8th ASHK Appointed Actuaries Symposium Healthcare, Financing and Insurance

Size: px
Start display at page:

Download "8th ASHK Appointed Actuaries Symposium Healthcare, Financing and Insurance"

Transcription

1 8th ASHK Appointed Actuaries Symposium Healthcare, Financing and Insurance Presentation by Thomas Chan Deputy Secretary, Food and Health Bureau 4 November 2008

2 Rapidly Ageing Population In out of 8 persons was an elderly person. By out of 4 persons will be an elderly person. Population profile in 2008 & 2036 Age group Male In 2008 Female Age group Male By 2036 Female Thousands Thousands Source: Hong Kong Population Estimates Mid-2008, C&SD Hong Kong Population Projections , C&SD

3 Population ('000) Rapidly Ageing Population Projection of total population, elderly population and elderly dependency ratio, Elderly Dependncy Ratio (No. of persons aged 65 and above per 1000 persons aged between 15 and 64) or above Elderly Dependency Ratio Source: Hong Kong Population Estimates Mid-2008, C&SD Hong Kong Population Projections , C&SD

4 Rapidly Ageing Population 600 Elderly dependency ratio, Number of elderly aged 65+ per 1000 population aged Actual Japan United Kingdom Switzerland Hong Kong Singapore Projection Australia Canada Hong Kong Japan Singapore Switzerland United Kingdom United States Source: Hong Kong Population Projections , C&SD; OECD Health Data 2008 (Jun 2008); Australian Bureau of Statistics; Statistics Canada; National Institute of Population and Social Security Research, Japan; U.S. Census Bureau, International Data Base; Government Actuary's Department, UK; U.S. Census Bureau; Statistics Finland

5 Rapidly Ageing Population The elderly population has greater healthcare needs The elderly population uses on average six times more in-patient care than the population aged below 65. Average no. of bed days per 1,000 persons 12,000 10,000 8,000 6,000 4,000 2,000 Average number of public hospital bed days utilized by age (2007) Age group Source: Data from Hospital Authority

6 Per capita health expenditure as % of per capita GDP Rising Medical Expenditure Per capita total expenditure as percentage of per capita GDP in HK and selected economies ( ) USA 12 Switzerland 10 Australia 8 Japan UK 6 Hong Kong 4 Singapore Source: OECD Health Data 2008 (Jun 2008); WHO NHA Series; Singapore Ministry of Health; HKDHA:

7 Average annual growth rate 8% 7% 6% 5% 4% 3% 2% 1% 0% Rising Medical Expenditure Medical Inflation - advance in medical technology, higher public expectation, rising medical cost -> medical inflation is driving increase in health expenditure everywhere Average annual real growth rate of total health expenditure and real growth rate of GDP in HKG and selected economies ( ) Average annual real growth rate of GDP Average annual real growth rate of total health expenditure Japan Switzerland UK USA HKG Australia Singapore Source: OECD Health Data 2008 (Jun 2008); WHO NHA Series; Singapore Ministry of Health; Statistics Singapore; HKDHA:

8 Source: Hong Kong s Domestic Health Accounts: Financial projection of Hong Kong s total expenditure on health from 2004 to 2033 Rising Medical Expenditure 10% Health expenditure as % of GDP % Health expenditure as % of GDP 8% 7% 6% 5% 4% 3% 2% 1% Past Health expenditure in HK in Projection Health expenditure in HK in Total health expenditure Public health expenditure Private health expenditure 0%

9 Economies HK Australia Canada Finland UK Austria Belgium Japan Korea Netherlands Switzerland US Singapore Comparison of public health expenditure and public spending in different economies Total health exp as % of GDP Public health exp as % of GDP Public exp as % of GDP Highest personal income tax 15.0% 45.0% 46.4% 49.3% 40.0% 42.7% 45.1% 47.2% 35.5% 52.0% 37.8% 41.3% 20.0% Sales tax - 10% 6-16% 22% 17.5% 20% 21% 5% 10% 19% 7.6% % 7% Public health exp as % of public exp Source: OECD Health Data 2008 (Jun 2008); WHO NHA Series; HKDHA: 1989/ /05; Inland Revenue Authority of Singapore; Federation of Tax Administrators; Inland Revenue Department, HK; Wikipedia.

