenchment of expenditure commitments. To do so, measures will need to be taken to arrest the increase in current spending, especially on pensions, paving the way for subsequently removing distortions and reducing the tax burden over the medium to longer term, once the debt-to-GDP ratio has been reduced in a sustainable manner. The favourable domestic macroeconomic environment, with falling inflation and improving growth prospects, appears propitious for reform towards the gradual phasing-out of directed credit and a reduction in compulsory reserve requirements.
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  • 31
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.485
    Keywords: Economics ; Brazil
    Abstract: Brazil's fiscal adjustment since the floating of the real in 1999 has been impressive, even in periods of lacklustre growth. This suggests a remarkable fiscal effort to ensure public debt sustainability. To better gauge the magnitude of this adjustment effort, this paper applies the methodology used by the OECD Secretariat to distinguish changes in the fiscal stance that are due to policy action from those that are related to the automatic stabilisers built into the tax code, the social security system and unemployment insurance. The paper's main finding is that discretionary action tends to be essentially pro-cyclical in downturns, underscoring the presence of a strong "sustainability motive" in the conduct of Brazilian fiscal policy. Spending on mandatory items, such as personnel, are pro-cyclical in upturns too, which can create a "ratcheting-up" effect on government spending over time, an issue that will have to be addressed to improve the quality of on-going fiscal adjustment. An increase in the debt-to-GDP ratio by 1 percentage point is associated with a decrease in discretionary federal spending by 0.33 percentage point during 1997-2005. This responsiveness appears to have become stronger after the floating of the real in 1999. This Working Paper relates to the 2005 OECD Economic Survey of Brazil (www.oecd.org/eco/survey/brazil).
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  • 32
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    Language: English
    Pages: 34 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.532
    Keywords: Economics ; Brazil
    Abstract: Brazil's main challenge in innovation policy is to encourage the business sector to engage in productivity-enhancing innovative activities. At 1% of GDP, R&D spending (both public and private) is comparatively low by OECD standards and is carried out predominantly by the government. Most scientists work in public universities and research institutions, rather than in the business sector. Output indicators, such as the number of patents held abroad, suggest that there is much scope for improvement. Academic patenting effort is being stepped up and should be facilitated by the easing of restrictions on the transfer and sharing of proceeds of intellectual property rights between businesses and public universities and research institutions. Innovation policy is beginning to focus on the potential synergies among science and technology promotion, R&D support and trade competitiveness. To be successful in boosting business innovation, these policies will need to be complemented by measures aimed at tackling the shortage of skills in the labour force; this shortage is among the most important deterrents to innovation in Brazil, particularly against the backdrop of a widening gap in tertiary educational attainment with respect to the OECD area.
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  • 33
    Language: English
    Pages: 22 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.534
    Keywords: Economics ; Brazil
    Abstract: This paper reviews the main elements of social security reform in Brazil since 1998 and discusses areas where further policy action is yet to be taken to ensure the sustainability of the social-security system over time. Outlays on pensions paid to private-sector workers have risen as a result of population ageing and the increase in the value of the minimum wage in real terms, to which the minimum pension is linked. Some features of existing social protection programmes, including means-tested old-age and disability-related benefits, reduce the incentives facing workers to seek social security coverage. At the same time, an expansion of the base of contributions to social security has been constrained by widespread labour informality. Further reform will therefore need to focus on options for containing the rise in social security spending while tackling labour informality so as to broaden the base of contributions.
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  • 34
    Language: English
    Pages: 29 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.494
    Keywords: Economics
    Abstract: This paper provides cross-country empirical evidence on the productivity of bank transaction taxes (BTTs). Our data set comprises six Latin American countries that have levied BTTs since the late 1980s: Argentina, Brazil, Colombia, Ecuador, Peru and Venezuela. We find that, for a given tax rate, revenue declines over time. Therefore, in order to meet a fixed revenue target in real terms, the tax rate needs to be raised repeatedly. However, we also find that successive increases in the tax rate erode the tax base by more than they raise revenue yield and that the higher the increase in the tax rate, the more and faster the tax base is eroded. We conclude that BTTs do not provide a reliable source of revenue, especially over the medium term.
