TOP DOWN BUDGETING & ITS RELATIONSHIP TO FISCAL RULES & DELEGATION OF AUTHORITY
|
|
- Elfreda Clark
- 6 years ago
- Views:
Transcription
1 TOP DOWN BUDGETING & ITS RELATIONSHIP TO FISCAL RULES & DELEGATION OF AUTHORITY Barry Anderson Organization for Economic Cooperation & Development Meeting of Senior Budget Officials from Latin American Countries Santiago, Chile January 25,
2 OECD Working Party of Senior Budget Officials Special Session on Top-Down Budgeting Selected Observations from the Special Session Overview of the Top-Down Process Background Comparisons of Bottom Up with Top Down Need for a Medium-Term Perspective Determining Expenditure Ceilings Economic Assumptions Composition of Expenditure Ceilings Role of Ministers Flexibility Changing Behavior Conclusions 2
3 Selected Observations from the November Session There is nothing easier than spending someone else s money. Each minister can be his own Finance Minister. Trust but verify. The expenditure ceilings produced by a top-down system are not an objective in and of themselves. They are a method to encourage fiscal policies that promote economic growth. If you are on the brink of a fiscal disaster, you really don t need any system. But if not, you really need a good system most during the good times, not the bad. In sum, bottom up: disaster; top down: success. 3
4 Overview of the Top-Down Process Background: a shift in the early 90 s to address deficits Primary Initial Goal: Fiscal discipline Primary Operating Method: Delegation of authority Hoped for Results: Promote economic growth and better reflect political priorities (and even staff savings) 4
5 Comparison of Bottom Up with Top Down Bottom Up Ministry by ministry analysis that largely ignores economic forecasts Annual Time consuming Ownership of proposals is more agency-specific REACTIVE Top Down Aggregate fiscal analysis that attempts to take into account economic forecasts Multi-year Delegated authority Creates joint ownership of proposals PROACTIVE 5
6 Top-Down Budgeting Requires A Medium-Term Framework Medium-term (and long-term) planning is consistent with delegated authority Prevents playing games between years Encourages objective economic assumptions 6
7 Length of Budget Framework Two Years Three Years Four Years More Than Four Years Italy Canada Australia Denmark United Kingdom France Netherlands Korea Germany United States Spain Sweden 7
8 Potential Problems with Medium-Term Budget Framework A tendency to overestimate economic growth Ministries view future resource allocations as an entitlement, even when circumstances (to include evaluations) change Some allocations were made in real terms rather than in nominal terms and inflation projections were inaccurate 8
9 Determining Expenditure Ceilings: Economic Assumptions The benefits of cautious economic assumptions include: It is much easier to reprogram a windfall than find new cuts required by less-than-assumed growth They do not create unrealistic expectations The nature of economic assumptions appears to be a function of who does them: Political source: invariably optimistic Technical source: usually objective, frequently cautious Sensitivity analysis can help politicians, the bureaucracy, the media, and the public understand the basis behind the assumptions 9
10 Steps in Deriving Expenditure Ceilings 1. Determine economic assumptions for forecast period 2. Set fiscal targets (such as, a balanced budget by the end of the period; or a deficit not to exceed 3% of forecasted GDP; or debt as a % of GDP that does not grow) 3. Determine the size of a budget margin, if any 4. Apply expenditure limits to selected sub ceilings 10
11 Fiscal Targets: Fixed or Flexible Are Fixed Targets (set in nominal terms) pro or counter cyclical? Impact of targets on automatic stabilizer programs Should targets be adjusted for productivity increases? Can Flexible Targets (set in real terms and/or adjusted for the business cycle) really be adjusted accurately? One measure of the success of a target is how well it works in the good times. 11
12 Budget Margin Choices Cautious economic assumptions Explicit buffer for forecasting errors and unpredictable events (but not policy actions). Examples, Canada: billion Canadian dollars; Sweden: 2% of total expenditures. None 12
