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1. OECD/INFE Report on Financial Education in APEC Economies

Author:
The Organization for Economic Co-operation and Development
Publication Date:
01-2019
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
At their 23rd Ministerial Meeting in Lima in 2016, APEC Finance Ministers called for a report on financial education in APEC to support “the design and implementation of financial literacy policies building on the expertise and standards developed by the OECD International Network on Financial Education.”1 This report, covering the 21 APEC economies spanning the Asia and the Pacific region, responds to that call.2 The findings illustrate that the majority of APEC economies are well-advanced in their efforts to collect relevant data, implement appropriate financial education policies, and address the remaining issues related to financial literacy, inclusion and consumer protection. They are applying international best practices and making good use of available tools and resources to develop and refine strategic approaches and specific initiatives. However, there is still some way to go in ensuring that everyone living in an APEC economy has the financial literacy that they need and concerns about financial fraud or abuse, the high complexity of financial services and the low financial literacy of specific population groups are driving policy interest in improving financial education. Section I reports that APEC economies accounted for almost 60% of the world’s GDP in 2017 and notes that impressive progress has been made in closing financial inclusion gaps in the entire region, including through digital financial services. However, it also indicates several challenges and factors of relevance to the development of financial education activities in APEC economies. These include important, persistent issues of inequality, rapid population ageing, and low financial literacy in several APEC economies. Section II discusses strong political recognition and support for financial literacy and inclusion in APEC economies; major co-ordinated policy efforts such as national strategies for financial education and financial consumer protection frameworks; and other financial education initiatives and efforts, including those seeking to introduce financial education in schools. All of the APEC economies with available data either have a national strategy for financial education already in place or are in the process of designing and planning one. Most national strategies aim at awareness of financial issues and strengthening the financial literacy of their citizens, while at the same time supporting financial consumer protection and financial inclusion policies and objectives. In addition, out of the 17 APEC economies participating in the survey for this study, 15 have firmly introduced financial education in their school curriculums (at different levels) to date.
Topic:
Education, National Security, Fiscal Policy, and Economic Crisis
Political Geography:
Asia and Asia-Pacific

2. Are Survivor Pensions Still Needed?

Author:
The Organization for Economic Co-operation and Development
Publication Date:
12-2018
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This policy brief summarises the findings assembled in OECD (2018) “Are survivor pensions still needed?”, Pensions Outlook, Chapter 7. It describes survivor pension schemes in OECD countries: expenditures on survivor pensions the number of recipients and the average level of benefits, details about eligibility rules and benefit determination across countries
Topic:
Governance, Social Services, Economic Development, Pension, and Public Spending
Political Geography:
Global Focus

3. The Effects of Oil Price Hikes on Economic Activity and Inflation

Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Rising energy prices stemming from turbulence across N. Africa and the Middle East will only have a modest impact on GDP and inflation in the near term, according to a new OECD report.
Topic:
Energy Policy, International Trade and Finance, Oil, Natural Resources, Economic Growth, and Inflation
Political Geography:
Africa and Middle East

4. Getting the Most out of International Capital Flows

Author:
The Organization for Economic Co-operation and Development
Publication Date:
03-2011
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Increased international capital flows can support long-term income growth through a better international allocation of saving and investment.
Topic:
Economic Growth, Capital Flows, Investment, and Fiscal Policy
Political Geography:
Global Focus

5. International Capital Mobility: Which Structural Policies Reduce Financial Fragility?

Author:
Rüdiger Ahrend, Antoine Goujard, and Cyrill Schwellnus
Publication Date:
05-2011
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
International capital mobility: Which structural policies reduce financial fragility?
Topic:
Fragile States, Economic structure, Mobility, Fiscal Policy, and Capital
Political Geography:
Global Focus

6. Counter-Cyclical Economic Policy

Author:
The Organization for Economic Co-operation and Development
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The effects of the recent economic crisis have stretched policy frameworks in many OECD countries close to breaking point. Recent work by the OECD has examined how policies have interacted with the economic cycle over time and during the recent crisis. The main policy lessons are as follows: • Policy-makers should take into account uncertainties about the functioning of the economy, the nature of economic shocks or the effects of policy and take their decisions accordingly. • Policy in various areas will have to build in greater safety margins and to be more prudent during upswings. • Appropriate fiscal rules can help prepare fiscal policy for the next downturn by leading to swifter consolidation during the upturn. • The monetary and financial policy framework needs to achieve a better articulation between economic and financial stability. • Financial policy needs to strengthen micro-prudential regulation, regulatory interventions may need to target emerging credit-driven bubbles and macro-prudential policies should address systemic risks. • There may be a case for monetary policy leaning against the wind, if asset prices are driven by a credit boom and financial regulation is judged to be insufficiently robust. • Changes to structural policy settings can improve the resilience of the economy to shocks and affect the degree of leverage households and firms take on.
Topic:
Economics, Fiscal Policy, Economic Stability, and Economic Crisis
Political Geography:
Global Focus