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  • 35
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    Paris : OECD Publishing
    Language: English
    Pages: 52 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.473
    Parallel Title: Parallelausg. Concurrence sur les marchés de produits et performance économique en France
    Keywords: Economics ; France
    Abstract: Over the past decade, French economic growth has been insufficient to bring down high and persistent unemployment. Available cross-country evidence suggests that enhancing competition is an important means to improve economic performance. France is catching up with best practice in competition policy reform. However, other policy considerations often hamper the emergence of effective competition. Relatively weak competitive pressures remain in a number of sectors, particularly in sheltered service industries. Restrictions on competition reduce productivity growth and hinder job creation in regulated sectors. Policy must focus on giving more weight to overall consumer welfare in the face of opposition from relatively small but vocal special interest groups. This paper discusses reforms that would increase competition by: i) strengthening institutions and better clarifying their responsibilities with respect to competition enforcement; ii) reinforcing the ability of sector regulators to improve non-discriminatory third-party access and other aspects of competition in the network industries; iii) abolishing overly prescriptive regulation in the retail sector; and iv) removing unnecessary protection in some professional services. This Working Paper relates to the 2005 OECD Economic Survey of France (www.oecd.org/eco/surveys/france).
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  • 36
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 7, no. 1, p. 7-91
    ISSN: 1684-3452
    Language: French
    Pages: 86 p
    Parallel Title: Parallelausg. Competition Law and Policy in France
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 7, no. 1, p. 7-91
    Keywords: Governance ; France
    Abstract: Le droit de la concurrence en France reprend les normes européennes concernant les abus et les pratiques restrictives. Les deux institutions chargées de la mise en oeuvre de la législation de la concurrence doivent faire face à des objectifs contradictoires s’agissant de la concurrence déloyale et à des choix de politique et de compétence juridictionnelle délicats s’agissant de la réforme des monopoles d’infrastructure. Le directeur général de la DGCCRF et le président du Conseil de la concurrence ont formulé des remarques sur le rapport du Secrétariat. Ces remarques introductives à l’examen par les pairs de la France au Comité de la concurrence en octobre 2003 figurent en annexe de ce rapport.
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  • 37
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 7, no. 1, p. 7-81
    ISSN: 1609-7521
    Language: English
    Pages: 76 p
    Parallel Title: Parallelausg. Droit et politique de la concurrence en France
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 7, no. 1, p. 7-81
    Keywords: Governance ; France
    Abstract: Competition law in France applies EU norms about restrictive agreements and abuses. The two institutions that apply the law must deal with its conflicting purposes concerning unfair competition, and with subtleties of policy choice and jurisdiction concerning the reform of infrastructure monopolies. The Director General of the DGCCRF and the chair of the Conseil de la Concurrence from France made some remarks on the Secretariat report. These introductory remarks to the peer review of France by the Competition Committee in October 2003 are in annex to this report.
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  • 38
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    Paris : OECD Publishing
    Language: English
    Pages: 25 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.491
    Keywords: Economics ; Ireland
    Abstract: While Ireland’s economic performance has been impressive, there are too many sectors where producers are shielded from competition, at the expense of consumers. The loss in efficiency from these policies will become more noticeable as Ireland’s growth rate settles down towards more normal levels. International evidence suggests that enhancing competition is an important means for lowering prices and boosting productivity and innovation. This paper reviews the main areas for reform, including retail trade, pharmacies, professional services such as legal and medical services, and various network industries including electricity, telecommunications and inter-city buses. It also appraises the structure and enforcement of competition law.
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  • 39
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    Paris : OECD Publishing
    Language: English
    Pages: 41 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.533
    Keywords: Economics ; Brazil
    Abstract: Labour force participation is comparable to the OECD area for prime-age males. It is somewhat lower for females and is trending down for youths as a result of rising school enrolment. The labour market is placing an increasing premium on skills, making it particularly difficult for the less educated to find a job. Labour informality is pervasive and turnover high, especially for the less educated, discouraging investment in labour training and the acquisition of job-related skills, and perpetuating income disparities. The main policy challenge is to improve labour utilisation by reducing informality and fostering human capital accumulation on and off the job. A stable macroeconomy is a pre-condition for reducing unemployment, but a greater focus on activation within the current policy framework would be advisable. To close the remaining gender gap, female labour force participation in full-time jobs could be encouraged by increasing the supply of affordable child care and pre-school education. Labour turnover can be reduced by mitigating the incentives for negotiated separation, which currently arise from the design of severance insurance (FGTS) in the event of unfair dismissal. Skill marketability can be enhanced through the introduction of a national skills certification system, and labour training can become more cost-effective through increased contestability in existing programmes.
