Fiscal Policy and Inequality: What Do We Know? Benedict Clements International Monetary Fund
|
|
- Buck Grant Perry
- 5 years ago
- Views:
Transcription
1 Fiscal Policy and Inequality: What Do We Know? Benedict Clements International Monetary Fund
2 Outline of the presentation q Trends in Inequality and the Redistributive Role of Fiscal Policy q Lessons from the Literature on Policy Design q q q Tax Policies Expenditure Policies Fiscal Consolidation and Income Distribution q Key Areas for Additional Research 2
3 Trends in Inequality and the Redistributive Role of Fiscal Policy 3
4 While world income inequality has been going down Evolution of World Inequality, Percent (Gini) Historical series Gini coefficient Recent period Gap Mean income gap between top and bottom 10% Sources: Bourguignon, The Globalization of Inequality. The indexes of PPP that Angus Maddison used for the historical data referenced the year The data for the recent period use PPP data based on price statistics that were collected in 2005, which sometimes resulted in significant revisions to the parity indexes. This explains much of the discontinuity between the two series in
5 within countries inequality has been increasing in most advanced economies and in large emerging ones Income Inequality in the 1980s and 2000s Advanced Economies Developing Economies 5
6 Trends in inequality vary by region Gini coefficient Latin America and Caribbean (19) Advanced (21) Asia and Pacific (14) Emerging Europe (21) Middle East and North Africa (12) Sub- Saharan Africa (22) 6
7 More recently, the focus has been on the rising income share of top income earners Gross Income Share of Top One-Percent in Selected Advanced and Developing Economies, Percent United King dom Australia Canada South Africa India United States France Germany Japan Netherlands Sweden 7
8 Since the crises, public support for redistribution has increased, especially in advanced economies where the crisis hit harder Public Support for Redistribution (Percent) Sources: Clements, Gaspar, Gupta and Kinda (2015); Authors estimates based on Integrated Values Survey data. 8
9 Wealth inequality is significantly more pronounced than income inequality Inequality of Wealth and Income Sources: Davies and others (2008); Luxembourg Income Study; Organisation for Economic Co-operation and Development; Socio-Economic Database for Latin America and the Caribbean (CEDLAC and the World Bank). Note: Data labels in the figure use International Organization for Standardization (ISO) country codes. 9
10 Inequality of income and inequality of opportunities tend to be related 0.5 GBR ITA Generational earnings elasticity (less mobility ) FIN SWE NOR DNK GER NZL FRA AUS CAN USA CHE ESP JPN y = x Gini (around 1985; higher inequality ) 10
11 Fiscal redistribution reduces inequality by one third in advanced economies, mostly through spending From taxes From transfers Average market income Gini: 0.43 Average disposable income Gini: 0.29 Absolute Gini reduction Total redistribution: DNK CZE BEL SVN NOR GBR FIN AUT SWE LUX DEU FRA AUS IRL NLD ISR CAN USA EST ITA GRC ESP KOR TWN From transfers:
12 The contribution of fiscal policy to reduce inequality is smaller in developing countries Level and Composition of Tax Revenues and Social Spending, Education Health Social protection Tax revenues Total revenues 30 Percent of GDP Advanced {30; 29} Emerging Europe {14; 16} Latin America and the Caribbean {23; 21} Middle East and North Africa {19; 18} Asia and Pacific {23; 19} Sub-Saharan Africa {34; 35} Source: IMF database. Note: Numbers in brackets refer to number of countries in the {tax; spending} country samples. 12
13 Lessons for Policy Design 13
14 Designing efficient redistributive fiscal policy q Redistributive fiscal policy should be consistent with macroeconomic objectives q Policies need to be carefully designed taking into account also indirect and medium-long term effects q Design should take into account administrative capacity q The impact of tax and spending policies should be evaluated jointly 14
15 Efficient design requires looking at tax and spending together India Simulated Net Impact by Decile of Combined Tax and Transfer Reforms Source: IMF staff estimates based on the 2011/12 Indian National Sample Survey and the Employment Unemployment Survey 15
16 Tax policy: reform options to achieve more efficient redistribution of taxation Direct taxes Advanced Developing Implement progressive personal income tax (PIT) rate structures Relieve low-wage earners from tax or social contributions Expand coverage of PIT More effectively tax multinational corporations Utilize better opportunities for recurrent property taxation 16
17 Tax policy: reform options to achieve more efficient redistribution of taxation Indirect taxes Advanced Developing Minimize VAT exemptions and special VAT rates Use specific excises mainly for purposes other than redistribution 17
18 Expenditure policy: reform options to achieve more efficient redistribution of spending Education Advanced Developing Improve access to education of low-income families Health Expand coverage of publicly financed basic health package Advanced Developing Ensure or maintain access of low-income groups to essential health services 18
19 Expenditure policy: reform options to achieve more efficient redistribution of spending Social transfers Intensify the use of active labor market programs and in-work benefits Expand conditional cash transfer (CCT) programs as administrative capacity improves Advanced Developing Increase effective pension retirement age while protecting low-income pensioners Expand noncontributory means-tested social pensions 19