7. The Impact of Structural Reforms on Current Account Imbalance

Author:
The Organization for Economic Co-operation and Development
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Global current account imbalances widened markedly in the years preceding the global economic crisis. Although the crisis brought some reversal to this trend, imbalances remain large in many countries. New empirical analysis by the OECD has examined the potential contribution of structural reforms to reducing current account imbalances. The analysis shows that structural reforms aimed at boosting economic growth can have more or less persistent side effects on current accounts. These arise because structural policies influence saving and investment of households, firms and governments. In turn, the economy-wide gap between saving and investment equals the current account balance. Specifically, the following policy lessons emerge from the analysis:  More developed social welfare systems would reduce the need for precautionary saving among households, which would moderate current account surpluses in external surplus countries.  Pension reforms that increase the retirement age and thus the length of the working life would also reduce household saving and thereby reduce current account surpluses. Pension reforms that lead to cuts in replacement rates would have the opposite effect.  Financial market reforms that raise the sophistication or depth of financial markets may relax borrowing constraints in emerging economies, thus contributing to a fall in the saving rate. The associated weakening of the current account position might be reinforced if the reforms also boost investment.  Reforming competition-unfriendly product market regulation could encourage capital spending and thereby contribute to reduce imbalances in surplus countries.  Some policy settings introduce distortions that encourage consumption, such as tax deductibility of interest payments on mortgages in the absence of taxation of imputed rent. Reform in this area might help increase household saving and thereby improve a country’s current account position. Overall, for the policies investigated, surplus countries appear to have more scope for structural reforms that would both enhance economic growth and reduce external imbalances. A scenario analysis indicates that if Japan, Germany and China were to liberalise their product markets and China also increased public health spending and continued to liberalise its financial markets, global imbalances could decline by around one-fifth relative to a baseline scenario. Moreover, since external deficit countries tend to have larger fiscal consolidation needs than surplus countries, fiscal tightening should also contribute to reduce external imbalances over the coming decade.
Topic:
Markets, Reform, Welfare, and Economic Crisis
Political Geography:
Global Focus

8. Pension Reform in China

Author:
Felix Salditt, Peter Whiteford, and Willem Adema
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
China is currently in the process of developing the largest pension system in the world, and it is doing this at a time of unparalleled economic and demographic transition. The central government has followed a step-by-step approach to develop a system that can accommodate a rapidly aging society within a rapidly growing, but still largely underdeveloped economy. This paper analyses how far the process of creating a national old age insurance system had proceeded by the end of 2006. It provides a detailed description of this system and an assessment of to what degree it has so far achieved ?its primary goal of social security for more people?
Topic:
Economics, Reform, Welfare, and Pension
Political Geography:
China and Asia

9. Toward a More Efficient Taxation System in New Zealand

Author:
Annabelle Mourougane
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
After the radical reforms undertaken in the 1980s, the NZ tax system has long been regarded as one of most efficient within the OECD, and is based on a comprehensive income approach. Looking forward, the country will require a tax regime that helps the economy to continue raising living standards, supports savings and investment and copes with emerging pressures such as increasing geographic mobility of labour and capital. In this context, it will be important to have in place a clear long-term direction for the tax system to guide reforms. There are at least two broad options that are worth considering: adapting the system within a comprehensive income approach or adopting a dual income tax system. Future changes to the tax system need to be consistent with the approach ultimately adopted. In any case, a number of limitations of current tax bases will need to be tackled.
Topic:
Economics, Tax Systems, Collaborative Efficiency, and Investment
Political Geography:
New Zealand and Oceania

10. Why has Swedish Inflation been Persistently Low?

Author:
Felix Hufner
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Average inflation in Sweden has been one of the lowest among European countries since the mid- 1990s. Three supply-side factors help to explain this phenomenon, all related in some sense to increased global integration. First, a shift towards imports from low-cost producing countries has resulted in falling import prices. Second, deregulation and increased product market competition with foreign companies entering the market has led to price falls in some sectors, notably in retailing. Third, wage growth has lagged productivity and kept unit labour costs down. This paper reviews these factors and analyzes the policy options for the central bank.
Topic:
Economics, Labor Issues, Monetary Policy, and Inflation
Political Geography:
Europe, Sweden, and Scandinavia

