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55801. Why has Swedish Inflation been Persistently Low?

Author:
Felix Hufner
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Average inflation in Sweden has been one of the lowest among European countries since the mid- 1990s. Three supply-side factors help to explain this phenomenon, all related in some sense to increased global integration. First, a shift towards imports from low-cost producing countries has resulted in falling import prices. Second, deregulation and increased product market competition with foreign companies entering the market has led to price falls in some sectors, notably in retailing. Third, wage growth has lagged productivity and kept unit labour costs down. This paper reviews these factors and analyzes the policy options for the central bank.
Topic:
Economics, Labor Issues, Monetary Policy, and Inflation
Political Geography:
Europe, Sweden, and Scandinavia

55802. The Swedish Housing Market Better Allocation via Less Regulation

Author:
Felix Hufner and Jens Lundsgard
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
While several sectors in the economy have been deregulated, the Swedish housing market remains distorted, hindering an optimal matching of supply and demand. In the rental market the rent setting framework with its focus on cost-based rents in the public sector prevents a price response, leading to long queues in some regions and vacancies in others. Many Swedes that would have preferred otherwise are driven into the owner-occupied segment, where prices are increasing strongly, and rising above an estimated fundamental value. The supply of new dwellings is made more difficult by an uncompetitive construction industry, coupled with cumbersome planning regulations and few incentives for municipalities to issue more land. On the fiscal side, real estate taxes are below neutral levels, implying an indirect subsidy to housing. This paper presents a review of the recent steps to abolish real estate taxes and also proposes comprehensive reform of regulations in the rental housing sector.
Topic:
Reform, Regulation, Public Sector, and Housing
Political Geography:
Europe, Sweden, and Scandinavia

55803. Income Inequality, Poverty and Social Spending in Japan

Author:
Randall S. Jones
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Income inequality and relative poverty among the working-age population in Japan have risen to levels above the OECD average. This trend is partially explained by labour market dualism, with an increasing proportion of non-regular workers who are paid significantly less than regular workers, as well as by other factors, including the ageing of the workforce. Social spending as a share of GDP has been expanding in the context of population ageing, although it remains below the OECD average and the proportion received by low-income households is small. Consequently, the impact of social spending on inequality and poverty is weak compared to other OECD countries and inadequate to offset the deterioration in market income. The scope for increasing social spending is constrained by the fiscal situation. Instead, reversing the upward trend in inequality and poverty requires reforms to reduce labour market dualism and better target social spending on low-income households, particularly single parents.
Topic:
Poverty, Income Inequality, Social Services, and Housing
Political Geography:
Japan and Asia

55804. Pharmaceutical Pricing and Reimbursement Policies in Switzerland

Author:
Valerie Paris and Elizabeth Docteur
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This paper examines aspects of the policy environment and market characteristics of the Swiss pharmaceutical sector, and assesses the degree to which Switzerland has achieved certain policy goals. In Switzerland, pharmaceutical spending has not been growing faster than health expenditure as a whole, as has been the case in many other OECD countries. Swiss pharmaceutical spending per capita and as a share of GDP is modest by OECD standards. This in part reflects relatively low levels of pharmaceutical consumption, given that public prices are among the highest in Europe and the Swiss tend to be early adopters of new pharmaceutical products. Switzerland’s regulation of prices for reimbursed drugs, based on referencing across countries and within the therapeutic class for products with comparators, appears to result in prices lower than what would be obtained absent regulation. Although ex-manufacturer prices are somewhat high relative to other European countries, recent reforms have reduced the differential. While costs are under control, Switzerland has scope to improve the cost-effectiveness of its expenditures in the pharmaceutical area. Generic penetration of the market is increasing but falls short of what has been achieved elsewhere and the prices of generic products are higher than what is found in other countries.
Topic:
Social Policy, Drugs, Mediation, and Pharmaceuticals
Political Geography:
Europe and Switzerland

55805. The Unemployment Impact of Immigration in OECD Countries

Author:
Sébastien Jean and Miguel Jimenez
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This paper assesses the consequences of immigration for natives' unemployment in OECD countries and investigates the role played by product and labour market policies in the economy's adjustment to immigration inflows. The estimations, combining a skill-level and an aggregate approach using data for males, cover eighteen OECD countries over the period 1984-2003. While no significant long-run impact is found, an increase in the share of immigrants in the labour force is estimated to raise temporarily natives' unemployment, over a period of approximately five to ten years. Anticompetitive product market regulations are found to increase both the magnitude and the persistence of this impact, while more stringent employment protection legislation magnifies its persistence, and a higher average replacement rate of unemployment benefits increases its magnitude.
Topic:
Migration, Labor Issues, Immigration, Developing World, and Unemployment
Political Geography:
Global Focus