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  • 40
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    Paris : OECD Publishing
    Language: English
    Pages: 40 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.426
    Keywords: Economics ; Iceland
    Abstract: This paper discusses the current state of product market competition in Iceland, including the legal and regulatory framework, and suggests directions for further improvement. Given the size of the economy, efficiency considerations dictate high concentration in many markets, and preventing abuse of market dominance is therefore a challenging task. Changes to competition law since the early 1990s have strengthened competitive forces in many sectors of the economy, and proposed amendments to that law would further improve market surveillance. The changes in the regulatory framework for telecommunications have helped vigorous competition to develop in most segments, but there remain problems in pricing of access to the local loop. In the still publicly owned electricity sector, however, competition in generation and sales is so far virtually non-existent despite new legislation. Other policies discussed include agricultural support, policies towards foreign direct investment, and public procurement and provision of publicly funded services.
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  • 41
    Language: English
    Pages: 81 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.451
    Keywords: Economics ; Australia
    Abstract: The OECD Growth Study and other empirical work have shown that the strength of competition in product markets plays an important role in the economic growth process as well as contributing to a more efficient allocation of resources in a static sense. More intense competition is likely to encourage stronger efforts of managers to improve efficiency and induce higher innovative activity, leading to higher multi-factor productivity. This paper begins with a short review of Australia’s growth performance since the early 1990s and its possible link to strengthened competitive pressures and their interaction with other economic reforms. Attention is then turned to indicators of product market competition to gauge the strength of competitive pressures. This is followed by an assessment of the general competition policy framework and its role in promoting competition. The next section presents the framework of the National Competition Policy and reviews the completeness of the reform programme and the areas requiring further action. The paper then examines a number of sectors where regulatory policies can be expected to have particularly large impacts. The implications of trade liberalisation on Australia’s economic performance and the scope for further improvements are also discussed in some detail. The paper concludes with a set of policy recommendations. This Working Paper relates to the 2005 OECD Economic Survey of Australia (www.oecd.org/eco/surveys/australia).
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  • 42
    Language: English
    Pages: 30 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.455
    Keywords: Economics ; Chile
    Abstract: Chile’s regulatory framework is working reasonably well. The country’s structural reforms since the 1980s, with the privatisation of utilities and deregulation of product and labour markets, have improved resource allocation and increased the population’s access to basic services, while calling for a comprehensive upgrading of regulatory institutions. At the same time, public-private partnerships (PPPs) are contributing to closing Chile’s infrastructure deficit, particularly in transport. The recurrent cuts in shipments of natural gas from Argentina since 2004 have put additional strain on regulation in the electricity sector to encourage investment in generation and ensure the security of supply. This paper reviews regulatory reform in three network industries (electricity, gas and telecoms), where further liberalisation, particularly in electricity retailing, and improvements in the regulation of telecoms would do much to further improve the business climate. The governance of public-private partnerships can be improved by increasing transparency and accountability in the concession process. In doing so, the government’s exposure to contingent liabilities can be contained. This Working Paper relates to the 2005 OECD Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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  • 43
    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.437
    Keywords: Economics ; New Zealand
    Abstract: The paper examines the current state of competition in a number of sectors that are important for the economy. Because of the country’s small size and isolation, the analysis focuses on barriers to entry, investment and external trade, rather than some standard indicators of competition stance. The competition law and institutions are generally well-conceived, although high-profile litigation about mergers and market-power problems hasstretched their capacities and until recently, diverted attention from enforcement against price fixing. Overall, markets appear to function well in New Zealand, but progress towards liberalisation seems recently to have lost momentum. In particular, improvement could be made in three main areas: in the energy sector, lifting current barriers to investment and developing forward markets are necessary to ensure the economy will be able to cope with long-term challenges; in telecommunications markets, concerns have been mounting regarding high prices and slow deployment of broadband; and in the public sector, there is scope for further use of private delivery for public services and reducing state ownership, especially in potentially competitive markets. Some adjustments to the regulatory framework and policies in a number of other sectors would also be beneficial. This Working Paper relates to the 2005 OECD Economic Survey of New Zealand (www.oecd.org/eco/surveys/nz).
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  • 44
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    Paris : OECD Publishing
    Language: English
    Pages: 28 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.423
    Keywords: Economics ; Brazil
    Abstract: This paper reviews recent trends in fiscal performance in Brazil, estimates fiscal reaction functions for the consolidated public sector and different levels of government, and tests for the sustainability of the public debt dynamics. The empirical analysis, based on monthly data for the period 1995-2004, suggests that all levels of government react strongly to changes in indebtedness by adjusting their primary budget surplus targets. In addition, the central government appears to follow a spend-and-tax policy: changes in revenue are affected strongly by expenditure, with about two-thirds of changes in primary spending being offset through higher revenue over the long term. Institutions are also found to matter for fiscal sustainability. The responsiveness of sub-national fiscal stance to indebtedness, as well as that of central government revenue to changes in primary spending, appears to have strengthened after 1998, when ceilings on indebtedness were introduced.
