CAN FDI CONTRIBUTE TO INCLUSIVE GROWTH: ROLE OF INVESTMENT FACILITATION
|
|
- Tyler Armstrong
- 5 years ago
- Views:
Transcription
1 CAN FDI CONTRIBUTE TO INCLUSIVE GROWTH: ROLE OF INVESTMENT FACILITATION Iza Lejarraga Head of Unit, Investment Policy Linkages OECD Investment Division FIFD Workshop on Investment Facilitation for Development What Investment can do for Trade Connectivity and Development Investment Needs and Bottlenecks Geneva, 10 July 2017
2 Main points 1. Firms establish global supply relationships through trade and FDI: need policy frameworks that reflect the complexity of GVCs 2. Achieving the SDGs will require higher levels of FDI, particularly to developing countries, but also type and composition of FDI. 3. Transparency commitments are associated with trade-boosting effects: similar effects can be expected for investment, and may be particularly important for more sophisticated forms of FDI.
3 GVCs has been largely looked at through the trade angle: need to better understand links to investment and other economic relationships FOREIGN DIRECT INVESTMENT TRADE Direct Subsidiary (>50%) Equity Investment (<50%) Contract Manufacturer Independent Supplier STRATEGIC PARTNERSHIPS Joint Ventures Licensing & Franchising Research & Technology Partnerships Integrated Product Offering 3
4 Global supply chains in electronics: Firms combine trade, FDI, and other non-equity forms of control Source: OECD, based on FactSet Supply Chain database Results are preliminary, not for citation.
5 Firms combining several modes of internationalisation perform better Firms that are majority foreign-owned and active traders create better jobs and add more value. 3.5 Wages relative to domestic firms not involved in GVCs cross-country average 7 Productivity relative to domestic firms nit in GVCs cross-country average FDI-Export-Import FDI only Export-Import only 0 FDI-Export-Import FDI only Export-Import only Source: OECD and WBG, based on calculations from World Bank Enterprise Surveys (2016) Results are preliminary, not for citation.
6 Almost 70% of RTAs signed since 2001 cover investment; 9 out of 10 RTAs with investment involve non-oecd country Source: OECD based on WTO RTAs Database and WB Database.
7 Countries with similar levels of FDI can have different effects Vietnam (net FDI 11.8 B) Colombia (net FDI 11.7 B) Source: OECD, based on data from MIT and Harvard (Observatory of Economic Complexity)
8 Higher complexity of FDI associated with higher productivity and lower inequality. China (FDI 2.3 % of GDP) Kenya (FDI 2.3 % of GDP) Source: OECD, based on data from MIT and Harvard (Observatory of Economic Complexity)
9 USA DEU CHN MEX MYS VNM IND GTM ITA VEN TZA ESP MOZ IRQ KOR NZL DZA LAO PHL MAR CHL OMN ZAF COD MDV GRC AUS GEO BRA RUS SAU TUN ECU PER FRA KEN IDN NAM LKA LBY BWA CIV COL YEM ISR SSD PAN IRN THA EGY GBR ARG CUB KHM URY CAN NGA PNG ARM PRY RWA BLZ HTI TJK HND GHA BGD MLI AFG JPN ZMB SWZ CRI LBN SEN FJI KGZ JAM GIN NLD ALB SLV AUT KAZ AND Greenfield FDI into Top Region/Total Lower inequality: Geographic dispersion of FDI 0.6 Regional Concentration Index for FDI, , selected countries Lower concentration: Spread of FDI is greater across regions within country Source: OECD and WBG, based on calculations from FDI Markets Results are preliminary, not for citation.