20 Other lessons Heterogeneity among countries must be taken into account when designing fiscal policies: q income levels and pre-tax & transfers levels of inequality differ significantly among countries q administrative capacity may constrain policy options (for instance for ensuring tax compliance or effective targeting) q institutional design varies among countries and may have an effect on distributional outcomes (for instance decentralization/centralization of certain functions) 20
21 Fiscal consolidation and redistribution Unemployment Rates and Gini Coefficients During Fiscal Adjustment (percent) Sources: Solt (2014); Eurostat; and IMF, World Economic Outlook. Note: Fiscal adjustment episodes are defined as in Escolano and others 2014 based on changes in cyclically adjusted primary balances in countries with positive primary gaps. The sample covers 91 episodes across 49 advanced and developing economies between 1945 and
22 Fiscal consolidation and redistribution: Impact of austerity on inequality estimate lower limit upper limit Note: dotted lines equal one standard error bands. 22
23 Fiscal consolidation and redistribution: Impact of austerity on labor share of income estimate lower limit upper limit Note: dotted lines one standard error bands. 23
24 Fiscal consolidation and redistribution Changes in Market- and Disposable-Income Gini Coefficients, Source: EUROMOD statistics on Distribution and Decomposition of Disposable Income, accessed at statistics/ using EUROMOD version No. G2.0. Note: An increase in the Gini coefficient indicates an increase in inequality. The Gini coefficient for market income is estimated based on disposableincome micro data by adding back (in the case of taxes) or deducting (in the case of benefits) each income component, using the EUROMOD microsimulation model. Estimates for market-income Gini in 2007 and 2013 are based on European Union Statistics on Income and Living Conditions 2008 (income reference period: 2007) and European Union Statistics on Income and Living Conditions 2010 (income reference period: 2009), respectively. For the latter, market-income updates from the income reference period to later years are based on a combination of updating factors. For more information on the exact updating factors used for each country, please refer to the Country Reports ( ac.uk/euromod/resources-for-euromod-users/country-reports). Changes between years and tax-benefit components are not necessarily statistically significant. Data labels in the figure use International Organization for Standardization (ISO) country codes. 24
25 Fiscal consolidation and redistribution Redistributive Effect of Fiscal Policy, (Effect on Gini Coefficient) Source: Clements, Gaspar, Gupta, and Kinda (2015). EUROMOD statistics on Distribution and Decomposition of Disposable Income, accessed at Statistics/WebStatistics_July1_2014_Gini_Datasets_Population_Exchangerates.xlsx using EUROMOD version No. G2.0. Note: A negative number indicates a decline in income inequality (the Gini coefficient) due to fiscal policy. The figure measures the change in disposable income (which reflects government tax and transfer programs) minus the change in market incomes. 25
26 Key Areas for Additional Research 26
27 Fiscal policy and inequality key research issues in advanced economies Interaction of labor market institutions and social benefits q More generous social benefits or minimum wages reduce employment; is raising employment more important? q How to foster equality of opportunity especially for those from single parent households/disadvantaged households Incidence of public spending over lifetimes (do pension systems redistribute lifetime income?) Better evidence on tax incidence, taking into account the shifting of tax burdens (who bears the burden of corporate taxation?) 27
28 Fiscal policy and inequality key research issues in developing economies How to protect the poor during fiscal consolidation when the poor are in the informal sector How to expand benefits to low-income groups without creating incentives to stay in the informal sector Improving human capital of the poor (education and health attainment) are key to reducing inequality; how can this be done when so much public spending is inefficient? 28
Inequality and Fiscal Policy
Inequality and Fiscal Policy Sanjeev Gupta International Monetary Fund CEPAL XXVIII Seminario Regional de Política Fiscal March 16-17, 2016 Santiago, Chile Outline of the presentation Trends in Inequality
More informationInequality and Fiscal Policy
Inequality and Fiscal Policy Sanjeev Gupta International Monetary Fund G24 meeting - March 3, 2016 Outline of the presentation q Trends in Inequality and the Redistributive Role of Fiscal Policy q Lessons
More informationFiscal Policy and Income Inequality. March 13, 2014
Fiscal Policy and Income Inequality March 13, 2014 Inequality has been increasing in most economies 0.55 Disposable Income Inequality: 1980 2010 0.5 0.45 Gini coefficient 0.4 0.35 0.3 0.25 0.2 1980 1985
More informationThe presentation builds on the findings included in the recent IMF book
International Experience with Fiscal Redistribution SANJEEV GUPTA Deputy Director Fiscal Affairs Department International Monetary Fund Colombo July 14, 2016 Outline of the presentation Trends in Inequality
More informationNero Meeting: Alain de Serres OECD Economics Department. 21 June 2013
Nero Meeting: The structural reform agenda to boost longterm growth and its side-effects on nearterm activity and other objectives Alain de Serres OECD Economics Department 21 June 2013 Benchmarking exercise
More informationTHE BENEFITS OF EXPANDING THE ROLE OF WOMEN AND YOUTH IN ECONOMIC ACTIVITIES
G7 International Forum for Empowering Women and Youth in the Agriculture and Food Systems THE BENEFITS OF EXPANDING THE ROLE OF WOMEN AND YOUTH IN ECONOMIC ACTIVITIES Randall S. Jones Head, Japan/Korea
More informationCan employment be increased only at the cost of more inequality?