10 Comparison of source of healthcare financing Economies HK Australia Canada Finland UK Austria Belgium Japan Korea Netherlands Switzerland US Singapore General taxation 54.8% 67.0% 69.3% 61.1% 87.4% 31.5% 4.6% 17.4% 12.5% 4.0% 17.2% 32.7% 27.9% Public Social health insurance % 14.9% % 66.6% 64.8% 42.6% 77.7% 43.0% 13.1% 5.8% Source of financing Private health insurance 12.4% 7.4% 12.5% 2.2% 1.0% 4.7% 5.4% 2.5% 3.3% 5.9% 8.5% 36.0% 1.9% Private Note: All figures are in 2006, except figures for Australia and Canada are in 2005 and 2007 respectively. Out-of-pocket payments/ other sources 32.7% 25.6% 16.8% 21.8% 11.6% 19.1% 23.5% 15.2% 41.6% 12.4% 31.2% 18.2% 64.5% Source: OECD Health Data 2008 (June 2008); WHO NHA Series; HK DHA 1989/ /05.

11 Per Capita TEH (US$ PPP) (log scale) 10,000 1,000 Hong Kong has spent relatively less on health compared to OECD countries 10, ,000 Per Capita GDP (US$ PPP) (log scale) 2004 Source: OECD Health Data 2008, June 2008 Hong Kong s Domestic Health Accounts: 2004/05 Australia Austria Belgium Canada Czech Republic Denmark Finland France Germany Greece Hungary Iceland Ireland Italy Japan Korea Luxembourg Mexico Netherlands New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland Turkey United Kingdom United States Hong Kong SAR, China

12 Share of public expenditure on health (%) although public spending is commensurate with the different levels of public revenue between countries Public revenue as a % of GDP Source: OECD Health Data 2008, June Hong Kong s Domestic Health Accounts: 2004/05 Australia Austria Canada Czech Republic Finland France Germany Greece Hungary Ireland Italy Japan Korea Luxembourg Mexico New Zealand Norway Poland Portugal Slovak Republic Spain Sweden Switzerland United Kingdom United States Hong Kong SAR, China

13 Service Reform Healthcare Reform Hospital Care? Primary + Hospital Care Market Reform Public Provision? Public + Private Provision Financing Reform Tax-funded? Tax-funded +

14 Healthcare System Present Public Secondary/ tertiary healthcare Primary healthcare AED Public hospital (inpatient, SOPD) 29.1b subsidize 95% GOPC 4.5b subsidize 93% 4.Insufficient protection in safety net 2.Bottlenecks in public service 1.Primary health care not comprehensive enough 5.Lack of sharing of medical record 3.Publicprivate imbalance Private hospital 4.9b Private sector (general/specialist outpatient) 12.6b Private Public Source: Hong Kong s Domestic Health Accounts: 2004/05

15 Healthcare System Future Money follows patient Service benchmarking Secondary/ tertiary healthcare AED Public hospital (acute & emergency, underprivileged, catastrophic, training) PPP/ subsidize Private hospital Electronic Health Record System SOPC (Public) PPP/ subsidize SOPC (Private) Primary and community healthcare Public primary care (underprivileged, preventive care) PPP/ subsidize Private primary care (family doctors, dentists, TCM, allied health, community care) Subsidize preventive care

16 Healthcare Financing Present Public healthcare (mainly inpatient and specialist outpatient) 29.1b secondary/tertiary 4.5b primary Private healthcare (mainly outpatient) 4.9b hospital 12.6 b primary Government funding 31.9b Govt budget Tax Public fees 1.7b User pay Public Out-ofpocket 11.4b Private insurance Employer provided insurance Premium [x]b Insurance 6.1b Source: Hong Kong s Domestic Health Accounts: 2004/05

17 Healthcare Financing Future??? Money follows patient Service benchmarking Public healthcare PPP/ subsidize Private healthcare Increase govt funding Increase public fees Co-pay Increase insurance Govt budget SHI MSA Private insurance Employer provided insurance Increase tax Public

18 Financing what do we need? Save for future healthcare Subsidize the poor & underprivileged Share out the healthcare risk Support service and market reform