13 Sub Ceiling Issues Composition By sector or ministry (example, Sweden: 27) By category of spending: Operational (including wages)/capital/transfers (examples, Denmark, UK) Discretionary/Entitlement (examples, Canada, US) Automatic Stabilizers/Other Number (examples, some have 30 or more but most have under 10) Note the positive impacts of a top-down system decrease as the number of sub ceiling categories increase 13
14 Role of Ministers Prime Minister: use cabinet meetings to: Explain economic assumptions; Explain reason behind fiscal targets and sub ceiling allocations, and how those allocations fit into the government s overall fiscal policy; Discuss complicated budget issues; Obtain buy-in from entire cabinet Minister of Finance: as the person most responsible for setting and enforcing the rules and keeping the accounts, the Minister of Finance needs to go out of his way to be as fair and transparent as he can, and conduct program reviews in an open manner (see next slide). Sectoral Ministers need to be honest and open about their goals and priorities and not withhold important information. 14
15 Sample Criteria for Finance Minister s Program Review 1. Does the program serve a public interest? 2. Is this an appropriate role for the government? 3. Could this be done better by another level of government (provincial, municipal)? 4. Could this be left to the private sector or volunteers? 5. Could the program be delivered more efficiently? 6. Is it affordable? 15
16 Flexibility Issues Should the top down rules be in law or not? What are the rules for offsets for supplemental budgets? What are the rules for using budget margins: Cautious economic assumptions; Buffers or reserves (both aggregate and sectoral)? How much carryover of unspent funds should be allowed? Should Ministries be allowed to borrow against future appropriations? 16
17 Issues in Changing Behavior Delegation! Delegation! Delegation! The Finance Minister should not second-guess previously approved ministry budgets. A requirement for offsets for new, expanded, or unexpected programs is ok if this rule is known in advance and not applied in an ad hoc manner. The goal is a better relationship between the Finance Ministry and the Agencies. The goal should not be staff savings. 17
18 Conclusions: Five Criteria for Top- Down Budgeting to be Successful 1. Fiscal discipline needs to be a shared goal 2. Cautious economic assumptions are important 3. Flexibility matters, especially not too many sub ceilings and within the agreed-on budget levels 4. Behavior needs to change: more openness and trust 5. Despite the importance of delegation, a strong Finance Minister and Ministry of Finance is required 18
The Swedish Fiscal Framework and the Fiscal Policy Council. Lars Calmfors Workshop on Fiscal Rules and Institutions OECD, 22 March, 2010
The Swedish Fiscal Framework and the Fiscal Policy Council Lars Calmfors Workshop on Fiscal Rules and Institutions OECD, 22 March, 2010 General government net lending in Sweden, per cent of GDP 6 4 2 0-2
More informationPublic Financial Management (PFMx) Module
Public Financial Management (PFMx) Module 4 The Annual Budget Preparation and Approval This training material is the property of the International Monetary Fund (IMF) and is intended for use in IMF Fiscal
More informationCOMPARISON OF RIA SYSTEMS IN OECD COUNTRIES
COMPARISON OF RIA SYSTEMS IN OECD COUNTRIES Nick Malyshev, OECD Conference on the Further Development of Impact Assessment in the European Union Brussels, RIA SYSTEMS IN OECD COUNTRIES Regulatory Impact
More informationPerformance Budgeting (PB) in OECD Countries
Performance Budgeting (PB) in OECD Countries Teresa Curristine, Budgeting and Public Expenditures Division, Public Governance Directorate, OECD 6 th Annual Meeting of Latin American Senior Budget Officials
More informationImproving the quality of policymaking and government spending: A review of budgetary and regulatory instruments and the perspective of OECD countries
Improving the quality of policymaking and government spending: A review of budgetary and regulatory instruments and the perspective of OECD countries Luiz De Mello Deputy Director Public Governance & Territorial
More informationFiscal Projections in OECD Countries: What is produced and what lessons can be learned?