10 IRL LUX HUN KOR TUN MLT CHE SVK SVN SAU BRN CZE MYS EST ISL DNK BGR SWE LTU HKG FIN AUT CYP THA NOR KHM POL DEU BEL GRC ROU ESP HRV GBR IND VNM LVA NLD PHL FRA ITA RUS MEX TUR CRI PRT CAN ARG USA CHL JPN BRA COL IDN AUS CHN Concentration in sectors that source locally Lower inequality: domestic linkages in FDI sectors High linkages: Korea Higher linkages: FDI is concentrated in sectors that source more from the local economy Low linkages: Costa Rica FDI Economy Average Source: OECD and WBG, calculations on International Trade Centre Investment Database (2016); OECD Input-Output Database (2014) Results are preliminary, not for citation.
11 FDI female employee/ Domestic female employee Lower inequality: gender inclusiveness in foreign-owned firms Female top manager Foreign-owned firms female employees relative to domestic firms (ratio) latest available year, selected countries 2.00 Share of women employed higher in foreign firms FDI female top manager / Domestic female top manager Source: OECD and WBG, based on calculations from World Bank Enterprise Surveys (2016) Results are preliminary, not for citation.
12 Economic complexity requires higher levels of transparency Importance of institutional quality (transparency, enforceability) in products with high proportion of intermediates inputs that require external contracting and sourcing arrangements Levchenko 2007); relationship-specific investments (Nunn 2007); other trade and FDI (Rodrik). Appropriation Participation Predictability Information Adequate appropriation of returns by minimising expropriation risks (e.g, anticorruption and anti-bribery measures) Improving rule-making by making regulatory processes open and participatory (e.g., public comment procedures) Reducing costs of uncertainty and contract enforcement (e.g., mechanisms for dispute prevention & resolution) Reducing market entry costs through information and simplification (publication, notification, enquiry points, single window)
13 Empirical evidence on the trade impact of transparency measures: Can countries stand to gain from similar efforts in investment? RTAs with comprehensive mechanisms for transparency are more strongly trade-promoting than those with a limited set of transparency measures: Each additional transparency obligation negotiated in an RTA is associated with an increase in bilateral trade flows of over 1 percent. Overall, the expected increase in intra-regional trade could be of about 15 percent. Consistent with World Bank-APECD study estimating that improving transparency in APEC could raise intra-apec trade by approximately US $148 billion or 7.5 per cent of baseline trade in the region (Helble, Shepherd, Wilson 2007). The readiness of countries to embrace transparency commitments is associated with good governance conditions such as the maturity of democratic institutions, regulatory quality, and the rule of law. Source: Lejarraga and Shepherd (2013), OECD Trade Policy Paper No.153, Trade and Agriculture Directorate.
14 Thank you for your attention Contact: Iza Lejarraga OECD Investment Divsison
15 Main Points 1. Beyond volume of FDI: types and composition of FDI Improve information on what types and composition of FDI is flowing into a country: FDI comes in different forms Countries want to devise policies that don t just maximise the amount of FDI, but maximise the benefits from FDI 2. FDI as a source of capital: additional benefits As more countries have access to global capital markets, thinking more of FDI in terms of additional benefits it can bring: new knowledge and opportunities for people. These dimensions need to be better captured in the metrics on FDI. 3. Transparency has trade-boosting effects FDI is broadly speaking considered positive for economic growth, albeit under specific conditions: the evidence reveal wide heterogeneity, suggesting that effects are not unifom and domestic conditions matter Policy design can improve if based on the specific context of the country
16 Outcomes of FDI are Endogenously Determined POLICIES & FRAMEWORK CONDITIONS FDI TYPES & COMPOSITION X = FDI OUTCOMES Value of FDI is endogenous. Differences in FDI outcomes depend on the interaction between the type of investment and the policies, institutions, and conditions of the host economy. Value of FDI cannot be assessed by only looking at aggregates. Need more nuanced, disaggregated and comparable metrics that capture differences in outcomes across countries.