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  • 45
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    Paris : OECD Publishing
    Language: English
    Pages: 27 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.424
    Keywords: Economics ; Brazil
    Abstract: For many years, Brazil lagged behind other middle-income countries in terms of school enrolment rates. But since 1998 policies have aimed at bridging this gap, in particular, with the implementation of FUNDEF, a fund for financing sub-national spending on primary and lower-secondary education. Using state- and municipality-level data during 1991-2002, this paper shows that FUNDEF played a key role in the increase in enrolment rates over the period, particularly in small municipalities, which rely more heavily on transfers from higher levels of government as a source of revenue. These findings underscore the importance of FUNDEF in eliminating supply constraints to the improvement of education attainment. Enrolment rates are now nearly universal for primary and lower-secondary education. Emphasis should therefore be placed on policies to improve the quality of services and to remove supply constraints to the expansion of enrolment in upper-secondary and tertiary education.
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  • 46
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 6, no. 4, p. 7-67
    ISSN: 1609-7521
    Language: English
    Pages: 62 p
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 6, no. 4, p. 7-67
    Keywords: Governance ; Finland
    Abstract: Competition policy was at the centre of market-driven reforms since the late 1980s that restructured Finland’s network monopolies and eliminated the many vestiges of corporatist control. The pace of change is slower now, as the role of market institutions in providing traditional government services presents novel and difficult issues about quality, equity, efficiency, and choice. The role of the competition body, the Finnish Competition Authority (FCA), is also changing. In the previous stages, its principal path of influence, after it made a mark with a strong early enforcement program against tolerated price fixing, was through advice and advocacy. As competitive markets are...
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  • 47
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    Paris : OECD Publishing
    Language: English
    Pages: 32 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.454
    Keywords: Economics ; Chile
    Abstract: A good framework for investment in innovation can contribute to increasing Chile’s growth potential. Spending on R&D is currently low in relation to GDP and heavily reliant on government financing. Innovation activity in the business sector is also limited by insufficient seed and venture capital and human capital constraints. This is despite several favourable framework conditions, including a stable macro-economy, liberal foreign trade and investment regimes, and reasonably pro-competition regulations in product markets. The government intends to increase public spending on R&D, to be financed by revenue from the mining tax introduced in May 2005, and to create a National Innovation Council. The effectiveness of these measures will depend largely on the extent to which they will boost business-financed innovation consistent with Chile’s comparative advantages. This Working Paper relates to the 2005 OECD Economic Survey of Chile (www.oecd.org/eco/surveys/chile).
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  • 48
    Language: English
    Pages: 53 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.433
    Keywords: Economics ; United Kingdom
    Abstract: This paper assesses what role product market competition and regulatory reforms may have played in the performance of the British economy over the past decade. Competitive pressures appear to be relatively strong in the United Kingdom, with regulations inhibiting competition and barriers to trade amongst the lowest in the OECD. Nevertheless, there is scope for improvement and the recent overhaul of competition legislation should help to further promote competition. Much progress has been made in the professional services sector. Self-regulatory bodies are no longer exempt from competition legislation and professional bodies have undertaken a number of actions towards removing or easing restrictions that inhibit competition. In the retail sector, market power remains a problem and the competition authorities will need to remain vigilant. The government’s recent approach to planning has made new large scale entry very difficult, impeding competition and inhibiting entry. Industry regulators also need to remain vigilant in the electricity, gas and telecommunications sectors. Reforms in these sectors have led to increased productivity, though international comparisons suggest that there is scope for prices to fall. While recent steps by the government overcome the most serious weaknesses of the privatised rail system, continuing problems regarding incentives and responsibilities remain to be resolved.
