Search

Begin New Search Publishing Institution Oxford Economics

1. Assessing the economic, societal and cultural impact of YouTube in India

Author:
Oxford Economics
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Recent research by Oxford Economics suggests YouTube contributed 6,800 Cr to the Indian economy in 2020 and supported 6,83,900 jobs. But its impact goes further, bringing a rich array of economic, cultural and societal benefits to India. YouTube generates substantial revenue for creators, artists, and media companies, who in turn support a broad ecosystem of employees and businesses in India. Creators deliver a wealth of educational tools and materials, which are valued by students, parents, and teachers alike.
Topic:
Economics, Mass Media, Social Media, and YouTube
Political Geography:
India and Asia

2. Climate change and food prices in Southeast Asia

Author:
Oxford Economics
Publication Date:
03-2022
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Southeast Asia’s climate has become warmer, wetter and more unpredictable over the past decade. Our bespoke analysis finds that these changes in weather conditions have had a significant impact on the cost of food production in levels terms and in increased food price volatility. Specifically, a 1% increase in temperature versus a year ago is found to increase food production costs by 0.5-0.8% across Southeast Asian economies, and extreme heat events in Thailand and Vietnam in recent years have driven price spikes of 5-6%. Climate futures in which temperatures rise fastest and weather volatility increases most have the potential to generate ever-faster food price growth and greater price spikes. More stable food prices are, therefore, one key incentive for governments in the region to do their part to help the world transition toward net zero. But the sector’s intensive use of energy and logistics to produce and distribute food will mean the shift to low-carbon energy could also have major cost implications for the sector. So while prices may be more stable in a net-zero world, they will nevertheless face pressures from the transition. Fortunately, the government can explore a range of policy options to ease the cost of transition and mitigate the impact of food price volatility. These policy options encompass agricultural policy, energy efficiency, social policy, and trade and investment policies. Together with Food Industry Asia, Oxford Economics looks forward to developing this debate in the months and years ahead, building on the foundations presented in this report.
Topic:
Climate Change, Food Security, Weather, and Price
Political Geography:
Asia and Southeast Asia

3. The State of the Creator Economy – Assessing the economic, societal, and cultural impact of YouTube in the US in 2021

Author:
Oxford Economics
Publication Date:
07-2022
Content Type:
Policy Brief
Institution:
Oxford Economics
Abstract:
This study presents an updated assessment of YouTube’s contribution to US GDP and employment, and its broader impact on society and culture.
Topic:
Economics, Mass Media, Employment, Social Media, and YouTube
Political Geography:
North America and United States of America

4. Off Track – The role of China’s CRRC in the Global Railcar Market

Author:
Oxford Economics
Publication Date:
07-2022
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
With $35 billion in total revenue in 2021, CRRC, the Chinese state-owned railroad rolling stock manufacturer, is the largest player in the $71 billion global railroad rolling stock industry. Like other Chinese state-owned enterprises (SOEs), CRRC is the beneficiary of both implicit and explicit government subsidies. According to its annual reports, CRRC received $271 million in explicit Chinese government subsidies in 2020, and nearly $1.3 billion total between 2015 and 2020. Implicit government subsidies to SOEs like CRRC are harder to quantify and come in a variety of forms. For example, an SOE may obtain production inputs, such as financing or land, at below market-rate prices. It may also sell its outputs at above market-rate prices, a possibility that is particularly relevant to rail manufacturing, where much of the output is sold to government entities. Estimates by other researchers show that explicit government subsidies represent only about a quarter of the total government subsidies that Chinese SOEs receive. Since the 1990s, China has pursued a policy towards SOEs of “grasping the large, letting go of the small,” investing in national champions to dominate their respective industries. Under the management of the State-owned Assets Supervision and Administration Commission (SASAC) since 2003, SOEs have been encouraged to “go big and go global” through domestic consolidation and expansion, as well as through foreign mergers and acquisitions. The effect of these policies, which are fundamentally mercantilist in nature, has been for these national champion SOEs like CRRC to capture their domestic markets, using the economic rents so generated to finance global expansion. Between 2006 and 2018, SOEs’ share of the assets of the largest global firms has increased from approximately 6% to 20%, with Chinese SOEs accounting for essentially all of this increase. While SASAC has targeted specific industries for its national champion, the overall trend in recent years has been towards continued government divestment from legacy SOEs. SOEs’ share of national industrial employment fell from 60% in 1998 to 38% in 2003 to 20% in 2010. Thus, as reflected in planning documents, the selection of industries for the fostering of national champions is anything but random and reflects the strategic interests of the Chinese government. In the case of rail, the government’s strategic interest is transparent and is laid out in the Belt and Road Initiative (BRI)—China seeks to dominate an integrated global rail transportation network based on Chinese technical standards. China expects to obtain significant financial and geopolitical benefits from this outcome and may be willing to absorb losses on individual foreign rail projects in order to break into foreign markets.
Topic:
Infrastructure, Hegemony, Railways, and Air Travel
Political Geography:
China and Asia