17 Interaction of FDI with policies and country conditions POLICIES & FRAMEWORK CONDITIONS FDI TYPES COMPOSITION FDI OUTCOMES Policies Investment policies Complementary policies Conditions Human & physical capital Institutions Exogenous Market size Geography Complexity Diversification Sophistication Motive Natural resource-seeking Market-seeking Efficiency- seeking Strategic asset-seeking Entry mode Greenfield M&A Ownership Equity or contractual 100% or Joint venture Sectoral Sector distribution Services Growth Productivity Wages R&D intensity Diversification Skills spill- overs Inclusiveness Job creation Domestic linkages Gender inclusion Spatial dispersion
18 Outcomes-based FDI Indicators: comparable metrics across countries GROWTH Indicator on FDI productivity INCLUSIVENESS Indicator on FDI job creation Indicator on FDI diversification Indicator on FDI skills intensity Indicator on FDI sophistication Indicator on FDI gender inclusion Indicator on FDI vertical integration Indicator on FDI R&D intensity Indicator of FDI wage premium Others that should be considered? Indicator on FDI linkages Indicator of FDI geographic concentration Indicators of FDI contribution to tax base Others that should be considered?
19 Knowledge Gaps Dearth of information Gender Diversification Sophistication Growing but limited literature Vertical integration Skills Jobs Domestic investment SME Linkages Geo-graphic dispersion Large body of evidence Productivity Wages
20 Electronics
21 ICT
22 9 out of 10 RTAs with investment involve a non-oecd economy Trends Before Doha Since Doha RTAs with investment RTAs without investment RTAs with investment RTAs without investment 72% 28% 31% 69% 34% 57% South-South North-South North-North 10% Source: OECD based on WB RTAs database and other sources
Chapter 6. Macroeconomic Data. Zekarias M. Hussein and Angel H. Aguiar Uses of Macroeconomic Data
Chapter 6 Macroeconomic Data Zekarias M. Hussein and Angel H. Aguiar This chapter provides an overview of the macroeconomic features of the 8 Data Base. We will first present how the macroeconomic data
More informationMonetary Policy and Financial System During Demographic Change:
Monetary Policy and Financial System During Demographic Change: Three questions Gauti B. Eggertsson Brown University 1. Can demographic change account for worldwide decline in interest rate? 2. What is
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 informationCREI Lectures 2010 Differences in Technology Across Space and Time
CREI Lectures 2010 Differences in Technology Across Space and Time Francesco Caselli Barcelona, June 16-18 1 / 77 General Introduction 2 / 77 Adam Smith would be surprised 3 / 77 Adam Smith would be surprised
More informationTrade led Growth in Times of Crisis Asia Pacific Trade Economists Conference 2 3 November 2009, Bangkok. Session 12
Trade led Growth in Times of Crisis Asia Pacific Trade Economists Conference 2 3 November 2009, Bangkok Session 12 Factors Contributing to Export Performance in the Aftermath of Global Economic Crisis
More informationThe Long and Short of Empirical Evidence on the Impact of NAFTA on Canada. Eugene Beaulieu Yang Song Mustafa Zamen
The Long and Short of Empirical Evidence on the Impact of NAFTA on Canada Eugene Beaulieu Yang Song Mustafa Zamen Overview Evolution of the debate and evidence The pre-nafta world: little white lies and
More informationOnline Appendix for Explaining Educational Attainment across Countries and over Time
Online Appendix for Explaining Educational Attainment across Countries and over Time Diego Restuccia University of Toronto Guillaume Vandenbroucke University of Southern California March 2014 Contents
More informationNBER WORKING PAPER SERIES INTRINSIC OPENNESS AND ENDOGENOUS INSTITUTIONAL QUALITY. Yang Jiao Shang-Jin Wei
NBER WORKING PAPER SERIES INTRINSIC OPENNESS AND ENDOGENOUS INSTITUTIONAL QUALITY Yang Jiao Shang-Jin Wei Working Paper 24052 http://www.nber.org/papers/w24052 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050
More informationEconomic Growth: Lecture 1 (first half), Stylized Facts of Economic Growth and Development
14.452 Economic Growth: Lecture 1 (first half), Stylized Facts of Economic Growth and Development Daron Acemoglu MIT October 24, 2012. Daron Acemoglu (MIT) Economic Growth Lecture 1 October 24, 2012. 1
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 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 informationHow Will We Know When We Have Achieved Universal Health Coverage?