55806. Migration in OECD countries Labour Market Impact and Integration Issues

Author:
Sébastien Jean, Orsetta Causa, Miguel Jimenez, and Isabelle Wanner
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
immigration for natives' labour market outcomes, as well as issues linked to immigrants' integration in the host country labour market. Changes in the share of immigrants in the labour force may have a distributive impact on natives' wages, and a temporary impact on unemployment. However, labour market integration of immigrants (as well as integration of second-generation immigrants - both in terms of educational attainments and of labour market outcomes) remains the main challenge facing host economies. In both cases, product and labour market policies have a significant role to play in easing the economy's adjustment to immigration.
Topic:
Migration, Labor Issues, Immigration, and Employment
Political Geography:
Global Focus

55807. Integration of Immigrants in OECD Countries Do Policies Matter?

Author:
Orsetta Causa and Sébastien Jean
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
This working paper assesses the ease of immigrants' integration in OECD labour markets by estimating how an immigration background influences the probability of being active or employed and the expected hourly earnings, for given individual characteristics. Applying the same methodology to comparable data across twelve OECD countries, immigrants are shown to significantly lag behind natives in terms of employment and/or wages. The differences narrow as years since settlement elapse, especially as regards wages, reflecting progressive assimilation. Strong differences in immigrant-to-native gaps are also observed across countries, and the paper shows that they may, to a significant extent, be explained by differences in labour market policies, in particular unemployment benefits, the tax wedge and the minimum wage. In addition, immigrants are shown to be overrepresented among outsiders in the labour market and, as such, highly sensitive to the difference in employment protection legislation between temporary and permanent contracts.
Topic:
Migration, Labor Issues, Immigration, Employment, and Social Services
Political Geography:
Global Focus

55808. Family Policy in Hungary How to Improve the Reconciliation between Work and Family?

Author:
Philip Hemmings
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Hungarian family policy focuses on providing generous options to take time off work to look after children. This system not only contributes to Hungary’s low employment rate but encourages long separation from the labour market, has largely failed to significantly influence fertility rates and is relatively expensive to run. This paper looks at how to shift the policy focus towards reconciling work and family life. Reasons for under-provision in childcare by local governments are discussed and recommendations for further central-government intervention to improve supply are made. Recommendations for reform are also made regarding the complex system of family cash benefits and leave allowances.
Topic:
Labor Issues, Family, Social Services, and Social Roles
Political Geography:
Hungary and Central Europe

55809. Globalisation and Higher Education

Author:
Simon Marginson and Marijk van der Wene
Publication Date:
07-2007
Content Type:
Working Paper
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Economic and cultural globalisation has ushered in a new era in higher education. Higher education was always more internationally open than most sectors because of its immersion in knowledge, which never showed much respect for juridical boundaries. In global knowledge economies, higher education institutions are more important than ever as mediums for a wide range of cross-border relationships and continuous global flows of people, information, knowledge, technologies, products and financial capital. Even as they share in the reinvention of the world around them, higher education institutions, and the policies that produce and support them, are also being reinvented. For the first time in history every research university is part of a single world-wide network and the world leaders in the field have an unprecedented global visibility and power. Research is more internationalised than before and the mobility of doctoral students and faculty has increased. The specifically global element in academic labour markets has gained weight, especially since the advent of global university rankings. This working paper explores the issues for national policy and for individual institutions. Part I provides an overview of globalisation and higher education and the global responses of national systems and individual institutions of higher education. Part II is focused on certain areas of policy with a strong multilateral dimension: Europeanisation, institutional rankings and typologies and cross-border mobility.
Topic:
Education, Globalization, Multilateralism, and Higher Education
Political Geography:
Global Focus

55810. Reducing Risks from Global Imbalances

Author:
Research and Policy Committee of the Committee for Economic Development
Publication Date:
09-2007
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
This report traces the evolution of the current large global trade and financial imbalances, examines their sources, and makes recommendations that, if adopted, will help ensure continued growth in the global economy.
Topic:
International Trade and Finance, Economy, Global Political Economy, and Risk
Political Geography:
Global Focus