Fiscal Projections in OECD Countries: What is produced and what lessons can be learned? James Sheppard Policy Analyst, Public Governance and Territorial Development Directorate Joint OECD-IPSASB Seminar
More informationTax Cuts and Jobs Act of 2017 and Your Taxes. James Nordin, DPA Adjunct Professor Golden Gate University
Tax Cuts and Jobs Act of 2017 and Your Taxes James Nordin, DPA Adjunct Professor Golden Gate University Context Income Taxes are Single Largest Revenue Source for Federal Government Historically, a Progressive
More informationThe Government Debt Committee in Austria
The Government Debt Committee in Austria Günther Chaloupek, Austrian Chamber of Labour, Vice president of the Austrian Government Debt Committee Contribution to the workshop Fiscal Policy Councils: Why
More informationRecommendations to Denmark for strengthening the expenditure framework and the spending review procedures. Dirk-Jan Kraan OECD Secretariat
Recommendations to Denmark for strengthening the expenditure framework and the spending review procedures Dirk-Jan Kraan OECD Secretariat 32 nd OECD SBO Meeting, Luxembourg, 7 June 2011 1 Contents Expenditure
More informationWorld Bank Core Course on Pensions November 9-20, 2009 Washington, DC. David A. Robalino Labor Team Leader Social Protection and Labor The World Bank
World Bank Core Course on Pensions November 9-20, 2009 Washington, DC. David A. Robalino Labor Team Leader Social Protection and Labor The World Bank Majority of pension reforms have involved adjustments
More informationLow employment among the 50+ population in Hungary
Low employment among the + population in Hungary The role of incentives, health and cognitive capacities Janos Divenyi (Central European University) and Gabor Kezdi (Central European University and IE-CRSHAS)
More informationRestoring Public Finances: Fiscal and Institutional Reform Strategies
Restoring Public Finances: Fiscal and Institutional Reform Strategies Ronnie Downes Deputy Head Budgeting & Public Expenditures Rio de Janeiro 19-20 October 2015 Studies by OECD Senior Budget Officials
More informationOECD GOOD PRACTICES OF PUBLIC ENVIRONMENTAL EXPENDITURE MANAGEMENT
OECD GOOD PRACTICES OF PUBLIC ENVIRONMENTAL EXPENDITURE MANAGEMENT Jean-Philippe Barde OECD Environment Directorate 4th Regional Workshop on Fiscal Policy and Environment ECLAC, Santiago Chile 24 January
More informationGlobal Investor Study 2017
Global Investor Study 2017 Investor behaviour: from priorities to expectations Global Investor Study 2017 1 Contents 3 Overview 11 Millennials paint a conflicted picture 4 The global thirst for more investment
More informationAnnex 4: Summary of R&D tax incentives,
Annex 4: Summary of R&D tax incentives, 2008-2009 Country Corporate income tax rate large/small firm Rate on level Rate on Base for 1 Expense base Deducted from European Union and EEC Countries Austria
More informationCPB s role in the Dutch budgetary process
CPB s role in the Dutch budgetary process Wim Suyker Masterclass public finance Erasmus University Algemene Rekenkamer 28 November 2017 1. The role of independent fiscal institutes 2. CPB: history and
More informationEarnings Related PAYG Schemes: Parametric Reform Options
Earnings Related PAYG Schemes: Parametric Reform Options World Bank Core Course on Pensions November 8-19, 2010 Washington, DC. David A. Robalino Lead Economist and Labor Team Leader Social Protection
More informationSome Basic Facts about Government Expenditures and Taxation in Canada. Econ 525
Some Basic Facts about Government Expenditures and Taxation in Canada Econ 525 Revenues and Expenditures in Canada Since we re studying the role of government in this course it is worth considering some
More informationWhat can independent fiscal institutions do?