19 Insurance does it fit the bill? Yes Risk-pooling/sharing Subsidize the sick Purchaser role Choice of service Money follows patient? No No saving in general No wealth re-distribution Risk-pooling at what cost? Moral hazards Lack continuity & certainty

20 The Health Insurance Triangle Insurers anti -selection risk selection premium hike moral hazards cost control autonomy Patients demand supply Providers

21 Where can we meet? Voluntary Group/Individual Small risk pots Underwriting Itemized charging Unsubsidized Self-regulated Mandatory Portability/Continuity Large risk pool Age-banded/ Community-rated Case-mix pricing Incentivized Regulated

22 Can insurance do better? Less exclusions Premium guarantee Renewal guarantee Better continuity/portability Provision for future Incentives to stay on Price transparency Health-outcome-oriented Utilization/cost-control

23 What the industry needs? A level-playing field Incentives Product features comparison? E-Platform? Cost/utilization benchmarking? Collective bargaining? Re-insurance or shared-pool? Consumer buy-in

24 Thank You

American healthcare: How do we measure up?

American 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 information

OECD HEALTH SYSTEM CHARACTERISTICS SURVEY 2012

OECD HEALTH SYSTEM CHARACTERISTICS SURVEY 2012 OECD HEALTH SYSTEM CHARACTERISTICS SURVEY 2012 Emily Hewlett OECD Health Data National Correspondents and Health Accounts Experts Meeting, 17 th October 2013 Health System Characteristics Survey 2012 HSC

More information

American healthcare: How do we measure up?

American 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 information

Corrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012

Corrigendum. 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 information

Statistical annex. Sources and definitions

Statistical annex. Sources and definitions Statistical annex Sources and definitions Most of the statistics shown in these tables can be found as well in several other (paper or electronic) publications or references, as follows: the annual edition

More information

8-Jun-06 Personal Income Top Marginal Tax Rate,

8-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 information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Annuities: a private solution to longevity risk

Annuities: 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 information

Health Care in Crisis

Health Care in Crisis Health Care in Crisis The Economic Imperative for Health Care Reform James Kvaal and Ben Furnas February 19, 2009 1 Center for American Progress Health Care in Crisis U.S. spends twice as much per capita

More information

Sources of Government Revenue in the OECD, 2016

Sources of Government Revenue in the OECD, 2016 FISCAL FACT No. 517 July, 2016 Sources of Government Revenue in the OECD, 2016 By Kyle Pomerleau Director of Federal Projects Kevin Adams Research Assistant Key Findings OECD countries rely heavily on

More information

Approach to Employment Injury (EI) compensation benefits in the EU and OECD

Approach 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 information

Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System

Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System Pension Fund Investment and Regulation - An International Perspective and Implications for China s Pension System Yu-Wei Hu, Fiona Stewart and Juan Yermo Financial Affairs Division OECD, Paris OECD/IOPS

More information

HEALTH: FOCUS ON TOMORROW S NEEDS. Date:7 th December Overview of the Irish Healthcare System John O Dwyer CEO, Vhi Group DAC.

HEALTH: FOCUS ON TOMORROW S NEEDS. Date:7 th December Overview of the Irish Healthcare System John O Dwyer CEO, Vhi Group DAC. HEALTH: FOCUS ON TOMORROW S NEEDS Overview of the Irish Healthcare System John O Dwyer CEO, Vhi Group DAC Date:7 th December 2018 Agenda Agenda Irish Economic Landscape Overview of the Irish Healthcare

More information

Household Financial Wealth By Selected Country

Household Financial Wealth By Selected Country Household Financial Wealth By Selected Country US$ Trillions 60 50-37% Indicates Projected Shortfall 40 30 20 Extrapolation of Historical Growth 2003-24 Projection (Based on Demographic Trends) -47% -34%

More information

Ways to increase employment

Ways to increase employment Ways to increase employment Iceland Luxembourg Spain Canada Italy Norway Denmark Germany Portugal Ireland Japan Belgium Switzerland Austria Slovenia United States New Zealand Finland France Netherlands