How Will We Know When We Have Achieved Universal Health Coverage? The Newly Revamped Health Equity and Financial Protection Indicators (HEFPI) Database Adam Wagstaff Research Manager, Development Research
More informationDoes Country Size Matter? (Short Note)
World Bank From the SelectedWorks of Mohammad Amin June 3, 2011 Does Country Size Matter? (Short Note) Mohammad Amin Available at: https://works.bepress.com/mohammad_amin/36/ Does Country Size Matter?
More informationBuilding Blocks for the FTAAP: Investment and Services
Building Blocks for the FTAAP: Investment and Services Robert Scollay New Zealand APEC Study Centre, University of Auckland Presented at CNCPEC Symposium on FTAAP: Asia-Pacific Economic Integration by
More informationRelative Prices and Sectoral Productivity
Relative Prices and Sectoral Productivity Diego Restuccia University of Toronto and NBER University of Oslo August 4-8, 27 Restuccia Macro Growth and Development University of Oslo / 37 Overview Relative
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 informationPromoting Industrialisation in SADC through Quality Infrastructure SADC Industrialisation Week 2017
Promoting Industrialisation in SADC through Quality Infrastructure SADC Industrialisation Week 2017 Iza Lejárraga, Head of Investment Policy Linkages Unit Directorate for Financial and Enterprise Affairs
More informationECON 385. Intermediate Macroeconomic Theory II. Solow Model With Technological Progress and Data. Instructor: Dmytro Hryshko
ECON 385. Intermediate Macroeconomic Theory II. Solow Model With Technological Progress and Data Instructor: Dmytro Hryshko 1 / 35 Examples of technological progress 1970: 50,000 computers in the world;
More information38th meeting of the EU-Turkey Joint Consultative Committee (JCC)
tepav The Economic Policy Research Foundation of Turkey 38th meeting of the EU-Turkey Joint Consultative Committee (JCC) SMEs-Trade development and investment environment opportunities between the EU and
More informationGoing beyond regulation: Social Policy and Private Sector Involvement in Water Supply
Going beyond regulation: Social Policy and Private Sector Involvement in Water Supply Naren Prasad Geneva 22 April 2007 Presentation prepared for the workshop entitled Legal Aspects of Water Sector Reforms,
More informationMisallocation, Establishment Size, and Productivity
Misallocation, Establishment Size, and Productivity Pedro Bento West Virginia University Diego Restuccia University of Toronto November 15, 2014 1 / 23 Motivation Large Income Differences Across Countries
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 informationInformal Sector and Economic Growth: The Supply of Credit Channel
Informal Sector and Economic Growth: The Supply of Credit Channel Baptiste Massenot Stéphane Straub September 2011 Abstract A standard view holds that removing barriers to entry and improving judicial
More informationCORPORATE TAX STATISTICS
CORPORATE TAX STATISTICS Corporate Effective Tax Rates: Explanatory Annex (Annex applicable for corporate effective tax rates 2017) 1 Annex A. Explanatory Remarks Methodology, Exogenous Variables and Data
More informationNBER WORKING PAPER SERIES GLOBAL SAVINGS AND GLOBAL INVESTMENT: THE TRANSMISSION OF IDENTIFIED FISCAL SHOCKS. James Feyrer Jay C.