What can independent fiscal institutions do? Lars Calmfors Finnish Economic Association and Yrjö Jahnsson Foundation Seminar on Fiscal Institutions and Rules Helsinki, 22 August 2011 Government debt in
More informationANNEX 2: Summary Tables
ANNEX 2: Summary Tables 41058 v3 Table 1: Financing of Education Expenditures (trillion TL, percent) Source Expenditure on Education (Percent of Total) Public Central Government Revenue 11,890 (61.40)
More informationCoordinating Central and Local Governments Policy in Iceland. Björn Rúnar Guðmundsson Head of Economic Department Ministry of Economic Affairs
Coordinating Central and Local Governments Policy in Iceland Björn Rúnar Guðmundsson Head of Economic Department Ministry of Economic Affairs A bird s eye view: Municipalities in Iceland Overall number
More informationOECD Budget Review of Portugal: Main Findings
OECD Budget Review of Portugal: Main Findings 7 th Annual Meeting of Latin American Senior Budget Officials Santiago, Chile. January 26-29, 2009 Teresa Curristine Budgeting and Public Expenditures Division
More informationAnnuities: a private solution to longevity risk
Annuities: a private solution to longevity risk Product & Knowledge Fair 2007 Rüschlikon 30 March 2007 Thomas Hess Head of Economic Research & Consulting Veronica Scotti Client Solutions Need for private
More informationHamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York
Hamid Rashid, Ph.D. Chief Global Economic Monitoring Unit Development Policy Analysis Division UNDESA, New York 1 Global macroeconomic trends Major headwinds Risks and uncertainties Policy questions and
More informationFiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationPENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS
PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS Marius Lüske Directorate for Employment, Labour and Social Affairs, OECD Lisbon, 28.09.2018 Marius.LUSKE@oecd.org www.oecd.org/els OUTLINE Talk based
More informationPerformance Based Budgeting in OECD Countries
Performance Based Budgeting in OECD Countries International Conference on Performance Budgeting Lessons for Poland Warsaw 7-9 November Teresa Curristine, Budgeting and Public Expenditures Division, Public
More informationProgramme for Government Joe Reynolds Director Programme for Government and Delivering Social Change
Programme for Government 2016-21 Joe Reynolds Director Programme for Government and Delivering Social Change Context the rationale for change Current PfG is a list of 82 Commitments Executive record on
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationAn Over view of K or ea s V AT system
2010. 10. 21 Agenda. Assessment of Korea s VAT regime. Success factors. Korea s policy direction of VAT regime . Assessment of Korea s VAT regime An overview of Korea s VAT The purpose of introducing VAT
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationLegislatures and Budgeting. Paul L. Posner George Mason University
Legislatures and Budgeting Paul L. Posner George Mason University Given enough eyeballs, all errors are shallow Wikipedia OECD Working Group Meeting in Paris in October, 2006 Nine nations participating
More informationPUBLIC FINANCE IN THE EU: FROM THE MAASTRICHT CONVERGENCE CRITERIA TO THE STABILITY AND GROWTH PACT
8 : FROM THE MAASTRICHT CONVERGENCE CRITERIA TO THE STABILITY AND GROWTH PACT Ing. Zora Komínková, CSc., National Bank of Slovakia With this contribution, we open up a series of articles on public finance
More informationHIGHLIGHTS 2016 OECD PERFORMANCE BUDGETING SURVEY: Integrating performance and results in budgeting
HIGHLIGHTS 2016 OECD PERFORMANCE BUDGETING SURVEY: Integrating performance and results in budgeting This booklet presents highlights from the 2016 OECD performance budgeting survey. The data is preliminary
More informationThe Economics of Public Health Care Reform in Advanced and Emerging Economies
The Economics of Public Health Care Reform in Advanced and Emerging Economies Benedict Clements Fiscal Affairs Department, IMF November 2012 This presentation represents the views of the author and should
More informationThe Role of Budget Institutions
The Role of Budget Institutions Controlling Public Spending in Advanced Economies Ministry of Economy and Finance Rome, November 14-15, 2011 International Monetary Fund Marco Cangiano OUTLINE I. Budget
More informationFiscal Policy in Japan