More information

Statistical Annex ANNEX

Statistical Annex ANNEX ISBN 92-64-02384-4 OECD Employment Outlook Boosting Jobs and Incomes OECD 2006 ANNEX Statistical Annex Sources and definitions Most of the statistics shown in these tables can be found as well in three

More information

PENSIONS IN OECD COUNTRIES: INDICATORS AND DEVELOPMENTS

PENSIONS 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 information

2015 MERCER BENEFITS ANALYSIS REVIEW

2015 MERCER BENEFITS ANALYSIS REVIEW 2015 MERCER BENEFITS ANALYSIS REVIEW Definitions Top Management (Top Mgt) Management (Mgt) Professionals (Prof) Staff (Staff) Employees with roles such as Head of rganization, Function Heads. Typical Career

More information

Sources of Government Revenue in the OECD, 2017

Sources of Government Revenue in the OECD, 2017 FISCAL FACT No. 558 Aug. 2017 Sources of Government Revenue in the OECD, 2017 Amir El-Sibaie Analyst Key Findings: OECD countries rely heavily on consumption taxes, such as the value-added tax, and social

More information

Sources of Government Revenue in the OECD, 2018

Sources of Government Revenue in the OECD, 2018 FISCAL FACT No. 581 Mar. 2018 Sources of Government Revenue in the OECD, 2018 Amir El-Sibaie Analyst Key Findings In 2015, OECD countries relied heavily on consumption taxes, such as the value-added tax,

More information

Introduction to Public Finance

Introduction to Public Finance Introduction to Public Finance Lecture 2: Functions and size of the welfare state. Retirement, unemployment protection, health care, etc. Welfare expenditures, aging problem. 1 Outline of the lecture Basic

More information

HEALTH LABOUR MARKET TRENDS IN OECD COUNTRIES

HEALTH LABOUR MARKET TRENDS IN OECD COUNTRIES HEALTH LABOUR MARKET TRENDS IN OECD COUNTRIES Michael Schoenstein, OECD Health Division 3 rd Global Health Workforce Alliance Forum Recife, 11 November 2013 Main health labour market issues in OECD countries

More information

Ageing and employment policies: Ireland

Ageing and employment policies: Ireland Ageing and employment policies: Ireland John Martin 1 Director for Employment, Labour and Social Affairs, OECD FÁS Annual Labour Market Conference, Dublin, 5 December 2005 OECD has carried out a major

More information

Burden of Taxation: International Comparisons

Burden of Taxation: International Comparisons Burden of Taxation: International Comparisons Standard Note: SN/EP/3235 Last updated: 15 October 2008 Author: Bryn Morgan Economic Policy & Statistics Section This note presents data comparing the national

More information

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov

TAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,

More information

Table 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. 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 information

Recommendation of the Council on Tax Avoidance and Evasion

Recommendation of the Council on Tax Avoidance and Evasion Recommendation of the Council on Tax Avoidance and Evasion OECD Legal Instruments This document is published under the responsibility of the Secretary-General of the OECD. It reproduces an OECD Legal Instrument

More information

Improving data on pharmaceuticals. Meeting of OECD Health Data National Correspondents 3-4 october 2011

Improving data on pharmaceuticals. Meeting of OECD Health Data National Correspondents 3-4 october 2011 Improving data on pharmaceuticals Meeting of OECD Health Data National Correspondents 3-4 october 2011 Purpose of this agenda item Present the current content of OECD health data on pharmaceuticals Propose

More information

TAX POLICY CENTER BRIEFING BOOK. Background. Q. What are the sources of revenue for the federal government?

TAX POLICY CENTER BRIEFING BOOK. Background. Q. What are the sources of revenue for the federal government? What are the sources of revenue for the federal government? FEDERAL BUDGET 1/4 Q. What are the sources of revenue for the federal government? A. About 48 percent of federal revenue comes from individual

More information

Impact on Education and Healthcare Sector Revenue from a 10% Increase in Broadband Penetration in India

Impact on Education and Healthcare Sector Revenue from a 10% Increase in Broadband Penetration in India Presentation for GSMA Impact on Education and Healthcare Sector Revenue from a 10% Increase in Broadband Penetration in India 20 May 2011 Ref: Contents 2 Approach and Results Summary Overview of Education