NBER WORKING PAPER SERIES GLOBAL SAVINGS AND GLOBAL INVESTMENT: THE TRANSMISSION OF IDENTIFIED FISCAL SHOCKS James Feyrer Jay C. Shambaugh Working Paper 15113 http://www.nber.org/papers/w15113 NATIONAL
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 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 informationMaking Finance Work for Africa: The Collateral Debate. World Bank FPD Forum April 2007
World Bank Group Making Finance Work for Africa: The Collateral Debate World Bank FPD Forum April 2007 Sevi Simavi Investment Policy Specialist FIAS, World Bank Group ssimavi@ifc.org Outline Why care about
More informationHow a Global Inter-Country Input-Output Table with Processing Trade Account Can be Constructed from GTAP Database
How a Global Inter-Country Input-Output Table with Processing Trade Account Can be Constructed from GTAP Database Marinos Tsigas and Zhi Wang United States International Trade Commission Mark Gehlhar U.S.
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 informationTrade in Value Added. Fabienne Fortanier. International trade past, present, future Alpbach Economic Symposium
Trade in Value Added International trade past, present, future Alpbach Economic Symposium Fabienne Fortanier Head of Trade Statistics Statistics Directorate, OECD 1 Increasing international fragmentation
More informationOECD Regional Development Policy Committee MULTI-LEVEL GOVERNANCE, DECENTRALISATION, SUBNATIONAL FINANCE AND INVESTMENT
OECD Regional Development Policy Committee MULTI-LEVEL GOVERNANCE, DECENTRALISATION, SUBNATIONAL FINANCE AND INVESTMENT 2017-2018 S u b n a t i o n a l g o v e r n m e n t s a n d t h e O E C D The world
More informationFinancial Inclusion, Education & the Arab World
Financial Inclusion, Education & the Arab World Nadine Chehade nchehade@worldbank.org October 2016 Framing the discussions Why is financial inclusion important? Where does / will the Arab world stand?
More informationAcross Markup Specialization and the Composition of Multilateral Trade
Across Markup Specialization and the Composition of Multilateral Trade Ahmad Lashkaripour Indiana University April 15, 2016 1 / 62 Motivation 2 / 62 Background Gravity trade models Characterize aggregate
More informationChanging treaties, changing jurisprudence? The impact of treaty design differences on precedential reasoning in investment arbitration
Changing treaties, changing jurisprudence? The impact of treaty design differences on precedential reasoning in investment arbitration Wolfgang Alschner 1 DRAFT Not for citation or circulation ABSTRACT
More informationThe Disappointments of Financial Globalization. Dani Rodrik November 7, 2008 Bank of Thailand International Symposium
The Disappointments of Financial Globalization Dani Rodrik November 7, 2008 Bank of Thailand International Symposium 1 14 12 10 8 6 4 2 0 Financial globalization: flows Gross private capital flows to developing
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 informationAging, Output per capita and Secular Stagnation
Aging, Output per capita and Secular Stagnation Gauti B. Eggertsson, Manuel Lancastre, and Lawrence H. Summers. 1 ---- Very Preliminary ---- Abstract This paper shows that aging has positive effect on
More informationExtended Supply-Use Tables for Internationally Integrated Economic Accounts
Extended Supply-Use Tables for Internationally Integrated Economic Accounts GROUP OF EXPERTS ON NATIONAL ACCOUNTS Geneva, May 2016 nadim.ahmad@oecd.org What is TiVA and why is it useful? A response to
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 informationThe Services Trade Restrictions Database
The Services Trade Restrictions Database Ingo Borchert Batshur Gootiiz Aaditya Mattoo Development Research Group The World Bank Joint Kiel Institute World Bank Workshop on Services 23 May 2012 Motivation:
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 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 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 informationStructural Indicators: A Critical Review