Fiscal Policy in Japan - Issues and Future Directions- June 10th, 2015 Ministry of Finance General Government Gross Debt and Financial Balances (International Comparison) (%) 240 210 General Government
More informationSnapshot Survey Of Impact of Economic Crisis
GENERAL ASSEMBLY 1/09 Snapshot Survey Of Impact of Economic Crisis ASSEMBLEE GENERALE 1/09 Methodology: - Secretariat Prepared Questions with Assistance from the EB - The ACE Internet Service Provider
More information/JordanStrategyForumJSF Jordan Strategy Forum. Amman, Jordan T: F:
The Jordan Strategy Forum (JSF) is a not-for-profit organization, which represents a group of Jordanian private sector companies that are active in corporate and social responsibility (CSR) and in promoting
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationBuilding public confidence in mandatory funded pensions
33387 World Bank Pension Reform Primer Supervision Building public confidence in mandatory funded pensions T he regulation and supervision of individual pension accounts has been a neglected issue. In
More informationEMPLOYABILITY AND LABOUR MARKET
EMPLOYABILITY AND LABOUR MARKET POLICIES Guillermo MONTT Division for Employment, Analysis and Policy Directorate for Employment, Labour and Social Affairs guillermo.montt@oecd.org July 3, 2014 Skill levels
More informationOverview of the Budget Cycle. Karen Rono Development Initiatives
Overview of the Budget Cycle Karen Rono Development Initiatives Outline The national budget: what it is, and how it should look like The budget Process: what are the 4 main stages of the process Why do
More informationKristina Budimir 1 Debt Crisis in the EU Member States and Fiscal Rules
Kristina Budimir 1 Debt Crisis in the EU Member States and Fiscal Rules The financial turmoil in September 2008 provoked an economic downturn with a sharp slump in production, followed by slow growth resulting
More informationA macroeconomic survey of Europe
A macroeconomic survey of Europe Olivier Blanchard January 2007 Nr. 1 Four themes A broad based (both across countries, across consumption, investment and exports) expansion. Not a boom. Fundamentals in
More informationHousing Stability, Systemic Risk and Securitization. Susan M. Wachter, University of Pennsylvania
Housing Stability, Systemic Risk and Securitization Susan M. Wachter, University of Pennsylvania This paper was presented at Housing, Stability and the Macroeconomy: International Perspectives conference,
More informationMeasuring and Reporting
Measuring and Reporting Unfunded Pension Liabilities World Bank Pension Core Course Mauricio i Soto Fiscal Affairs Department IMF November 14, 2011 The views expressed herein are those of the author and
More informationA Comparison of the Tax Burden on Labor in the OECD, 2017
FISCAL FACT No. 557 Aug. 2017 A Comparison of the Tax Burden on Labor in the OECD, 2017 Jose Trejos Research Assistant Kyle Pomerleau Economist, Director of Federal Projects Key Findings: Average wage
More informationApproach to Employment Injury (EI) compensation benefits in the EU and OECD
Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-
More information8-Jun-06 Personal Income Top Marginal Tax Rate,
8-Jun-06 Personal Income Top Marginal Tax Rate, 1975-2005 2005 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 Australia 47% 47% 47% 47% 47% 47% 47% 47% 47% 47% 47% 48% 49% 49% Austria
More informationAging, the Future of Work and Sustainability of Pension System
Aging, the Future of Work and Sustainability of Pension System WKÖ & Salzburg Global Seminar Event Dénes Kucsera Agenda Austria Vienna, Austria November 5, 2015 Introduction Increasing pressure on the
More informationBank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets
Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for, and Amounts Outstanding as at June 30, March, 2005 Turnover data for, Table
More informationHOUSING STABILITY, SYSTEMIC RISK AND SECURITIZATION
Federal Reserve Bank of Dallas Journal of Money, Credit, and Banking (JMCB) International Monetary Fund November 14, 2013 HOUSING, STABILITY AND THE MACROECONOMY: INTERNATIONAL PERSPECTIVES HOUSING STABILITY,
More informationIMPLICATIONS OF LOW PRODUCTIVITY GROWTH FOR DEBT SUSTAINABILITY
IMPLICATIONS OF LOW PRODUCTIVITY GROWTH FOR DEBT SUSTAINABILITY Neil R. Mehrotra Brown University Peterson Institute for International Economics November 9th, 2017 1 / 13 PUBLIC DEBT AND PRODUCTIVITY GROWTH
More informationFiscal Futures, Institutional Budget Reforms, and Their Effects: What Can Be Learned?