Can employment be increased only at the cost of more inequality? Engines for More and Better Jobs in Europe ZEW Conference, Mannheim April 2013 Torben M Andersen Aarhus University Policy questions How
More informationWhat is the economic outlook for OECD countries?
The outlook What is the economic outlook for OECD countries? Paul van den Noord Counselor to the Chief Economist The outlook Real GDP growth, in per cent.....9. -..9 Japan. -... Total OECD.... Brazil....
More informationPROGRESSIVITY IN TAX DESIGN. Michael Keen International Monetary Fund
PROGRESSIVITY IN TAX DESIGN Michael Keen International Monetary Fund The 5th IMF-Japan High-Level Tax Conference for Asian Countries Tokyo, April 21, 2014 CONTEXT Inequality has been increasing 0.55 0.5
More informationThe Challenge of Public Pension Reform in Advanced and Emerging Economies
The Challenge of Public Pension Reform in Advanced and Emerging Economies Mauricio Soto Fiscal Affairs Department International Monetary Fund January 212 The views expressed herein are those of the author
More informationIncome support for older persons in the Republic of Korea : a perspective of older persons
ESCAP Regional Consultation Incheon, Republic of Korea Income support for older persons in the Republic of Korea : a perspective of older persons Soo-Wan Kim (Kangnam University) 1 I. Introduction This
More informationOECD Science, Technology and Industry Scoreboard 2013
OECD Science, Technology and Industry Scoreboard 213 CANADA HIGHLIGHTS Canada experienced a decline in business spending on R&D between 21 and 211, despite generous public support, mainly through tax incentives
More informationTHE TAX SYSTEM IN BELGIUM COMPARED TO OTHER OECD COUNTRIES
THE TAX SYSTEM IN BELGIUM COMPARED TO OTHER OECD COUNTRIES TOWARDS A WELL-BALANCED FUNDAMENTAL TAX REFORM IN BELGIUM Bert Brys, Ph.D. 14 October 2013 Senior Tax Economist Centre for Tax Policy and Administration
More informationWhy is Japan s inward FDI so low?
Why is Japan s inward FDI so low? Jun Saito, Senior Research Fellow Japan Center for Economic Research August 8, 2017 Japan s low level of inward foreign direct investment stock In May, it was reported
More informationCapital 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 informationWirtschaftspolitik für höheres Wachstum und weniger Ungleichheit
Wirtschaftspolitik für höheres Wachstum und weniger Ungleichheit BMWi, Berlin, 16 th March 2017 Christian Kastrop Director, Economics Department Key messages Most people in many OECD countries have seen
More informationOverview of the political economic and financial situation in Italy
FEBAF Paris Europlace Italian French dialogue on financial services Paris, 3 september 215 Overview of the political economic and financial situation in Italy Franco Bassanini 1 - 3 Italy finally out of
More informationFiscal Policy and Economic Growth
Fiscal Policy and Economic Growth Vitor Gaspar Director, Fiscal Affairs Department International Monetary Fund Peterson Institute for International Economics June 3, 15 Background The study draws on an
More informationWHAT DO HOUSEHOLD SURVEYS SUGGEST ABOUT THE TOP 1% INCOMES AND INEQUALITY IN OECD COUNTRIES? Nicolas Ruiz (OECD)
WHAT DO HOUSEHOLD SURVEYS SUGGEST ABOUT THE TOP 1% INCOMES AND INEQUALITY IN OECD COUNTRIES? Nicolas Ruiz (OECD) Motivation: the Inclusive growth puzzle the top percentile managed to capture a very large
More informationThe Challenge of Public Pension Reform
The Challenge of Public Pension Reform Baoping Shang Fiscal Affairs Department International Monetary Fund May 4, 212 This presentation represents the views of the author and should not be attributed to
More informationPOLICY STRATEGIES FOR GROWTH- AND EQUITY- FRIENDLY FISCAL CONSOLIDATION
POLICY STRATEGIES FOR GROWTH- AND EQUITY- FRIENDLY FISCAL CONSOLIDATION Jan Stráský With input from Boris Cournède, André Goujard and Álvaro Pina Prague, 19 October 2015 Remarks The opinions expressed
More informationSTRUCTURAL POLICIES AND THE DISTRIBUTION