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  • 49
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    In:  OECD journal: competition law and policy Vol. 7, no. 2, p. 7-66
    ISSN: 1609-7521
    Language: English
    Pages: 61 p
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 7, no. 2, p. 7-66
    Keywords: Governance ; Germany
    Abstract: Germany's post-war competition law has been notably successful, and the enforcement body, the Bundeskartellamt, is widely respected. German institutions are now challenged to adapt to the modernised EU enforcement approach. Germany's institutional structure has supported competition well within its defined sphere; however, it may not be as well adapted to promoting competition in liberalising network sectors
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  • 50
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    Paris : OECD Publishing
    Language: English
    Pages: 48 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.422
    Keywords: Economics ; Netherlands
    Abstract: This paper assesses what role product market competition and reforms may have played in the performance of the Dutch economy over the past decade, and discusses what further product market reforms might contribute to enhancing growth. In general, competitive pressures appear to be relatively strong in the Netherlands, particularly in the traded goods sector. Competition in product markets has been strengthened through the creation of a competition authority (NMa) and the Competition, Deregulation and Legislative Quality project (MDW). A planned reduction in the administrative burden will also help to strengthen competition, by reducing barriers to business start-ups and the expansion of small businesses, as well as lowering business costs. However, competitive pressures and productivity growth are weaker in the Dutch services sector. Planning restrictions are inhibiting competition and productivity growth in the retail sector and there is considerable scope to eliminate practices that restrict competition in professional services, even though both are relatively liberalised in the Netherlands. Reforms in electricity, gas and telecoms are recent and market power on the part of incumbent firms remains a concern. Competitive pressures in these industries could be increased by enhancing the powers of the regulators and eliminating barriers to entry.
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  • 51
    Language: English
    Pages: 51 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.398
    Keywords: Economics ; United States
    Abstract: Regulatory reform efforts in a broad range of industries have resulted in increased importance of competitive forces as a means to allocate resources and improve economic efficiency. A number of indicators suggest that such forces have been stronger in the United States than in most other OECD countries for some time. This has contributed to sizeable productivity gains and good economic performance over the past decade or so. Nonetheless, despite the generally pro-competitive thrust of policies, a number of challenges remain. Although there are few sectors of the economy from which competition policy and law are completely excluded, given the high risk of sanctions and damages for violation, many anomalous exemptions and special regimes have found their way into US legislation. Contrary to other OECD countries, government related firms are exempted from competition enforcement. Intellectual property rights create special challenges for competition policy and some problems have followed their strengthening over the past two decades, such as the soaring cost of patent litigation. The generally favourable experience with deregulation created pressures for liberalisation in network industries, where the United States has rather been a laggard, at least in the electricity sector. Reforms in the 1990s have entailed some positive results but also some setbacks, reflecting both the difficulties in ensuring competition in such industries and policy mistakes.
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  • 52
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    In:  OECD journal: competition law and policy Vol. 5, no. 3, p. 57-140
    ISSN: 1609-7521
    Language: English
    Pages: 87 p
    Parallel Title: Parallelausg. Examen du droit et de la politique de la concurrence au Royaume-Uni
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 5, no. 3, p. 57-140
    Keywords: Governance ; United Kingdom
    Abstract: The unusually complex competition policy institutions of the UK include a Commission that is concerned about the “public interest” in monopolies and market practices, the Director General of Fair Trading who enforces a competition law that is now modelled on European law, and many regulators who are also responsible for enforcing the same competition law in their sectors. Stronger powers under the Competition Act 1998 make enforcement more credible now, but still more changes are likely, notably concerning mergers and monopolies...
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  • 53
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    Paris : OECD Publishing
    Language: English
    Pages: 43 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.389
    Keywords: Economics ; Norway
    Abstract: Norwegian growth has been strong over the past decade. This development has been supported by the off-shore sector, but depleting oil reserves implies that growth will have to rely increasingly on the mainland economy. Empirical work shows that competition is important for promoting economic growth. Recognising the benefits of competition, the government wants to introduce regulatory reforms to stimulate economic growth. However, the promotion of competition has often conflicted with other policy objectives, such as maintaining a regionally dispersed population and a high degree of public ownership. This has lead to weak competition in a number of sectors, resulting in high prices, weak innovative activity and inefficient resource allocation. Reforms to promote product market competition in Norway should therefore inter alia focus on separating the public sector’s roles and functions as owner and regulator. This requires an increase in the independence of sector ...
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  • 54
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    Paris : OECD Publishing
    Language: English
    Pages: 51 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.387
    Keywords: Economics ; Japan
    Abstract: Empirical work shows that competition is important for promoting economic growth. However, in Japan the promotion of competition has long been compromised by ministerial guidance and exemptions from the competition law. Thus, the level and growth of productivity have been low in many domestically oriented sectors and consumer welfare has suffered under high prices and the slow introduction of new goods and services. This misallocation of resources contributes to explaining why the Japanese economy had difficulty in coming out of the quasi-stagnation of the past decade. Recognising that gains from more pro-competition policies are substantial, the Japanese government has now made the promotion of competitive markets a cornerstone of its economic policy. Reforms to promote product market competition in Japan should inter alia focus on strengthening the legal framework by increasing fines to a deterrent level and introducing cartel destabilising measures, such as a leniency ...