More information

LA COPERTURA DEI SERVIZI SANITARI NEI PAESI OCSE. Annalisa Belloni

LA 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 information

Sources of Government Revenue in the OECD, 2014

Sources of Government Revenue in the OECD, 2014 FISCAL FACT Nov. 2014 No. 443 Sources of Government Revenue in the OECD, 2014 By Kyle Pomerleau Economist Key Findings OECD countries rely heavily on consumption taxes, such as the value added tax, and

More information

COMPARISON OF RIA SYSTEMS IN OECD COUNTRIES

COMPARISON 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 information

OECD Health Policy Unit. 10 June, 2001

OECD 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 information

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017

Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems. 5 October 2017 Open Day 2017 Clearstream execution-to-custody integration Valentin Nehls / Jan Willems 5 October 2017 Deutsche Börse Group 1 Settlement services: single point of access to cost-effective, low risk and

More information

The Case for Fundamental Tax Reform: Overview of the Current Tax System

The 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 information

Budget repair and the changing size of Australia s government. Crawford Australian Leadership Forum John Daley, Grattan Institute June 2016

Budget repair and the changing size of Australia s government. Crawford Australian Leadership Forum John Daley, Grattan Institute June 2016 Budget repair and the changing size of Australia s government Crawford Australian Leadership Forum John Daley, Grattan Institute June 2016 Commonwealth expenditure is high relative to history; revenue

More information

Macroeconomic Theory and Policy

Macroeconomic 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 information

OECD Report Shows Tax Burdens Falling in Many OECD Countries

OECD Report Shows Tax Burdens Falling in Many OECD Countries OECD Centres Germany Berlin (49-30) 288 8353 Japan Tokyo (81-3) 5532-0021 Mexico Mexico (52-55) 5281 3810 United States Washington (1-202) 785 6323 AUSTRALIA AUSTRIA BELGIUM CANADA CZECH REPUBLIC DENMARK

More information

REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE

REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE REFORMING PENSION SYSTEMS: THE OECD EXPERIENCE IX Forum Nacional de Seguro de Vida e Previdencia Privada 12 June 2018, São Paulo Jessica Mosher, Policy Analyst, Private Pensions Unit of the Financial Affairs

More information

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%)

Double Tax Treaties. Necessity of Declaration on Tax Beneficial Ownership In case of capital gains tax. DTA Country Withholding Tax Rates (%) Double Tax Treaties DTA Country Withholding Tax Rates (%) Albania 0 0 5/10 1 No No No Armenia 5/10 9 0 5/10 1 Yes 2 No Yes Australia 10 0 15 No No No Austria 0 0 10 No No No Azerbaijan 8 0 8 Yes No Yes

More information

Fiscal Policy in Japan

Fiscal 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 information

Primary Health Care Needs-Based Resource Allocation through Financing of Health Regions

Primary Health Care Needs-Based Resource Allocation through Financing of Health Regions Primary Health Care Needs-Based Resource Allocation through Financing of Health Regions 26th PCSI Conference 17 th September 2010 A Lourenço, A Bicó, S Olim, M Reis, A Ferreira www.acss.min-saude.pt Ref::ACSS\GGV\AOE

More information

BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY

BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY BETTER POLICIES FOR A SUCCESSFUL TRANSITION TO A LOW-CARBON ECONOMY Rintaro Tamaki Deputy Secretary-General, OECD International Forum for Sustainable Asia and the Pacific (ISAP)1 Yokohama, July 1 Four

More information

Investing for our Future Welfare. Peter Whiteford, ANU

Investing for our Future Welfare. Peter Whiteford, ANU Investing for our Future Welfare Peter Whiteford, ANU Investing for our future welfare Presentation to Jobs Australia National Conference, Canberra, 20 October 2016 Peter Whiteford, Crawford School of

More information

Financial wealth of private households worldwide

Financial wealth of private households worldwide Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate

More information

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE

STOXX EMERGING MARKETS INDICES. UNDERSTANDA RULES-BA EMERGING MARK TRANSPARENT SIMPLE STOXX Limited STOXX EMERGING MARKETS INDICES. EMERGING MARK RULES-BA TRANSPARENT UNDERSTANDA SIMPLE MARKET CLASSIF INTRODUCTION. Many investors are seeking to embrace emerging market investments, because