STRUCTURAL POLICIES AND THE DISTRIBUTION OF THE GROWTH DIVIDENDS June 22 nd 2015 Naomitsu YASHIRO and Orsetta CAUSA OECD Economics Department Structural Surveillance Division Overview The dividends of
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 informationInclusive Growth. Miguel Niño-Zarazúa UNU-WIDER
Inclusive Growth Miguel Niño-Zarazúa UNU-WIDER Significant poverty reduction since 1990s Latin America Percentage of people living on less than $1.25 USD fell from 47% (2bp) in 1990 to 24% (1.4bp) in 2008
More information2018 OECD ECONOMIC SURVEY OF CHILE
2018 OECD ECONOMIC SURVEY OF CHILE Boosting productivity and quality jobs Santiago, 26 February 2018 http://www.oecd.org/eco/surveys/economic-survey-chile.htm @OECDeconomy @OECD Convergence has been impressive
More informationHOUSING MARKETS, BUSINESS CYCLES AND ECONOMIC POLICIES
HOUSING MARKETS, BUSINESS CYCLES AND ECONOMIC POLICIES Austrian National Bank Workshop - Housing Market Challenges in Europe and the US - any solutions available? September 29, 2008 - Vienna Christophe
More informationRevenue Statistics Tax revenue trends in the OECD
Revenue Statistics 2017 Tax revenue trends in the OECD OECD 2017 The OECD freely authorises the use of this material for non-commercial purposes, provided that suitable acknowledgment of the source and
More informationGLOBAL ECONOMY AND IMPLICATIONS FOR ISRAEL
GLOBAL ECONOMY AND IMPLICATIONS FOR ISRAEL Aaron Institute for Economic Policy Annual Conference May 4, 217 Craig Beaumont, European Department, IMF Outline World economic outlook (WEO) Broader trends
More informationOECD Workshop on effective corporate taxation. Corporate taxation on FDI; Kwang-Yeol. YOO, Korean Ministry of Finance. July.
OECD Workshop on effective corporate taxation Corporate taxation on FDI; 1991-001 Kwang-Yeol YOO, Korean Ministry of Finance July.4th, 006 Table of contents I. How to measure tax burden on FDI II. Tax
More informationOverview of Presentation
Overview of Presentation Fiscal Outlook and Challenges How to Address Fiscal Challenges? 2 Fiscal Outlook and Challenges 3 While the fiscal drag is waning in AE, EMEs would need to start rebuilding buffers
More informationFiscal Implications of Population Ageing Asian Countries
Disclaimer: The findings, interpretations, and conclusions expressed in this material represent the views of the author(s) and are not necessarily those of the ASEAN+3 Macroeconomic Research Office (AMRO)
More informationFrom Here to Eternity: The Outlook for Fiscal Adjustment in Advanced Economies. Carlo Cottarelli Director, Fiscal Affairs Department
From Here to Eternity: The Outlook for Fiscal Adjustment in Advanced Economies Carlo Cottarelli Director, Fiscal Affairs Department Peterson Institute May 2, 213 1 Main Questions How bad is the fiscal
More informationOECD ECONOMIC SURVEY OF NORWAY
OECD ECONOMIC SURVEY OF NORWAY Maintaining a successful economy in a changing world Centre for Monetary Economics, Oslo, Tuesday 19 December 2017 www.oecd.org/eco/surveys/economic-survey-norway.htm OECD
More informationCredit Supply, Household Debt, and Business Cycles
Credit Supply, Household Debt, and Business Cycles Amir Sufi University of Chicago Booth School of Business; NBER; co-director of IGM February 2017 Big Picture Questions What is the source of macroeconomic
More informationEntrepreneurship at a Glance 2018 Highlights
Entrepreneurship at a Glance 218 Highlights OECD Entrepreneurship at a Glance Highlights 218 SDD 1 October 218 List of figures ENTREPRENEURSHIP AND BUSINESS STATISTICS DATABASES 218 UPDATE 2 1. New enterprise
More informationASSET-BASED POVERTY: INSIGHTS FROM THE OECD WEALTH DISTRIBUTION DATABASE. Carlotta Balestra OECD Statistics and Data Directorate
ASSET-BASED POVERTY: INSIGHTS FROM THE OECD WEALTH DISTRIBUTION DATABASE Carlotta Balestra OECD Statistics and Data Directorate Social Situation Monitor Research Seminar Brussels, 12 March 2018 Outline
More informationMINIMUM WAGES ACROSS OECD COUNTRIES: BACK TO THE FUTURE?