OECD Journal: Economic Studies Volume 21 OECD 21 Structural Indicators: A Critical Review by Davide Furceri and Annabelle Mourougane* This article reviews and assesses, in terms of availability, reliability
More informationREGULATORY HETEROGENEITY AND TRADE IN SERVICES. Workshop on Trade and International Regulatory Cooperation, Hildegunn Kyvik Nordås, TAD/TSD
REGULATORY HETEROGENEITY AND TRADE IN SERVICES Workshop on Trade and International Regulatory Cooperation, Hildegunn Kyvik Nordås, TAD/TSD Overview Services exporters and importers Regulation level and
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 informationBy Daron Acemoglu, Simon Johnson, and James A. Robinson, 2001
By Daron Acemoglu, Simon Johnson, and James A. Robinson, 2001 We exploit differences in European mortality rates to estimate the effect of institutions on economic performance. Europeans adopted very different
More informationIntegrating Services Markets and Regulatory Cooperation
2015/SRMM/002 Agenda Item: III Integrating Services Markets and Regulatory Cooperation Purpose: Information Submitted by: World Bank 2 nd Structural Reform Ministerial Meeting Cebu, Philippines 7-8 September
More informationCorporate Tax Statistics FIRST EDITION
Corporate Tax Statistics FIRST EDITION Corporate Tax Statistics This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of
More informationInformal Sector and Economic Growth: The Supply of Credit Channel
Informal Sector and Economic Growth: The Supply of Credit Channel Baptiste Massenot Stéphane Straub September 2011 Abstract A standard view holds that removing barriers to entry and improving judicial
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 informationDigital Trade Restrictiveness Index
Digital Trade Restrictiveness Index by Martina Francesca Ferracane (martina.ferracane@ecipe.org), Hosuk Lee-Makiyama (hosuk.lee-makiyama@ecipe.org), and Erik van der Marel (erik.vandermarel@ecipe.org)
More informationProductivity, Reallocation, and Equity: Challenges of disruptive technology and trade
Productivity, Reallocation, and Equity: Challenges of disruptive technology and trade Catherine L. Mann OECD Chief Economist Peterson Institute for International Economics October 2017 www.oecd.org/economy
More informationGlobalization and income inequality - revisited -
Globalization and income inequality - revisited - Florian Dorn 1,2 Clemens Fuest 1,2 Niklas Potrafke 1,2 1 Ifo Institute, Munich 2 University of Munich (LMU) DG ECFIN Fellowship Initiative 2016/17 Annual
More informationTHE PAST, PRESENT, AND FUTURE
THE PAST, PRESENT, AND FUTURE OF ECONOMIC CONVERGENCE Dani Rodrik October 2013 Global income disparities $35,000 $30,000 Per capita income levels in different country groups (2012, in 2005 PPP$) $31,625
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 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 informationORIGINAL SIN AND DARK MATTER (STILL) MATTER: ASSET COMPOSITION AND SOLVENCY. Ricardo Hausmann Harvard University & Santa Fe Institute
ORIGINAL SIN AND DARK MATTER (STILL) MATTER: ASSET COMPOSITION AND SOLVENCY Ricardo Hausmann Harvard University & Santa Fe Institute Why do we care about deficits? Because deficits determine the evolution
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 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 informationHours Worked Across the World: Facts and Driving Forces
: Facts and Driving Forces Goethe University Frankfurt Anglo-German Foundation Annual Lecture April 18, 2018 1 Hours worked worldwide 1 Hours worked worldwide 2 Hours worked in Europe and the US - Decomposition
More informationEconomic Growth in the Long Run TOPIC 2 MBA HEC PARIS
Economic Growth in the Long Run TOPIC 2 MBA HEC PARIS The most important (economic) questions What are the sources of growth? What account for cross-country income differences? "Once one starts to think
More informationMultinational Production: Data and Stylized Facts by Natalia Ramondo, Andrés Rodríguez-Clare, and Felix Tintelnot Online Appendix
Multinational Production: Data and Stylized Facts by Natalia Ramondo, Andrés Rodríguez-Clare, and Felix Tintelnot Online Appendix 1 Data Description 1.1 Data Sources The construction of the MP database