More information

Definition of international double taxation

Definition of international double taxation Definition of international double taxation Juridical double taxation: imposition of comparable taxes in two (or more) States on the same taxpayer in respect of the same subject matter and for identical

More information

The Economics of Public Health Care Reform in Advanced and Emerging Economies

The 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 information

ANNEX 2: Summary Tables

ANNEX 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 information

Low employment among the 50+ population in Hungary

Low 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 information

Programme for Government Joe Reynolds Director Programme for Government and Delivering Social Change

Programme 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 information

Fiscal Policy in Japan

Fiscal Policy in Japan Fiscal Policy in Japan - Issues and Future Directions - Introduction 1.Social security benefits have been increasing every year due to the aging population. 2.With these situations, the public finance

More information

10% 10% 15% 15% Caseload: WE. 15% Caseload: SS 10% 10% 15%

10% 10% 15% 15% Caseload: WE. 15% Caseload: SS 10% 10% 15% Percentchangeincaseload 15% 10% 5% 0% 5% 10% 15% Caseload: AO 0 1 2 3 4 5 Percentchangein caseload 15% 10% 5% 0% 5% 10% 15% Caseload: NC 0 1 2 3 4 5 Years Years Percentchangein caseload 15% 10% 5% 0% 5%

More information

Public Financial Management (PFMx) Module

Public 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 information

Bank 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 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 information

Turkey s Saving Deficit Issue From an Institutional Perspective

Turkey s Saving Deficit Issue From an Institutional Perspective Turkey s Saving Deficit Issue From an Institutional Perspective Engin KURUN, Ph.D CEO, Ziraat Asset Management Oct. 25th, 2011 - Istanbul 1 PRESENTATION Household and Institutional Savings Institutional

More information

Sources of Government Revenue across the OECD, 2015

Sources of Government Revenue across the OECD, 2015 FISCAL FACT Apr. 2015 No. 465 Sources of Government Revenue across the OECD, 2015 By Kyle Pomerleau Economist Key Findings OECD countries rely heavily on consumption taxes, such as the value added tax,

More information

FEES SCHEDULE (COPPER / GOLD)

FEES SCHEDULE (COPPER / GOLD) FEES SCHEDULE (COPPER / GOLD) Applicable from April 208 excluding discretionary management agreement and investment advisory agreement CBP Quilvest LU EN Fees Schedule Excluding Management April 208 /5

More information

Statistical Annex. Sources and definitions

Statistical Annex. Sources and definitions Statistical Annex Sources and definitions Most of the statistics shown in these tables can also be found in two other (paper or electronic) publication and data repository, as follows: The annual edition

More information

Quarterly Investment Update First Quarter 2017

Quarterly Investment Update First Quarter 2017 Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging

More information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the

More information

Quarterly Investment Update First Quarter 2018

Quarterly Investment Update First Quarter 2018 Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market

More information

Registration of Foreign Limited Partnerships in the Cayman Islands

Registration of Foreign Limited Partnerships in the Cayman Islands Registration of Foreign Limited Partnerships in the Cayman Islands Preface This publication has been prepared for the assistance of those who are considering registration of a foreign limited partnership

More information

education (captured by the school leaving age), household income (measured on a ten-point

education (captured by the school leaving age), household income (measured on a ten-point A Web-Appendix A.1 Information on data sources Individual level responses on benefit morale, tax morale, age, sex, marital status, children, education (captured by the school leaving age), household income

More information

FEES SCHEDULE (SILVER/PLATINUM)

FEES SCHEDULE (SILVER/PLATINUM) FEES SCHEDULE (SILVER/PLATINUM) Applicable from April 208 under an Investment Advisory Agreement CBP Quilvest LU EN Investment Advisory Fees Schedule April 208 /5 ADVISORY MANAGEMENT, CUSTODY FEES AND

More information

Measuring and Reporting

Measuring 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 information

International Statistical Release

International Statistical Release International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the

More information

This DataWatch provides current information on health spending

This DataWatch provides current information on health spending DataWatch Health Spending, Delivery, And Outcomes In OECD Countries by George J. Schieber, Jean-Pierre Poullier, and Leslie M. Greenwald Abstract: Data comparing health expenditures in twenty-four industrialized