Paris, 20 October 2017 MINIMUM WAGES ACROSS OECD COUNTRIES: BACK TO THE FUTURE? Andrea Garnero Economist Employment, Labour and Social Affairs OECD A widespread (but heterogenous) wage setting institution
More informationOutline of Presentation. I. Trends in Revenue Mobilization. II. Measuring Tax Gap. III. IMF s Approach RA-GAP
Outline of Presentation I. Trends in Revenue Mobilization II. Measuring Tax Gap III. IMF s Approach RA-GAP 2 TRENDS IN REVENUE MOBILIZATION 3 I. Trends in Revenue Mobilization VAT revenues CIT Revenues
More informationPolicy Forum: How to address Inequality and Poverty in South Africa 7 June 2011, Reserve Bank, Pretoria
Policy Forum: How to address Inequality and Poverty in South Africa 7 June 2011, Reserve Bank, Pretoria Growing Unequal? International trends in inequality and poverty Michael Förster OECD, Social Policy
More informationG20 Finance and Central Bank Deputies Meeting February February, Structural Reform in a Crisis Environment.
G20 Finance and Central Bank Deputies Meeting February 24-25 February, 2012 Structural Reform in a Crisis Environment Note by the OECD Structural reform is an essential ingredient to achieve sustainable
More informationCorrigendum. Page 41, Table 1.A1.1. Details of pension reforms, September 2013-September 2015 : Columns on Portugal should read as follows:
Pensions at a Glance: OECD and G Indicators DOI: http://dx.doi.org/.787/pension_glance-5-en ISBN 9789644636 (print) ISBN 97896444443 (PDF) OECD 5 Corrigendum Page 4, Table.A.. Details of pension reforms,
More informationHigh Debt, Slow Growth, Financial Instability, Growing Inequality: What Role for Economic Policy?
High Debt, Slow Growth, Financial Instability, Growing Inequality: What Role for Economic Policy? Paul van den Noord Counsellor to the Chief Economist, OECD 1 Central projection growth, annualised, in
More informationStructural perspectives on European employment, productivity and growth in a global context Sintra, Portugal, 23 May 2015
Structural perspectives on European employment, productivity and growth in a global context Sintra, Portugal, 23 May 2015 Catherine L. Mann OECD Chief Economist Key messages Prolonged weak demand has left
More informationExtract from Divided We Stand: Why Inequality Keeps Rising
Extract from Divided We Stand: Why Inequality Keeps Rising (2011) James J. Heckman University of Chicago AEA Continuing Education Program ASSA Course: Microeconomics of Life Course Inequality San Francisco,
More informationeducation (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 informationOECD ECONOMIC SURVEY OF BRAZIL 2018
OECD ECONOMIC SURVEY OF BRAZIL 2018 Towards a more prosperous and inclusive Brazil Brasília, 28 February 2018 http://www.oecd.org/eco/surveys/economic-survey-brazil.htm @OECDeconomy @OECD The economy is
More informationEffective Labour Taxation and the International Location of Headquarters. Peter H. Egger, Doina Radulescu, Nora Strecker.
Effective Labour Taxation and the International Location of Headquarters Peter H. Egger, Doina Radulescu, Nora Strecker European Tax Policy Forum Brussels May 13, 2013 Agenda Motivation Literature Database
More informationSERVICES TRADE, REGULATION AND GVCS
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT MULTI-YEAR EXPERT MEETING ON TRADE, SERVICES AND DEVELOPMENT Geneva, 11 13 May 2015 SERVICES TRADE, REGULATION AND GVCS SESSION 2 Ms. Dorothée Rouzet
More informationOutlook Overview: OECD Countries UN LINK Conference, Bangkok October, 2009
Outlook Overview: OECD Countries UN LINK Conference, Bangkok 26 28 October, 2009 Dave Turner OECD, Economics Department OECD Outlook: Outline 1. Recovery underway but will probably be slow 2. Risks and
More informationThe Global Economic Outlook: Stronger growth ahead, but more risks Paris, 19th November h00 Paris time
The Global Economic Outlook: Stronger growth ahead, but more risks Paris, 19th November 2013 11h00 Paris time Pier Carlo Padoan Deputy Secretary-General and Chief Economist OECD Economic Outlook: key messages
More information2017 OECD ECONOMIC SURVEY OF SWITZERLAND
217 OECD ECONOMIC SURVEY OF SWITZERLAND Boosting productivity and meeting skills needs Bern, 14 November 217 http://www.oecd.org/eco/surveys/economic-survey-switzerland.htm @OECDeconomy @OECD Living standards
More informationEurope in the World Economy: Economic Recovery and Europe 2020
Europe in the World Economy: Economic Recovery and Europe 2020 Rafael Doménech Economic recovery and Europe 2020: Towards smart, sustainable and inclusive growth Wilton Park, October 24, 2012 Main messages