11. The Swedish Housing Market Better Allocation via Less Regulation

Author:
Felix Hufner and Jens Lundsgard
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
While several sectors in the economy have been deregulated, the Swedish housing market remains distorted, hindering an optimal matching of supply and demand. In the rental market the rent setting framework with its focus on cost-based rents in the public sector prevents a price response, leading to long queues in some regions and vacancies in others. Many Swedes that would have preferred otherwise are driven into the owner-occupied segment, where prices are increasing strongly, and rising above an estimated fundamental value. The supply of new dwellings is made more difficult by an uncompetitive construction industry, coupled with cumbersome planning regulations and few incentives for municipalities to issue more land. On the fiscal side, real estate taxes are below neutral levels, implying an indirect subsidy to housing. This paper presents a review of the recent steps to abolish real estate taxes and also proposes comprehensive reform of regulations in the rental housing sector.
Topic:
Reform, Regulation, Public Sector, and Housing
Political Geography:
Europe, Sweden, and Scandinavia

12. Income Inequality, Poverty and Social Spending in Japan

Author:
Randall S. Jones
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Income inequality and relative poverty among the working-age population in Japan have risen to levels above the OECD average. This trend is partially explained by labour market dualism, with an increasing proportion of non-regular workers who are paid significantly less than regular workers, as well as by other factors, including the ageing of the workforce. Social spending as a share of GDP has been expanding in the context of population ageing, although it remains below the OECD average and the proportion received by low-income households is small. Consequently, the impact of social spending on inequality and poverty is weak compared to other OECD countries and inadequate to offset the deterioration in market income. The scope for increasing social spending is constrained by the fiscal situation. Instead, reversing the upward trend in inequality and poverty requires reforms to reduce labour market dualism and better target social spending on low-income households, particularly single parents.
Topic:
Poverty, Income Inequality, Social Services, and Housing
Political Geography:
Japan and Asia

13. Pharmaceutical Pricing and Reimbursement Policies in Switzerland

Author:
Valerie Paris and Elizabeth Docteur
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This paper examines aspects of the policy environment and market characteristics of the Swiss pharmaceutical sector, and assesses the degree to which Switzerland has achieved certain policy goals. In Switzerland, pharmaceutical spending has not been growing faster than health expenditure as a whole, as has been the case in many other OECD countries. Swiss pharmaceutical spending per capita and as a share of GDP is modest by OECD standards. This in part reflects relatively low levels of pharmaceutical consumption, given that public prices are among the highest in Europe and the Swiss tend to be early adopters of new pharmaceutical products. Switzerland’s regulation of prices for reimbursed drugs, based on referencing across countries and within the therapeutic class for products with comparators, appears to result in prices lower than what would be obtained absent regulation. Although ex-manufacturer prices are somewhat high relative to other European countries, recent reforms have reduced the differential. While costs are under control, Switzerland has scope to improve the cost-effectiveness of its expenditures in the pharmaceutical area. Generic penetration of the market is increasing but falls short of what has been achieved elsewhere and the prices of generic products are higher than what is found in other countries.
Topic:
Social Policy, Drugs, Mediation, and Pharmaceuticals
Political Geography:
Europe and Switzerland

14. The Unemployment Impact of Immigration in OECD Countries

Author:
Sébastien Jean and Miguel Jimenez
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This paper assesses the consequences of immigration for natives' unemployment in OECD countries and investigates the role played by product and labour market policies in the economy's adjustment to immigration inflows. The estimations, combining a skill-level and an aggregate approach using data for males, cover eighteen OECD countries over the period 1984-2003. While no significant long-run impact is found, an increase in the share of immigrants in the labour force is estimated to raise temporarily natives' unemployment, over a period of approximately five to ten years. Anticompetitive product market regulations are found to increase both the magnitude and the persistence of this impact, while more stringent employment protection legislation magnifies its persistence, and a higher average replacement rate of unemployment benefits increases its magnitude.
Topic:
Migration, Labor Issues, Immigration, Developing World, and Unemployment
Political Geography:
Global Focus

15. Migration in OECD countries Labour Market Impact and Integration Issues

Author:
Sébastien Jean, Orsetta Causa, Miguel Jimenez, and Isabelle Wanner
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
immigration for natives' labour market outcomes, as well as issues linked to immigrants' integration in the host country labour market. Changes in the share of immigrants in the labour force may have a distributive impact on natives' wages, and a temporary impact on unemployment. However, labour market integration of immigrants (as well as integration of second-generation immigrants - both in terms of educational attainments and of labour market outcomes) remains the main challenge facing host economies. In both cases, product and labour market policies have a significant role to play in easing the economy's adjustment to immigration.
Topic:
Migration, Labor Issues, Immigration, and Employment
Political Geography:
Global Focus