More information

RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003

RECENT 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 information

Trade and Development Board Sixty-first session. Geneva, September 2014

Trade and Development Board Sixty-first session. Geneva, September 2014 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Trade and Development Board Sixty-first session Geneva, 15 26 September 2014 Item 3: High-level segment Tackling inequality through trade and development:

More information

LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE

LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE 7. FINANCES OF RETIREMENT-INCOME SYSTEMS LONG-TERM PROJECTIONS OF PUBLIC PENSION EXPENDITURE Key results Public spending on pensions has been on the rise in most OECD countries for the past decades, as

More information

Performance Budgeting (PB) in OECD Countries

Performance 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 information

Fiscal 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? 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 information

Growth in OECD Unit Labour Costs slows to 0.4% in the third quarter of 2016

Growth in OECD Unit Labour Costs slows to 0.4% in the third quarter of 2016 Growth in OECD Unit Labour Costs slows to.4% in the third quarter of 26 Growth in unit labour costs (ULCs) in the OECD area slowed to.4% in the third quarter of 26 (compared with.6% in the previous quarter)

More information

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 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 information

Double-Taxing Capital Income: How Bad Is the Problem?

Double-Taxing Capital Income: How Bad Is the Problem? November 15, 2006 Double-Taxing Capital Income: How Bad Is the Problem? by Patrick Fleenor Fiscal Fact No. 71 Introduction Double taxation is a common and often misused expression in tax policy discussions.

More information

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014

Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents. 18 July 2014 Key Issues in the Design of Capital Gains Tax Regimes: Taxing Non- Residents 18 July 2014 How do we tax non-residents on capital income? Domestic design issues Tax treaty issues Interrelationship between

More information

Glossary of Defined Terms

Glossary of Defined Terms Glossary of Defined Terms Glossary History Change Date April 2007 July 2007 Description of Changes Initial Launch Amendment of definition of administrator(s) Glossary History July 2007 Page 1 of 1 A Accredited

More information

C W S S u m m i t. Dambisa Moyo 16 May 2012 London

C W S S u m m i t. Dambisa Moyo 16 May 2012 London 2 0 1 2 C W S S u m m i t Dambisa Moyo 16 May 2012 London Table of Contents I Global Labour Market Picture II Six Labour Market Drivers III The Challenges Ahead 2 Global unemployment (millions) Unemployment

More information

The OECD s Society at a Glance Simon Chapple OECD ELS/SPD Villa Vigoni, Italy, 9-11 th March 2011

The OECD s Society at a Glance Simon Chapple OECD ELS/SPD Villa Vigoni, Italy, 9-11 th March 2011 The OECD s Society at a Glance 2 Simon Chapple OECD ELS/SPD Villa Vigoni, Italy, 9- th March 2 Reconceptualisation for 2: Internal reasons OECD growth from 3 to 34 countries Other major economies (e.g.

More information

The Global Tax Reset 2017 Audit Committee Symposium

The Global Tax Reset 2017 Audit Committee Symposium The Global Tax Reset Copyright 2017 Deloitte Development LLC. All rights reserved. 2017 Audit Committee Symposium Anticipate. Navigate. Focus. 1 The Global Tax Reset General context Multinational companies

More information

Markets for Medical Care

Markets for Medical Care Markets for Medical Care Robert M. Coen Professor Emeritus of Economics Northwestern Alumnae Continuing Education January 12, 2017 An Exemplary Market: Tea Essential requirements Consumers are well-informed

More information

The Rule of Law as a Factor for Competitiveness

The Rule of Law as a Factor for Competitiveness The Rule of Law as a Factor for Competitiveness Lessons from the Global Competitiveness Index 2008-2009 Irene Mia Director, Senior Economist Global Competitiveness Network, World Economic Forum OECD Workshop

More information

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of

Actuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and

More information

Guidance on Transfer Pricing Documentation and Country-by-Country Reporting

Guidance on Transfer Pricing Documentation and Country-by-Country Reporting OECD/G20 Base Erosion and Profit Shifting Project Guidance on Transfer Pricing Documentation and Country-by-Country Reporting ACTION 13: 2014 Deliverable ANNEX II TO CHAPTER V. TRANSFER PRICING DOCUMENTATION