More informationManaging Public Wealth
Managing Public Wealth Jason Harris IMF Fiscal Monitor October 218 November 218 Managing Public Wealth Overview I. The Public Sector Balance Sheet II. Why Does it Matter? III. Policy Implications Risk
More informationThe Norwegian Economy
The Norwegian Economy NORINT0500 - Norwegian Life and Society Spring 2018 Hilde Karoline Midsem 19.03.2018 Outline of today s lecture 1. Some facts 2. Production, trade and the history of oil 3. The labor
More informationOECD long-term projections for the global economy. David Turner, OECD
OECD long-term projections for the global economy David Turner, OECD CMTEA Workshop, 1 st Feb 2013 Overview of long-term model Coverage: OECD & non-oecd G20 countries to 2060 Potential output projections
More informationTHE INDEPENDENCE OF ECONOMIC REGULATORS
THE INDEPENDENCE OF ECONOMIC REGULATORS Filippo Cavassini Policy Analyst Regulatory Policy Division Public Governance and Territorial Development Directorate RPI Annual Westminster Conference London, 23
More informationIMPROVING TAX COMPLIANCE. 6th IMF-Japan High-Level Tax Conference For Asian Countries Tokyo; April 7, 2015
IMPROVING TAX COMPLIANCE 6th IMF-Japan High-Level Tax Conference For Asian Countries Tokyo; April 7, 2015 Outline Measurement and trends Some key methods and issues Managing compliance Supporting compliance
More informationInequality in developed countries - how good is a good state. Åsa Hansson Lunds universitet
Inequality in developed countries - how good is a good state Åsa Hansson Lunds universitet Inequality in developed countries We have seen increased inequality in developed countries How do we combat this
More informationIs Full Employment Sustainable?
Is Full Employment Sustainable? Antonio Fatas INSEAD Very preliminary. This version: March 11, 2019 Introduction The US economy started its current expansion phase in June 2009. This means that, as of
More informationCurrent Challenges in Revenue Mobilization: Improving Tax Compliance. CEPAL Regional Tax Seminar March 10, 2015
Current Challenges in Revenue Mobilization: Improving Tax Compliance CEPAL Regional Tax Seminar March 10, 2015 Outline Recent trends in tax compliance Understanding and addressing noncompliance The hard-to-tax
More informationFA M I LY A L L O WA N C E A N D F E M A L E L A B O U R M A R K E T S U P P LY I G A M A G D A
FA M I LY 5 0 0 + A L L O WA N C E A N D F E M A L E L A B O U R M A R K E T S U P P LY I G A M A G D A Background & research question Introduction of a large Family 500+ Programme in 2016 in Poland aim-
More informationCOVERAGE 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 informationUpgrading business investment
218 OECD ECONOMIC SURVEY OF TURKEY Upgrading business investment Paris, 13 July 218 http://www.oecd.org/eco/surveys/economic-survey-turkey.htm @OECDeconomy @OECD Growth remains strong despite headwinds
More information17 January 2019 Japan Laurence Boone OECD Chief Economist
Fiscal challenges and inclusive growth in ageing societies 17 January 219 Japan Laurence Boone OECD Chief Economist G2 populations are ageing rapidly Expected life expectancy at age 65 198 215 26 Japan
More informationDevelopment Assistance for HealTH
Chapter : Development Assistance for HealTH The foremost goal of this research is to estimate the total volume of health assistance from 199 to 7. In this chapter, we present our estimates of total health
More informationPensions at a Glance: Europe and Central Asia
Pensions at a Glance: Europe and Central Asia Edward Whitehouse Head of Pension-Policy Analysis Social Policy division OECD European Commission/ World Bank conference Reforming Pension Systems in Europe
More information2016 External Sector Report
216 External Sector Report Global Imbalances and Policy Challenges September, 216 o Evolution of Global Current Accounts and Exchange Rates Widening and reconfiguration of imbalances in 215 Drivers: Asymmetric
More informationOECD INTERIM ECONOMIC OUTLOOK. Will Soft Foundations and Financial Vulnerabilities Derail the Modest Recovery? Catherine L. Mann OECD Chief Economist
OECD INTERIM ECONOMIC OUTLOOK Will Soft Foundations and Financial Vulnerabilities Derail the Modest Recovery? Presentation to LUISS 10 April 2017 Catherine L. Mann OECD Chief Economist Key messages Global
More informationRESILIENCE IN A TIME OF HIGH DEBT