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  • 55
    Language: English
    Pages: 45 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.399
    Keywords: Economics ; Korea, Republic of
    Abstract: Maintaining rapid economic growth depends increasingly on productivity gains, particularly in the service sector. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken competition and has left a legacy of government intervention. Strengthening competition requires upgrading competition policy, increasing openness to international trade and foreign direct investment and improving the regulatory framework in network industries. In particular, the power of the Korea Fair Trade Commission should be expanded, while raising the level of sanctions and scaling back special treatment for certain sectors. Barriers to imports remain above the OECD average, particularly in agriculture, while the stock of inward direct investment is among the lowest in the OECD area. Restructuring plans in the network industries, notably electricity and gas, have lagged behind schedule. Price distortions and the absence of independent ...
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  • 56
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 5, no. 3, p. 67-172
    ISSN: 1684-3452
    Language: French
    Pages: 108 p
    Parallel Title: Parallelausg. Review of Competition Law and Policy in the United Kingdom
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 5, no. 3, p. 67-172
    Keywords: Governance ; United Kingdom
    Abstract: Les institutions de politique de concurrence du Royaume-Uni sont inhabituellement complexes. Elles comportent une commission qui se préoccupe « d’intérêt public » dans les monopoles et pratiques de marché, le directeur général du commerce équitable (Fair Trading) qui applique la législation de la concurrence désormais modelée sur la législation européenne, et de nombreux régulateurs qui sont également responsables de la mise en œuvre de la même législation dans leur secteur respectif. Des pouvoirs plus forts, au titre de la loi de 1998, rendent plus crédible maintenant l’application de la loi mais davantage de changements sont encore probables, notamment s’agissant des fusions et des monopoles...
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  • 57
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    Paris : OECD Publishing
    Language: English
    Pages: 46 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.413
    Keywords: Wettbewerbspolitik ; Wettbewerbsrecht ; Deregulierung ; Finnland ; Economics ; Finland
    Abstract: Following the deep recession in the early 1990s growth has been strong, but the scope for economic catch-up remains considerable and cross-country empirical evidence suggests that enhancing competition is an important means of achieving this. Structural reforms to strengthen competition in the early 1990s did boost growth and were also ahead of similar developments in the EU. However, indicators suggest that relatively weak competition remains in a number of sectors. Moreover, potential competition is reduced by a sparse population and relative long distances to large markets, which together with the prevalence of local monopolies and public ownership in many network industries, point to the need for greater vigilance to sustain and promote competition. Further reforms to promote product market competition should focus on fundamental changes in the regulatory approach as well as more incremental measures to intensify competition. The competition authority should concentrate ...
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  • 58
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 5, no. 4, p. 7-69
    ISSN: 1609-7521
    Language: English
    Pages: 64 p
    Parallel Title: Parallelausg. Politique et droit de la concurrence en Afrique du Sud
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 5, no. 4, p. 7-69
    Keywords: Governance ; South Africa
    Abstract: One of the elements of South Africa’s peaceful revolution over the last decade was reform of its competition policy institutions. The previous system had supported the previous economic system, characterised by autarky, protection, government direction, and high concentration. The new system promised to use competition policy to correct the faults of the old system and to promote policy goals of employment and empowerment. South Africa aspires to a modern competition policy regime, to deal with the well-resourced sophistication of much of the South African economy. Its new institutions, whose novelty responds in large part to the post-1994 imperative for fundamental restructuring of government institutions, have shown a capacity to deal confidently with complex structural issues in deciding dozens of merger cases. A legalistic business and government culture has challenged these new bodies to prove their competence and tested their jurisdiction. Now that the merger review process has been established, more attention should be paid to non-merger matters and probably to advocacy as well. Resources are stretched, and there is a critical need to improve the depth and strengthen the capacity of the professional staff. Maintaining consistent competition policy in regulated sectors will requiring reinforcing the relationships with sectoral regulators ...
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  • 59
    Language: English
    Pages: 39 p. , 21 x 29.7cm
    Series Statement: OECD Economics Department Working Papers no.397
    Keywords: Economics
    Abstract: This paper examines the extent to which fiscal policy actions may be offset by simultaneous, anticipatory changes in private saving, as well as the determinants of that offset. The conditions under which private agents will engage in forward-looking consumption-smoothing behaviour are quite strict and unlikely to hold fully in practice. However, based on a sample of at most 21 OECD countries spanning the period 1970-2002, there is strong evidence of partial, yet substantial, offsetting movements in aggregate private and public saving. The overall offset is estimated at between about one-third and one-half, depending on model specification, and applies both to public consumption and revenue shifts. This is consistent with a marked degree of anticipatory private sector behaviour, insofar as the ex ante saving “leakage” embedded in the pure Keynesian or IS/LM type models would be expected to be smaller and apply only to revenues and transfers. Wealth effects, as in the case of rising equity and housing prices, are found to have an important complementary impact on saving, usually in reinforcing the direct saving offset. Initial conditions, as reflected in debt/GDP ratios are also found to influence the size of the offset.