OECD Journal on Budgeting Volume 2009/3 OECD 2009 Fiscal Futures, Institutional Budget Reforms, and Their Effects: What Can Be Learned? by Barry Anderson and James Sheppard* Long-term fiscal projections
More informationThe Case for Fundamental Tax Reform: Overview of the Current Tax System
The Case for Fundamental Tax Reform: Overview of the Current Tax System Sources of Federal Receipts Projected for 2016 Excise Taxes 2.9% Estate & Gift Taxes 0.6% Corporate Income Taxes 9.8% Other Taxes
More informationAviation Economics & Finance
Aviation Economics & Finance Professor David Gillen (University of British Columbia )& Professor Tuba Toru-Delibasi (Bahcesehir University) Istanbul Technical University Air Transportation Management M.Sc.
More informationOECD Health Policy Unit. 10 June, 2001
The State of Implementation of the OECD Manual: A System of Health Accounts (SHA) in OECD Member Countries, 2001 OECD Health Policy Unit 10 June, 2001 TABLE OF CONTENTS Summary...3 Introduction...4 Background
More informationTowards Basel III - Emerging. Andrew Powell, IDB 1 July 2006
Towards Basel III - Emerging. Andrew Powell, IDB 1 July 2006 Over 100 countries claim that they have implemented the 1988 Basel I Accord for bank minimum capital requirements. According to this measure
More informationSession 11. Fiscal Policy
Session 11. Fiscal Policy Government size Budget balances Fiscal Policy over the business cycle Debt and sustainability Understanding Fiscal Policy: Government size Government size varies across countries.
More informationDemographic reality forces European countries to introduce individually funded pension systems
PENSION NOTES No. 31 - November 2018 Demographic reality forces European countries to introduce individually funded pension systems Executive Summary Reality is inevitable: the countries with PAYGO pension
More informationStrategic Asset Allocation
Strategic Asset Allocation Caribbean Center for Monetary Studies 11th Annual Senior Level Policy Seminar May 25, 2007 Port of Spain, Trinidad and Tobago Sudhir Rajkumar ead, Pension Investment Partnerships
More informationGovernment Health Care Spending and Gross Domestic Product per Capita in 1970 and 2002 (2002 U.S. Dollars)
Health Care Spending: What the Future Will Look Like 1 TABLE A-I Government Health Care Spending and Gross Domestic Product per Capita in 1970 and 2002 (2002 U.S. Dollars) 1970 Gov t Health 2002 Gov t
More informationGood practices in pension supervision in the OECD area. Fiona Stewart Bangkok, April 2005
Good practices in pension supervision in the OECD area Fiona Stewart Bangkok, April 2005 OECD/INPRS work on private pension supervision - 2003/2004 Supervisory structures: survey on 20 OECD countries and
More informationHOW TO BE MORE OPPORTUNISTIC
HOW TO BE MORE OPPORTUNISTIC HOW TO BE MORE OPPORTUNISTIC Page 2 Over the last decade, institutional investors across much of the developed world have gradually reduced their exposure to equity markets.