16. Integration of Immigrants in OECD Countries Do Policies Matter?

Author:
Orsetta Causa and Sébastien Jean
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This working paper assesses the ease of immigrants' integration in OECD labour markets by estimating how an immigration background influences the probability of being active or employed and the expected hourly earnings, for given individual characteristics. Applying the same methodology to comparable data across twelve OECD countries, immigrants are shown to significantly lag behind natives in terms of employment and/or wages. The differences narrow as years since settlement elapse, especially as regards wages, reflecting progressive assimilation. Strong differences in immigrant-to-native gaps are also observed across countries, and the paper shows that they may, to a significant extent, be explained by differences in labour market policies, in particular unemployment benefits, the tax wedge and the minimum wage. In addition, immigrants are shown to be overrepresented among outsiders in the labour market and, as such, highly sensitive to the difference in employment protection legislation between temporary and permanent contracts.
Topic:
Migration, Labor Issues, Immigration, Employment, and Social Services
Political Geography:
Global Focus

17. Family Policy in Hungary How to Improve the Reconciliation between Work and Family?

Author:
Philip Hemmings
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Hungarian family policy focuses on providing generous options to take time off work to look after children. This system not only contributes to Hungary’s low employment rate but encourages long separation from the labour market, has largely failed to significantly influence fertility rates and is relatively expensive to run. This paper looks at how to shift the policy focus towards reconciling work and family life. Reasons for under-provision in childcare by local governments are discussed and recommendations for further central-government intervention to improve supply are made. Recommendations for reform are also made regarding the complex system of family cash benefits and leave allowances.
Topic:
Labor Issues, Family, Social Services, and Social Roles
Political Geography:
Hungary and Central Europe

18. Globalisation and Higher Education

Author:
Simon Marginson and Marijk van der Wene
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Economic and cultural globalisation has ushered in a new era in higher education. Higher education was always more internationally open than most sectors because of its immersion in knowledge, which never showed much respect for juridical boundaries. In global knowledge economies, higher education institutions are more important than ever as mediums for a wide range of cross-border relationships and continuous global flows of people, information, knowledge, technologies, products and financial capital. Even as they share in the reinvention of the world around them, higher education institutions, and the policies that produce and support them, are also being reinvented. For the first time in history every research university is part of a single world-wide network and the world leaders in the field have an unprecedented global visibility and power. Research is more internationalised than before and the mobility of doctoral students and faculty has increased. The specifically global element in academic labour markets has gained weight, especially since the advent of global university rankings. This working paper explores the issues for national policy and for individual institutions. Part I provides an overview of globalisation and higher education and the global responses of national systems and individual institutions of higher education. Part II is focused on certain areas of policy with a strong multilateral dimension: Europeanisation, institutional rankings and typologies and cross-border mobility.
Topic:
Education, Globalization, Multilateralism, and Higher Education
Political Geography:
Global Focus

19. Privatisation in the Meda Region

Author:
Celine Kauffmann and Lucia Wegner
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This paper builds on a new database (PRIVMEDA) in order to assess the progress of the privatisation process in the MEDA countries of Algeria, Egypt, Israel, Jordan, Lebanon, Malta, Morocco, Syria, Tunisia and Turkey. The first part of the paper offers an overview of the privatisation record from 1990 to 2006. It shows that, as in other parts of the world, the first wave of privatisations in the 1990s, which focused almost exclusively on profit-making enterprises in the tourism, transport, food and construction material sectors, slowed down towards the early 2000s and rebounded in 2005 when larger utilities where earmarked for sale. The second part of the paper assesses the outcome of the privatisation process in light of three key objectives: fiscal proceeds, economic efficiency and the development of the local private sector. It concludes that privatisation in the MEDA region can successfully promote efficiency and private sector development only when embedded in a package of measures, including the setting up of a proper regulatory framework, the improvement of the business climate and the liberalisation of financial markets.
Topic:
Privatization, Tourism, Regulation, and Financial Markets
Political Geography:
Turkey, Israel, Algeria, Lebanon, Syria, Egypt, Jordan, Morocco, Tunisia, and Malta

20. Improving Education Outcomes in the Slovak Republic

Author:
David Carey
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Improving education outcomes is vital for achieving convergence with GDP per capita levels in Western European countries and for reducing income inequality. While some education outcomes are favourable, such as the low secondary-school drop-out rate, others have room for improvement: education achievement is below the OECD average and strongly influenced by socio-economic background; Roma children, who are mainly from disadvantaged socio-economic backgrounds, have particularly poor achievement; labour-market outcomes are poor for graduates of secondary vocational programmes not leading to tertiary education; and tertiary attainment is low, albeit rising. Reforms have been made in recent years or are planned to address many of these weaknesses, but much remains to be done. In particular, more progress needs to be made in increasing participation in early childhood education and care, reducing stratification in the education system, helping Roma children to integrate into the education mainstream, and in attracting high quality graduates to teaching, especially in socio-economically disadvantaged schools. In addition, secondary vocational education not leading to tertiary education needs to be made more pertinent to labour-market requirements. Tertiary education also needs to be made more attractive for technical secondary school graduates.
Topic:
Education, Labor Issues, Income Inequality, and Socioeconomics
Political Geography:
Europe and Eastern Europe