5. UK Green Growth Index

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Our UK Green Growth Index, produced on behalf of Lloyds Banking Group, assesses the degree to which each UK nation and region may be impacted by the challenges of the net zero transition, and how well placed they are to capitalise on green growth. The transition to net zero will require substantial investment and adaptation across the UK economy. This will create unique opportunities for British businesses to innovate, produce, and supply the goods and services needed to enable the transition, not only in the UK but globally. At the same time, for many parts of the economy the transition will create challenges due to the need to adapt products, processes, and skills. Our UK Green Growth Index, produced on behalf of Lloyds Banking Group, assesses the degree to which each UK nation and region may be impacted by these challenges, and how well placed they are to capitalise on green growth. Our research suggests that green growth opportunities are especially strong in Scotland, given its existing base of green economy activity and its access to a workforce with relevant skills. Similarly, Wales appears well placed to capitalise on green growth opportunities, although it may face greater disruption in the nearer term due to its reliance on high emitting industries. Northern Ireland is also relatively exposed to disruption and may need to accelerate efforts to put in place the factors needed to fully exploit green economy opportunities. Amongst English regions, the South East and South West appear to be best placed to capitalise on the green economy and are less exposed to disruption from the transition than many other parts of the UK. In contrast, Yorkshire and the Humber may face greater disruption and has further to go to develop some of the factors needed to capitalise on green growth. London is somewhat of an outlier: its status as a city-region with a service-orientated economy means it is much less exposed to the challenges than areas which rely more on industrial activity, but it also has less scope to capitalise on green economy opportunities in fields such as manufacturing and energy (although it is well positioned to develop as a centre for green finance and other professional services).
Topic:
Environment, International Trade and Finance, Economic Growth, and Green Technology
Political Geography:
United Kingdom and Europe

6. The Economic Importance of Motorcycles to Europe

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Motorcycle-related activity supports €21.4 billion of output (GDP) across Europe a year, sustains 389,000 jobs, and generates €16.6 billion of tax revenues, according to research by Oxford Economics. This means that in 2019 economic activities associated with motorcycling generated more GDP, and employed more people, than the metropolitan area economies centred on Venice, Malaga, and Palma de Mallorca. The total tax impact would have been sufficient to cover the pay of 380,000 teachers, or some 6.5% of all European teachers. Four-fifths of the total was accounted for by six countries, namely Italy (23%), Germany (20%), France (13%), the UK (11%), Spain (7%), and Austria (7%). This report, commissioned by ACEM, the motorcycle industry in Europe, also investigates the international trade in motorcycles and parts. In 2019, manufacturers in the EU-27 and the UK sold €2.1 billion of these goods to non-European customers—so that exports accounted for 39% of their total sales by value. Even so, European countries had a trade deficit in these products, with imports totalling €4.5 billion. Large quantities are imported from Asian countries where European manufacturers face high import tariffs. These high custom duties protect their domestic markets by making European vehicles relatively more expensive. This report, commissioned by ACEM, the motorcycle industry in Europe, also investigates the international trade in motorcycles and parts. In 2019, manufacturers in the EU-27 and the UK sold €2.1 billion of these goods to non-European customers—so that exports accounted for 39% of their total sales by value. Even so, European countries had a trade deficit in these products, with imports totalling €4.5 billion. Large quantities are imported from Asian countries where European manufacturers face high import tariffs. These high custom duties protect their domestic markets by making European vehicles relatively more expensive.
Topic:
Economics, Fiscal Policy, Manufacturing, and Motor Vehicles
Political Geography:
Europe