More informationOnline Appendix for "Foreign Rivals are Coming to Town: Responding to the Threat of Foreign Multinational Entry" (For Online Publication)
Online Appendix for "Foreign Rivals are Coming to Town: Responding to the Threat of Foreign Multinational Entry" (For Online Publication) Cathy Ge Bao University of International Business and Economics
More informationMethodology for a World Bank Human Capital Index
Policy Research Working Paper 8593 Methodology for a World Bank Human Capital Index Aart Kraay WPS8593 Background Paper to the 2019 World Development Report Public Disclosure Authorized Public Disclosure
More informationAPPENDIX TO ASSESSING THE EFFECT OF PUBLIC CAPITAL ON GROWTH: AN EXTENSION OF THE WORLD BANK LONG-TERM GROWTH MODEL
APPENDIX TO ASSESSING THE EFFECT OF PUBLIC CAPITAL ON GROWTH: AN EXTENSION OF THE WORLD BANK LONG-TERM GROWTH MODEL Sharmila Devadas and Steven Pennings October 28 Appendix : Comparison between the LTGM-PC
More informationProcedure for reporting the number of ships issued with certification in accordance with the ISPS Code
No.26 No.26 (May (cont) 2003) (Rev.1 Apr 2004) (Rev.2 Dec 2007) Procedure for reporting the number of ships issued with certification in accordance with the ISPS Code 1 Background This Procedural Requirement
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 informationCorporate Standards and Disclosure Around the World: What works?
Corporate Standards and Disclosure Around the World: What works? Professor Florencio Lopez-de-Silanes Yale University International Institute for Corporate Governance September 20, 2002. Why do some countries
More informationTrade Openness and Output Volatility
MPRA Munich Personal RePEc Archive Trade Openness and Output Volatility Maria Bejan ITAM (Instituto Tecnologico Autonomo de Mexico) February 2006 Online at https://mpra.ub.uni-muenchen.de/2759/ MPRA Paper
More informationMultinational Production Data Set: Documentation
Multinational Production Data Set: Documentation Natalia Ramondo Andrés Rodríguez-Clare Felix Tintelnot UC-San Diego UC Berkeley and NBER U. of Chicago January 9, 2015 1 Data Description 1.1 Data Sources
More informationIntroduction: Basic Facts and Neoclassical Growth Model
Introduction: Basic Facts and Neoclassical Growth Model Diego Restuccia University of Toronto and NBER University of Oslo August 14-18, 2017 Restuccia Macro Growth and Development University of Oslo 1
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 informationStructural Reforms, IMF Programs and Capacity Building: An Empirical Investigation
WP/12/232 Structural Reforms, IMF Programs and Capacity Building: An Empirical Investigation Rabah Arezki, Marc Quintyn and Frederik Toscani 2012 International Monetary Fund WP/12/232 IMF Working Paper
More informationTRADE IN VALUE ADDED. Fabienne Fortanier. Head of Trade Statistics OECD Statistics Directorate
TRADE IN VALUE ADDED Fabienne Fortanier Head of Trade Statistics OECD Statistics Directorate Moldova October 2017 Increasing international fragmentation of production Explosion of trade in intermediates
More informationThe Role of Financial Markets and Innovation in Productivity and Growth in Europe
The Role of Financial Markets and Innovation in Productivity and Growth in Europe Philipp Hartmann, Florian Heider, Elias Papaioannou, Marco Lo Duca European Central Bank Disclaimer: This paper is based
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 informationA note on tax base, public debt, and investors beliefs. May Abstract
A note on tax base, public debt, and investors beliefs May 2011 Abstract This paper provides a new evidence and theoretical support for the role of market expectation in the public debt markets. Dispersion
More informationProductivity adjustment in ICP
3rd Meeting of the PPP Compilation and Computation Task Force September 27 28, 2018 World Bank, 1818 H St. NW, Washington, DC MC 10-100 Productivity adjustment in ICP Robert Inklaar Productivity adjustment
More informationOECD MULTI-DIMENSIONAL COUNTRY REVIEW - THAILAND INITIAL ASSESSMENT REPORT