More informationPresentation to: Asset Allocation Summit 20 July Adrian Orr Chief Executive Officer & Member, Capital Market Development Taskforce
Presentation to: Asset Allocation Summit 20 July 2009 Adrian Orr Chief Executive Officer & Member, Capital Market Development Taskforce Topics What do capital markets do? What are the unique features and
More informationSocial Expenditure in Japan: Trends and Backgrounds
Social Expenditure in Japan: Trends and Backgrounds Junko Takezawa The 9th Social Experts Meeting the Center Mark Hotel in Seoul (28 29 October 2014) Presentation Outline 1. Trends in Social Expenditure
More informationBank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2010 and Amounts
Bank of Canada Triennial Central Bank Survey of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2010 and Amounts Outstanding as at June 30, 2010 December 20, 2010 Table
More informationFederal Tax Expenditures: Use, Reporting and Review. June 1, 2011
June 1, 2011 Key Points of this Note: The Government of Canada (Government) implements policy initiatives through a combination of program spending ($250 billion per year) and tax expenditures (over $100
More informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More informationMedium Term Expenditure Framework and the Role of Spending Review
Medium Term Expenditure Framework and the Role of Spending Review Joop Vrolijk OECD/Sigma Secretariat 7th Annual Meeting of OECD-CESEE Senior Budget Officials Zagreb, Croatia, 30 June- 1 July 2011 CONTENT
More informationEarnings related schemes: Design, options and experience. Edward Whitehouse
Earnings related schemes: Design, options and experience Edward Whitehouse Retirement-income systems: goal Primary objective ensuring older people have a decent standard of living in retirement Two interpretations
More informationOverview of fiscal adjustment in Brazil
FISCAL ADJUSTMENT AND FISCAL RESPONSIBILITY LEGISLATION: THE CASE OF BRAZIL Luiz de Mello Economics Department, OECD Overview of fiscal adjustment in Brazil 1 The need to contain public indebtedness Improved
More informationDealing with the New Giants
Dealing with the New Giants Tito Boeri, Lans Bovenberg Benoît Cœuré, Andrew Roberts ICMB International Conference 2006, Geneva, May 5 2006 1 Pension funds assets (% of GDP) Iceland Switzerland Netherlands
More informationTHE SEARCH FOR FISCAL SPACE AND THE NEW CHALLENGES TO BUDGETING. 34 th annual meeting of Senior Budget Officials Paris, 3-4 June, 2013
THE SEARCH FOR FISCAL SPACE AND THE NEW CHALLENGES TO BUDGETING 34 th annual meeting of Senior Budget Officials Paris, 3-4 June, 2013 The overwhelming pressure of fiscal consolidation RPF 2012: 25 out
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
More informationEXPENDITURE RULES. Database
EXPENDITURE RULES Fiscal (or budgetary) rules regulate the development of public budget deficits and surpluses (see DICE Report 2/2004), without explicit reference to s or revenues. The revenue side is
More informationPublic Procurement networks in Latin America and the Caribbean
Session #7: Cross regional Learning: Cases in Caribbean and Latin American Countries Public Procurement networks in Latin America and the Caribbean Asia Pacific Public Electronic Procurement Network 2nd
More informationDow Jones Dividend Indices Methodology
Dow Jones Dividend Indices Methodology S&P Dow Jones Indices: Index Methodology January 2018 Table of Contents Introduction 3 Highlights and Index Family 3 Supporting Documents 4 Eligibility Criteria and
More informationAmerican healthcare: How do we measure up?