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  • 60
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 5, no. 4, p. 7-79
    ISSN: 1684-3452
    Language: French
    Pages: 74 p
    Parallel Title: Parallelausg. Competition Law and Policy in South Africa
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 5, no. 4, p. 7-79
    Keywords: Governance ; South Africa
    Abstract: L’un des éléments de la révolution pacifique de l’Afrique du Sud au cours de la dernière décennie est la réforme de ses institutions de politique de la concurrence. Le système précédent avait appuyé un régime économique caractérisé par l’autarcie, la protection, le dirigisme et une forte concentration. Le nouveau dispositif comporte deux grands axes : utiliser la politique de la concurrence pour corriger les défauts de l’ancien système et promouvoir les objectifs généraux d’emploi et de partage du pouvoir économique. L’Afrique du Sud aspire à un régime de politique de la concurrence moderne, à la hauteur d’une économie dont une bonne partie est bien dotée en ressources. Les nouvelles instances de la concurrence, répondant dans une large mesure à la nécessité d’opérer à partir de 1994 une restructuration fondamentale des institutions publiques, ont fait la preuve de leur capacité à traiter des questions structurelles complexes lorsqu’il s’est agi de se prononcer sur un grand nombre de fusions. L’extrême juridisme qui régnait dans l’administration et les entreprises a mis ces nouvelles instances au défi de prouver leur savoir-faire et a testé leurs prérogatives. Maintenant que la procédure d’examen des fusions a été mise en place, il conviendrait de prêter davantage attention aux questions autres que les fusions et, probablement aussi à la promotion de la concurrence. Les ressources sont limitées et il est crucial d’élargir et de renforcer les compétences du personnel professionnel. Pour maintenir une politique de la concurrence cohérente dans les secteurs régulés, il est indispensable de consolider les liens avec les organismes sectoriels de régulation ...
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  • 61
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 5, no. 1, p. 53-127
    ISSN: 1684-3452
    Language: French
    Pages: 77 p
    Parallel Title: Parallelausg. Review of Competition Law and Policy in Canada
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 5, no. 1, p. 53-127
    Keywords: Governance ; Canada
    Abstract: Les questions importantes aujourd'hui au Canada dans le domaine de la concurrence sont l'indépendance et les pouvoirs des autorités, et l'équilibre entre principes de politique de concurrence et intérêts nationaux. Les fondements de la politique ont été mis à l'épreuve s'agissant de la signification de l'efficience dans des procès concernant des fusions. L'application de la loi à l'encontre des ententes se complique de la nécessité de démontrer que les restrictions sont injustifiées. Le « continuum d'observation de la loi » offre au Canada une contribution importante et originale à la façon dont la loi est mise en œuvre. Les réponses apportées aux controverses paraissent ad hoc mais le résultat, comme les lois concernant les fusions bancaires et les compagnies aériennes, prend en compte les préoccupations de concurrence. Les options politiques à examiner comportent la recherche d'autres moyens pour promouvoir les objectifs pour le moment remplis par le contrôle des détenteurs du capital, l'examen du champ des contraintes réglementaires tant fédérales que provinciales, la clarification du degré d'indépendance du Commissaire en matière de pouvoir de décision, une efficacité accrue de l'application de la loi en permettant le recours à l'action privée, l'amélioration du processus de décision et la clarification du principe de lutte contre les ententes.
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  • 62
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 5, no. 1, p. 47-107
    ISSN: 1609-7521
    Language: English
    Pages: 63 p
    Parallel Title: Parallelausg. Examen du droit et de la politique de la concurrence au Canada
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 5, no. 1, p. 47-107
    Keywords: Governance ; Canada
    Abstract: Important issues in competition policy in Canada today are the independence and powers of the institutions and the balance between competition policy principles and national interests. The foundations of policy are being tested in merger litigation over the meaning of efficiency. Enforcement against cartels is complicated by a need to show that restraints are “undue.” Canada's “conformity continuum” offers an important, distinctive contribution to enforcement practice. Responses to controversies sometimes appear ad hoc, but the outcomes, such as the laws about banking mergers and about airlines, have recognised competition concerns. Policy options for consideration include finding other means to promote the goals now served by ownership controls, reviewing the scope of federal and provincial regulatory constraints on competition, clarifying the scope of the Commissioner's decision-making independence, and making enforcement more efficient by providing for private action, improving the decision process, and clarifying the anti-cartel principle.