RESILIENCE IN A TIME OF HIGH DEBT PRE-RELEASE OF THE SPECIAL CHAPTER OF THE OECD ECONOMIC OUTLOOK (To Be Released on 28th November at 11.00am CET) Paris, 23th November 2017 www.oecd.org/economy/economicoutlook.htm
More informationHow to deal with potential secular stagnation
How to deal with potential secular stagnation Catherine L. Mann OECD Chief Economist Banque de France Paris 16 January 2017 www.oecd.org/economy/economicoutlook.htm ECOSCOPE blog: oecdecoscope.wordpress.com/
More informationSlovak Competitiveness: Fundamentals, Indicators and Challenges
Copyright rests with the author Slovak Competitiveness: Fundamentals, Indicators and Challenges Presentation by Mark De Broeck European Department, IMF Seminar Organized by the European Commission November
More informationProductivity and income differences in the 20 th century
Productivity and income differences in the 20 th century Robert Inklaar and Daniel Gallardo Albarrán (University of Groningen) World KLEMS Conference, June 4 5 2018 Development accounting What can account
More informationHOW MUCH REDISTRIBUTION DO WELFARE STATES ACHIEVE? THE ROLE OF CASH TRANSFERS AND HOUSEHOLD TAXES
David Paul Carr Mediakoo HOW MUCH REDISTRIBUTION DO WELFARE STATES ACHIEVE? THE ROLE OF CASH TRANSFERS AND HOUSEHOLD TAXES MICHAEL FÖRSTER* AND PETER WHITEFORD** Introduction Government policies in all
More informationOECD Centre for Opportunity and Equality
OECD Centre for Opportunity and Equality Evidence-based, policy-oriented research on inequalities Meeting of Providers of OECD Income Distribution Data - February 2016 4. The measurement of imputed rents
More informationWaiting for the Recovery: OECD Labour Markets in the Wake of the Crisis
OECD Employment Outlook 212 OECD 212 Chapter 1 Waiting for the Recovery: OECD Labour Markets in the Wake of the Crisis The economic recovery has been weak or uneven and some countries have fallen back
More informationFrom GDP to average household income: A look at the transmission channels
Economic Policy Reforms 1 Going for Growth Interim Report OECD 1 Chapter 3 From GDP to average household income: A look at the transmission channels This chapter reviews the association between GDP and
More informationFDI drops 18% in 2017 as corporate restructurings decline
FDI IN FIGURES April 2018 FDI drops 18% in 2017 as corporate restructurings decline Global FDI flows decreased by 18% to USD 1 411 billion in 2017 compared to 2016. In the fourth quarter of 2017, FDI flows
More informationTAX REFORM TRENDS IN OECD COUNTRIES
TAX REFORM TRENDS IN OECD COUNTRIES INTRODUCTION Over the last two decades almost all OECD countries have made major structural changes to their tax systems. In the case of the personal and corporate income
More informationECONOMIC POLICY CHALLENGES FOR DENMARK FROM AN INTERNATIONAL PERSPECTIVE
ECONOMIC POLICY CHALLENGES FOR DENMARK FROM AN INTERNATIONAL PERSPECTIVE Ludger Schuknecht OECD Deputy Secretary General Danish Economic Society Copenhagen 15 January, 219 http://www.oecd.org/eco/surveys/economic-survey-denmark.htm
More informationA Virtuous Cycle in Local Currency Bond Markets?
A Virtuous Cycle in Local Currency Bond Markets? John D. Burger The Sellinger School, Loyola College in Maryland Katholieke Universiteit Leuven Francis E. Warnock Darden Business School, NBER, IIIS at
More informationAlternative measures of well-being
Alternative measures of well-being Marco Mira d Ercole marco.mira@oecd.org OECD Social Policy Division www.oecd.org/els/social Joint work of the OECD Economics Department, the OECD Employment, Labour and
More informationTowards a more prosperous and inclusive Argentina
2017 MULTIDIMENSIONAL ECONOMIC SURVEY OF ARGENTINA Towards a more prosperous and inclusive Argentina Internet: oe.cd/20d Buenos Aires, July 2017 OECD Economics OECD Main messages Following years of unsustainable
More informationRoads to recovery. George Gelauff, Debby Lanser, Albert van der Horst, Adam Elbourne. CPB Netherlands Bureau for Economic Policy Analysis
Roads to recovery George Gelauff, Debby Lanser, Albert van der Horst, Adam Elbourne The Great Recession 2008-2013 Financial crisis: Global imbalances Risk perception Complex and risky financial innovations
More informationFiscal consolidation, exit strategies and budgetary institutions
Fiscal consolidation, exit strategies and budgetary institutions David Dreyer Lassen University of Copenhagen Finanspolitiska Rådet, Stockholm, 3 juni Outline Background: Do politics and institutions affect