American healthcare: How do we measure up? December 2009 September 2009 Lauren Damme Economic Growth Program Next Social Contract Initiative The U.S. is one of the only industrialized nations in the world
More informationStability, Cohesion and Growth
Stability, Cohesion and Growth April 23, 2012 Swedish Minister for Finance Anders Borg Agenda Sweden has weathered the current crisis relatively well Lessons from the crisis in the early 1990s Further
More informationBank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts
Bank of Canada Triennial Central Bank Surveys of Foreign Exchange and Over-the-Counter (OTC) Derivatives Markets Turnover for April, 2007 and Amounts Outstanding as at June 30, 2007 January 4, 2008 Table
More informationS U M M A R Y B R I E F. The Nordic countries are leaders on gender equality
S U M M A R Y B R I E F May 2018 http://oe.cd/last-mile-gender-nordic The Nordic countries are leaders on gender equality Key measures of gender gaps in employment, Nordic and selected other OECD countries,
More informationTable 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
More informationChart 1. Percent change in manufacturing output per hour,
For release 10:00 a.m. (EDT) Thursday, October 22, 2009 Technical Information: (202) 691-5654 ilchelp@bls.gov www.bls.gov/ilc Media Contact: (202) 691-5902 PressOffice@bls.gov USDL-09-1271 INTERNATIONAL
More information2012 Global Investor Sentiment Survey Findings
The global economy is complex and ever evolving, which can be a source of optimism and anxiety for investors. The Franklin Templeton 2012 Global Investor Sentiment Survey has revealed that in the near
More informationStatus of Social Protection of Elderly in Sri Lanka
Status of Social Protection of Elderly in Sri Lanka Workshop on the World Bank s Study of Ageing Dr Ravi P. Rannan-Eliya & Colleagues Institute for Health Policy www.ihp.lk February 27, 2005 Hilton Residencies
More informationIncome Tax Planning for Expat Entrepreneurs. Olivier Wagner, CPA 1040 Abroad
Income Tax Planning for Expat Entrepreneurs Olivier Wagner, CPA 1040 Abroad Who is this presentation addressed to? u US Citizens and green card holders u Living outside the US u Self-employed or start-up
More informationMacroeconomic Theory and Policy
ECO 209Y Macroeconomic Theory and Policy Lecture 3: Aggregate Expenditure and Equilibrium Income Gustavo Indart Slide 1 Assumptions We will assume that: There is no depreciation There are no indirect taxes
More informationMMGPI 2016 Outcomes. Dr David Knox Senior Partner, Mercer
Editions 2016 Top 3 Rankings MMGPI 2016 Outcomes Dr David Knox Senior Partner, Mercer Every retirement system is different! Insurance Private Public Pensions DC Indexation Assets RETIREMENT INCOME SYSTEMS
More informationLA COPERTURA DEI SERVIZI SANITARI NEI PAESI OCSE. Annalisa Belloni
LA COPERTURA DEI SERVIZI SANITARI NEI PAESI OCSE Annalisa Belloni Agenda Com è organizzata la copertura sanitaria? Come misurarla? Quali cambiamenti e quale impatto? Il ruolo dell HTA Three Dimensions
More informationTax and Revenue Decisions Facing Congress and the President
Tax and Revenue Decisions Facing Congress and the President Presented for Ecumenical Advocacy Days, March 24, 2012 Steve Wamhoff Citizens for Tax Justice Citizens for Tax Justice is a non-profit organization
More informationProvincial Government Health Spending and Value for Money: An Overview of Canadian Trends,
Provincial Government Health Spending and Value for Money: An Overview of Canadian Trends, 1975-2016 Livio Di Matteo Department of Economics, Lakehead University Presentation for the Human Sciences Division
More informationEmerging Capital Markets AG907
Emerging Capital Markets AG907 M.Sc. Investment & Finance M.Sc. International Banking & Finance Lecture 2 Corporate Governance in Emerging Capital Markets Ignacio Requejo Glasgow, 2010/2011 Overview of
More informationDoing Business: Getting Credit and APEC
2010/SOM3/EC/SEM/003 Session 1 Doing Business: Getting Credit and APEC Submitted by: World Bank Seminar on Getting Credit for Small and Medium Enterprises Sendai, Japan 21 September 2010 Doing Business:
More informationSaving, Investment, and the Financial System. Premium PowerPoint Slides by Ron Cronovich, Updated by Vance Ginn
C H A P T E R 26 Saving, Investment, and the Financial System Economics P R I N C I P L E S O F N. Gregory Mankiw Premium PowerPoint Slides by Ron Cronovich, Updated by Vance Ginn 2009 South-Western, a
More informationUpdates and revisions of national SUTs for the November 2013 release of the WIOD
Updates and revisions of national SUTs for the November 2013 release of the WIOD Edited by Marcel Timmer (University of Groningen) With contributions from: Abdul A. Erumban, Reitze Gouma and Gaaitzen J.
More information