More information

Investment in Health is investment in wealth: the positive dimension of healthcare K. Panagoulias, Al.President SFEE

Investment in Health is investment in wealth: the positive dimension of healthcare K. Panagoulias, Al.President SFEE Investment in Health is investment in wealth: the positive dimension of healthcare K. Panagoulias, Al.President SFEE Healthworld Conference, October 2017 % Healthcare as % of GDP 14,00% 12,00% 10,00% 11,0%

More information

Provincial 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, 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 information

Budget repair and the size of Australia s government. Melbourne Economic Forum John Daley, Grattan Institute December 2015

Budget repair and the size of Australia s government. Melbourne Economic Forum John Daley, Grattan Institute December 2015 Budget repair and the size of Australia s government Melbourne Economic Forum John Daley, Grattan Institute December 2015 Budget repair and the size of Australia s government Attitudes to the best approach

More information

The Outlook for the U.S. Economy and the Policies of the New President

The Outlook for the U.S. Economy and the Policies of the New President The Outlook for the U.S. Economy and the Policies of the New President Jason Furman Senior Fellow, PIIE SNS/SHOF Finance Panel Stockholm June 12, 2017 Peterson Institute for International Economics 1750

More information

Capital Access Index 2006 Gauging Entrepreneurial Access to Capital

Capital Access Index 2006 Gauging Entrepreneurial Access to Capital Capital Access Index 2006 Gauging Entrepreneurial Access to Capital Max = 10 9.0 Hong Kong 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 40 Source: Milken Institute United Kingdom U.S. India China Brazil Russia

More information

International Tax Conference

International Tax Conference International Tax Conference Hong Kong s Experience with its International Tax Treaty Network Richard Wong Commissioner of Inland Revenue 19 June 2014 1 Introduction Purpose of signing a tax treaty Fairness

More information

COVERAGE OF PRIVATE PENSION SYSTEMS AND MAIN TRENDS IN THE PENSIONS INDUSTRY IN THE OECD

COVERAGE OF PRIVATE PENSION SYSTEMS AND MAIN TRENDS IN THE PENSIONS INDUSTRY IN THE OECD COVERAGE OF PRIVATE PENSION SYSTEMS AND MAIN TRENDS IN THE PENSIONS INDUSTRY IN THE OECD Fafo Pension Forum Oslo, 16 November 2012 Stéphanie Payet OECD Financial Affairs Division Structure of the Presentation

More information

FCCC/SBI/2010/10/Add.1

FCCC/SBI/2010/10/Add.1 United Nations Framework Convention on Climate Change Distr.: General 25 August 2010 Original: English Subsidiary Body for Implementation Contents Report of the Subsidiary Body for Implementation on its

More information

Summary of key findings

Summary of key findings 1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is

More information

Bank 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 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 information

Implementing ICP Recommendations Financing The Road To Prosperity. Paul Daniel Muller. President Montreal Economic Institute

Implementing ICP Recommendations Financing The Road To Prosperity. Paul Daniel Muller. President Montreal Economic Institute Implementing ICP Recommendations Financing The Road To Prosperity Paul Daniel Muller President Montreal Economic Institute The Implementation Challenge Some major ICP recommendations imply increase in

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 442 GDP per capita (USD) 43. 237 Population (000s) 61 412 Labour force (000s) 31 118 Employment rate 94.7 Population over 65 (%)

More information

CBHI: An evolutionary approach to achieving universal coverage in Low-income Countries?

CBHI: An evolutionary approach to achieving universal coverage in Low-income Countries? CBHI: An evolutionary approach to achieving universal coverage in Low-income Countries? Hong Wang, MD, PhD Nancy Pielemeier DrPH 2 st AfHEA Conference Saly Senegal March 15-17, 2011 Universal coverage

More information

MPF & Retirement Protection System in Hong Kong A personal view

MPF & Retirement Protection System in Hong Kong A personal view MPF & Retirement Protection System in Hong Kong A personal view Darren McShane Chief Regulation & Policy Officer and Executive Director Mandatory Provident Fund Schemes Authority 21 March 2017 Agenda I.

More information