More informationHow demanding are eligibility criteria for unemployment benefits? Quantitative indicators for OECD and EU countries
Seminar on Coverage of unemployment benefits Brussels, 9 December 2015 How demanding are eligibility criteria for unemployment benefits? Quantitative indicators for OECD and EU countries Kristine Langenbucher
More informationThe Danish flexicurity model and the crisis. Torben M. Andersen University of Aarhus CEPR, CESifo and IZA
The Danish flexicurity model and the crisis Torben M. Andersen University of Aarhus CEPR, CESifo and IZA The Danish Flexicurity Model Particular triple: Lax EPL Flexible hiring/firing rules Generous UIB
More informationChapter 6 Macroeconomic Data
Chapter 6 Macroeconomic Data Angel H. Aguiar and Betina V. Dimaranan 6.1 Uses of Macroeconomic Data During the Data Base construction process, macroeconomic data are used in various stages. The primary
More informationUnderstanding the Downward Trend in Labor Income Shares
Understanding the Downward Trend in Labor Income Shares Mai Dao, Mitali Das (team lead), Zsoka Koczan and Weicheng Lian, 1 with contributions from Jihad Dagher and support from Ben Hilgenstock and Hao
More informationEFFECTS OF NEW US AUTO TARIFFS ON GERMAN EXPORTS, AND ON INDUSTRY VALUE ADDED AROUND THE WORLD
1 ifo Institute ifo Center for International Economics Gabriel Felbermayr & Marina Steininger Feb 15, 2019 EFFECTS OF NEW US AUTO TARIFFS ON GERMAN EXPORTS, AND ON INDUSTRY VALUE ADDED AROUND THE WORLD
More informationLABOUR MARKET REFORMS IN PORTUGAL
Lisbon, 19 January 217 LABOUR MARKET REFORMS IN PORTUGAL 211-215 A PRELIMINARY ASSESSMENT OVERVIEW Background In October 215 the XIX Government of Portugal asked the OECD to evaluate the labour market
More informationMonetary Policy Implementation During US Policy Normalization. Javier Guzmán Calafell, Deputy Governor, Banco de México
Javier Guzmán Calafell, Deputy Governor, Banco de México JP Morgan Investor Seminar Washington, DC, 1 October 214 1 Outline 1 Introduction 2 Monetary Policy in 214-15 a. The External Environment b. Domestic
More informationMASTER OF SCIENCE IN MONETARY AND FINANCIAL ECONOMICS MASTERS FINAL WORK DISSERTATION ASSESSING PUBLIC SPENDING EFFICIENCY IN 20 OECD COUNTRIES
MASTER OF SCIENCE IN MONETARY AND FINANCIAL ECONOMICS MASTERS FINAL WORK DISSERTATION ASSESSING PUBLIC SPENDING EFFICIENCY IN 20 OECD COUNTRIES MINA KAZEMI SUPERVISOR: ANTÓNIO AFONSO APRIL - 2016 MESTRADO
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 informationPlan: Reform Strategy - Bermuda Experience. Caribbean Conference on Health lhfinancing Initiatives
National Health Plan: Evidence & Reform Strategy - Bermuda Experience Caribbean Conference on Health lhfinancing i Initiatives J Attride-Stirling, PhD Chief Executive Officer 23 rd November 2011 Overview
More informationNON-STANDARD WORK AND INEQUALITY
University of Luxembourg 21 April 2015 NON-STANDARD WORK AND INEQUALITY Ana Llena-Nozal OECD Social Policy Division The necessity to follow up labour market inequalities Background Changes in earnings
More informationDiversification through trade
Diversification through trade by Francesco Caselli, Miklos Koren, Milan Lisicky and Silvana Tenreyro Discussion by: Fabrizio Perri University of Minnesota and Minneapolis FED ESSIM, May 2009 The general
More informationIncidence of Social Security Contributions: Evidence from France
Incidence of Social Security Contributions: Evidence from France Antoine Bozio, Thomas Breda et Julien Grenet Paris School of Economics PSE Public and Labour Economics Seminar Paris, 15 September 2016
More informationOECD ECONOMIC OUTLOOK Moving forward in difficult times. 3 rd December Mauro Pisu OECD Senior Economist
OECD ECONOMIC OUTLOOK Moving forward in difficult times 3 rd December 2015 Mauro Pisu OECD Senior Economist Key issues Global trade weakness Harbinger of further slowing of global GDP growth? China s role
More informationHousing Markets and Structural Policies in OECD Countries
Housing Markets and Structural Policies in OECD Countries William Tompson Senior Counsellor Regional Development Policy Division, OECD INFONAVIT Annual Private Sector Meeting Acapulco, 8 November 2012
More informationHow to Get Back on the Fast Track?
REGIONAL ECONOMIC ISSUES REPORT ON CENTRAL, EASTERN AND SOUTHEASTERN EUROPE How to Get Back on the Fast Track? MAY, 216 EUROPEAN DEPARTMENT Map of Central, Eastern, and South-Eastern Europe Baltics CEE
More information