7. Illicit Cigarette Consumption in Mexico

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Policy Brief
Institution:
Oxford Economics
Abstract:
This research seeks to quantify the size and scale of the illicit consumption of cigarettes in Mexico, as well as the impact on government revenues, and how this has changed in recent years. This study shows that: In the first half of 2021, an estimated 18.8% of all cigarettes consumed in Mexico were of illicit origin. In volume terms, this was more than 38% higher than the same period in 2019 (pre-Covid level). The rise in Illicit Consumption has been driven by an increased presence of cigarettes without the SAT’s security code – particularly the brands ‘Economicos’ and ‘Link’ – with Domestic Illicit now accounting for around two thirds of total Illicit Consumption in Mexico (up from 50% in 2019). Non Domestic Illicit consumption – primarily consisting of cigarettes originating from China – has been relatively stable over the last few years. Foregone Excise Tax receipts amounted to an estimated 19.4% of total potential Excise Tax revenues in 2021 H1.
Topic:
International Trade and Finance, Tax Systems, Illegal Trade, and Consumption
Political Geography:
North America and Mexico

8. The economic contribution of UK rail

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
The UK railway sector supported £42.9 billion of economic production (GVA) in 2019, associated with 710,000 jobs. Productivity and wage levels, both on the railways and in the rail supply sector, were above-average in every region. The UK railway sector supported £42.9 billion of economic production and was associated with 710,000 jobs and £14.1 billion in tax revenues in 2019, new research by Oxford Economics finds. The rail transport system—Network Rail and the train and metro system operators—accounted for £12.2 billion of that total Gross Value Added (GVA) measure of output. For every £1 of activity on the railway system itself, a further £2.50 of income was generated elsewhere in the UK economy, as a result of supply chain links and other knock-on effects. This extra GVA comprised £17.8 billion in the rail supply sector, £0.9 billion in on-station retail and its suppliers, and £12.0 billion across the wider consumer-facing economy due to wage-funded employee spending (the so-called ‘induced impact’). The study, commissioned by the Railway Industry Association (RIA), also finds that both productivity and wages are higher than the economy-wide average, in both the rail transport system and rail supply sector. This is true not just for the UK as a whole, but for every one of its 12 constituent regions and countries. Finally, the analysis looks at the potential impact of extra public spending on the UK rail infrastructure. Looking further into the future, if rail infrastructure spending were 50% higher than the ‘baseline’ expectation, an extra 104,000 rail supply sector jobs would be supported throughout the five-year period 2025-29. Even if these jobs simply displaced other work, the economy would still benefit, because of their high-productivity, high-wage nature. In the more immediate future, the economy will still be recovering from the Covid pandemic, and will therefore have a degree of spare capacity. This means that any extra jobs created by an uplift in rail infrastructure investment could be genuinely additional, rather than displacing other employment. And this work could support more new jobs in turn, through induced effects. Here, we find that every extra £100 million per annum of spending on rail infrastructure would support an additional 1,400 well-paid jobs in the rail supply sector, plus a further 700 jobs across the wider consumer-facing economy.
Topic:
Economics, Infrastructure, Railways, and Travel
Political Geography:
United Kingdom and Europe

9. Assessing the Economic, Societal and Cultural Benefits of YouTube in Brazil

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Read how Oxford Economics and YouTube partnered to identify the economic and societal benefits of YouTube in Brazil. Through our rigorous economic modelling and survey capabilities, we found that, in 2020, YouTube contributed R$3.4 billion to Brazil’s GDP and 122,000 full-time equivalent jobs. Our research shows that YouTube fosters significant positive trends for Brazil’s creators in terms of professional goal achievement, business growth, and improved practical skills, as well as serving as a vital resource for teachers and learners
Topic:
Economics, GDP, Social Media, and YouTube
Political Geography:
Brazil and South America

10. The value of franchising

Author:
Oxford Economics
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
The franchise business model plays an important role within the U.S. economy. Prior to the pandemic, in 2019, the economic output of franchise establishments in the United States was about $787.5 billion and represented 3% of the country’s GDP. Most people immediately associate franchising with fast food restaurants. However, quick service restaurants are just a fraction of the entire sector, making up only a fourth of all franchised establishments, less than half of the workers, and just over a third of the economic output. Beyond their economic contribution, we find that franchises offer pay, benefits, and training on par with comparable non-franchise small businesses. In addition, 32% of franchisees report they would not own a business if they were not franchisees. Lastly, we highlight how franchisees are embedded in their local communities through their local supply chains and charitable giving.
Topic:
Leadership, Business, and Franchising
Political Geography:
North America and United States of America