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  • 63
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 5, no. 2, p. 83-132
    ISSN: 1609-7521
    Language: English
    Pages: 52 p
    Parallel Title: Parallelausg. Examen du droit et de la politique de la concurrence en Pologne
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 5, no. 2, p. 83-132
    Keywords: Governance ; Poland
    Abstract: Poland’s 1990 competition law, which supported its transition restructuring, now substantively follows the rules of the EU treaty. But enforcement still focuses on abuses by successors to pre-reform monopolies. Competition enforcement agency by the Office of Competition and Consumer Protection (OCCP) is combined with consumer protection and monitoring state aids, while Antimonopoly Court integrates regulatory policies by deciding cases about infrastructure regulation. Clarifying the OCCP’s independence from the government will support the integrity of law enforcement as well as a more publicly visible advocacy role.
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  • 64
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 5, no. 2, p. 95-149
    ISSN: 1684-3452
    Language: French
    Pages: 57 p
    Parallel Title: Parallelausg. Review of Competition Law and Policy in Poland
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 5, no. 2, p. 95-149
    Keywords: Governance ; Poland
    Abstract: Le droit de la concurrence polonais des années 90 qui a accompagné la restructuration du pays durant la période de transition, suit maintenant en substance les règles du Traité de l’Union européenne. L’application de la législation, cependant, se concentre toujours sur les abus perpétrés par ceux qui ont succédé aux monopoles pré existant à la réforme. L’Office de défense de la concurrence et des consommateurs (OPCC) combine la mise en œuvre du droit de la concurrence avec la protection des consommateurs et le contrôle des aides d’État, tandis que le tribunal antimonopole traite des politiques réglementaires à partir de cas portant sur la réglementation d’infrastructure. Clarifier l’indépendance de l’OPCC vis-à-vis du gouvernement confortera l’intégrité de la mise en œuvre de la loi et rendra son plaidoyer en faveur de la concurrence plus visible.
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  • 65
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    Paris : OECD Publishing
    In:  OECD journal: competition law and policy Vol. 4, no. 1, p. 7-58
    ISSN: 1609-7521
    Language: English
    Pages: 53 p
    Parallel Title: Parallelausg. Examen du droit et de la politique de la concurrence en République tchèque
    Titel der Quelle: OECD journal: competition law and policy
    Publ. der Quelle: Paris : OECD Publ., 1999
    Angaben zur Quelle: Vol. 4, no. 1, p. 7-58
    Keywords: Governance ; Czech Republic
    Abstract: The Czech Republic competition law is based on familiar European substantive concepts. Features that were appropriate for a transition setting are being revised in anticipation of EU accession. The enforcement body was at one time a separate Ministry; now, the Czech Office for the Protection of Economic Competition is an independent agency. Provisions for exemption are well controlled, and the processes for applying it are working well; however, stronger enforcement powers may be needed to deal with secret cartels. The major challenge of improving competitiveness by completing the reform of the inherited industrial structure requires solving problems of corporate governance and financing. The role of competition policy in that task will be modest.
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  • 66
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    Paris : OECD Publishing
    In:  Revue de l'OCDE sur le droit et la politique de la concurrence Vol. 4, no. 1, p. 7-64
    ISSN: 1684-3452
    Language: French
    Pages: 59 p
    Parallel Title: Parallelausg. Review of Competition Law and Policy in the Czech Republic
    Titel der Quelle: Revue de l'OCDE sur le droit et la politique de la concurrence
    Publ. der Quelle: Paris : OCDE, 1999
    Angaben zur Quelle: Vol. 4, no. 1, p. 7-64
    Keywords: Governance ; Czech Republic
    Abstract: La législation de la concurrence en République tchèque repose sur les principaux concepts européens de fond. Les éléments qui étaient essentiels à une économie de transition sont en cours de révision dans le cadre du processus d’accession à l’Union européenne. L’autorité chargée de l’application de la loi était à l’époque un ministère alors que maintenant, le Bureau tchèque de la protection de la concurrence économique est une agence indépendante. Les clauses d’exemption sont bien contrôlées, et les mécanismes d’application fonctionnent bien. Cependant des pouvoirs plus forts pourraient être nécessaires pour traiter les ententes secrètes. L’amélioration de la compétitivité qui passe par l’achèvement de la réforme des structures industrielles héritées, nécessite la résolution des problèmes de financement et de gouvernement d’entreprise. A cet égard, la politique de la concurrence jouera un rôle modeste.
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