OECD MULTI-DIMENSIONAL COUNTRY REVIEW - THAILAND INITIAL ASSESSMENT REPORT Bangkok, 9 April 2018 OECD Team for MDCR of Thailand http://www.oecd.org/eco/surveys/multi-dimensional-review-thailand.htm Main
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 informationConstructing the Global Revenue Statistics Database TECHNICAL PAPER
Constructing the Global Revenue Statistics Database TECHNICAL PAPER JUNE 2018 1 Constructing the Global Revenue Statistics Database Technical paper, 28 June 2018 2 The Global Revenue Statistics Database
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 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 information@ journal E-Biannual Publication. Volume 15 January-June 2011
Nº 32 Inter-American Development Bank Integration and Trade Sector Institute for the Integration of Latin America and the Caribbean Volume 15 January-June 2011 @ journal E-Biannual Publication Nº 32 //
More informationNBER WORKING PAPER SERIES THE RISKY CAPITAL OF EMERGING MARKETS. Joel M. David Espen Henriksen Ina Simonovska
NBER WORKING PAPER SERIES THE RISKY CAPITAL OF EMERGING MARKETS Joel M. David Espen Henriksen Ina Simonovska Working Paper 20769 http://www.nber.org/papers/w20769 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050
More informationFiscal Policy and Macro-systemic Risks
Fiscal Policy and Macro-systemic Risks Vitor Gaspar Director, Fiscal Affairs Department International Monetary Fund Integrated Macro-Financial Modeling for Robust Policy Design MACFINROBODS Paris, June
More informationRegional and Global Trade Strategies for Liberia
Regional and Global Trade Strategies for Liberia Jaime de Melo FERDI, IGC Armela Mancellari IGC International Growth Centre de Melo, Mancellari Regional and Global Trade Strategies for Liberia Outline
More informationLong-run Economic Growth. Part II: Sources of Growth and Productivity. Growth accounting. Today. Chris Edmond NYU Stern.
Growth accounting ong-run Economic Growth Part II: Sources of Growth and Productivity Chris Edmond NYU Stern Spring 2007 Where does growth in output per worker come from? Recall ( augmented ) production
More informationGravity, Market Potential, and Economic Development: Supplemental Material
Gravity, Market Potential, and Economic Development: Supplemental Material Keith Head Thierry Mayer October 26, 2010 1 Time-varying linkage coefficients Figure 1 present the schedule of estimated coefficients
More informationInstitutions, Incentives, and Power
Institutions, Incentives, and Power 1 / 30 High Level Institutions Selectorate: The portion of the population that has some chance of playing a role in the selection of the leader. inning Coalition: The
More informationEffectiveness of Tax Incentives in Attracting Investment; Evidence and Policy Implications
Effectiveness of Tax Incentives in Attracting Investment; Evidence and Policy Implications Edward Mwachinga Global Tax Simplification Team, World Bank Group February 12 Lusaka, Zambia WBG Tax Simplification
More informationForeign Capital and Economic Growth
Foreign Capital and Economic Growth Arvind Subramanian (Eswar Prasad and Raghuram Rajan) Western Hemisphere Department Workshop November 17, 2006 *This presentation reflects the views of the authors only
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 informationThe Risky Capital of Emerging Markets
The Risky Capital of Emerging Markets Joel M. David USC Espen Henriksen UC Davis Ina Simonovska UC Davis, NBER December 31, 2015 Abstract Emerging markets exhibit (1) high expected returns to capital and
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 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 informationUniversity of Pennsylvania & NBER. This paper reflects only the authors views, and not those of the IMF
An Anatomy of Credit Booms and their Demise Enrique G. Mendoza University of Pennsylvania & NBER Marco E. Terrones IMF This paper reflects only the authors views, and not those of the IMF Motivation and
More informationGlobal Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies
Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies By Ambrogio Cesa-Bianchi, Luis Felipe Cespedes, Alessandro Rebucci Bank of Canada and European Central
More information