Search results for "OECD"
showing 10 items of 77 documents
Decomposing changes in the conditional variance of GDP over time
2017
A well established fact in the growth empirics literature is the increasing (unconditional) variation in output per capita across countries. We propose a nonparametric decomposition of the conditional variation of output per capita across countries to capture different channels over which the variation might be increasing. We find that OECD countries have experienced diminishing conditional variation while other regions have experienced increasing conditional variation. Our decomposition suggests that most of these changes in the conditional variance of output are due to unobserved factors not accounted for by the traditional growth determinants. In addition to this we show that these facto…
Is full banking integration desirable?
2020
The aim of this paper is to analyze the links between banking integration and economic development for a sample of OECD countries. We measure banking integration considering state-of-the-art indicators that measure not only how open a banking system is but also its degree of connectedness with other banking systems. In a second stage, we plug these indicators in a model of economic growth, also controlling for other relevant variables considered by the economic growth literature. In contrast to previous initiatives, this second stage explicitly takes into account the differing levels of economic development of the countries in our sample, since the benefits of enhanced banking inte- gration…
Are the determinants of CO2 emissions converging among OECD countries?
2013
This paper studies convergence in CO2emission intensity (CO2 emissions over GDP) among OECD countries over the period 1960-2008 based on its determinants, namely, energy intensity (energy consumption over GDP) and the so-called carbonisation index (CO2 emissions over energy consumption). We apply the Phillips and Sul (2007) methodology, which tests for the existence of convergence clubs. Our results highlight that differences in emission intensity convergence are more determined by differences in convergence of the carbonisation index rather than by differences in the dynamic convergence of energy intensity.
A quest between fiscal and market discipline
2023
Fiscal rules are typically seen as government constraints. Yet, the extent to which they are substituted or complemented by market discipline (especially, during financial stress) remains unexplored. Using data for 71 countries over the period 1985–2015, we estimate an “augmented” fiscal reaction function to assess the impact of both fiscal and market discipline. We find that different market signals influence fiscal policy, but fiscal discipline depends on market incentives. In the EU and the OECD, market signals complement fiscal rules. These are less effective in the EMU and non-OECD countries that are “debt intolerant”. Yet, there are unintended consequences: (i) neither output and debt…
A comparison of corporate social responsibility engagement in the OECD countries with categorical data
2015
This note presents a new method to compare the engagement level of the OECD countries with the corporate social responsibility (CSR) activities when achievements of their companies are described by CSR standards. We introduce the eigenvector procedure developed by Herrero and Villar (2013), applying the analysis of group performance with categorical data. We find that differences in CSR engagement across OECD countries are quite low in the top and the bottom of the eigenvector classification compared with those of the GRI index. However, there are important differences across countries placed in the middle rank of these two classifications.
Regional inequalities, economic crises and policies: an international panel analysis
2021
This paper examines the effects of economic downturns on regional inequalities. In a sample of 25 OECD countries for 1990–2014 period, we show that economic downturns are associated with a significant and long-lasting reduction in regional inequalities. Expansionary fiscal policy as well as higher share of the European development (cohesion) funds facilitate the response of lagging regions to negative nation-wide shocks, contributing to further stimulate the reduction in regional disparities. Additional evidence suggests that the effect of downturns tends to be larger in economies with a higher initial level of regional disparities in unemployment and human capital endowment.
Trade effects of monetary agreements: Evidence for OECD countries
2008
Abstract This paper analyses the effects of monetary agreements on trade flows using a sample of 25 OECD countries over the period 1950–2004. We find that these agreements have boosted intra-bloc trade. This result especially applies to the case of the euro. More importantly, in contrast to regional trade agreements, all monetary agreements analysed show evidence of trade-creating effects with third countries. Finally, only the euro shows a symmetric impact for the trade-creating effect with non-members, that is, using the euro promotes both the Eurozone's exports and its imports to non-Eurozone markets to a similar extent.
Total factor productivity measurement and human capital in OECD countries
1999
Abstract This paper analyses the Total Factor Productivity (TFP) evolution in OECD countries by breaking down productivity gains into technical change and efficiency change. To avoid biases, Malmquist indices of productivity, including human capital, are estimated. The results indicate that, in fact, the inclusion of human capital has a significant effect on the accurate measurement of TFP.
Earnings-related unemployment benefits and unemployment
2003
Abstract We show that a stronger earnings relationship of unemployment compensation reduces wages and increases employment in an economy in which wages are determined by a trade union that maximises the rent from unionisation. The opposite result applies for a utilitarian union. Using manufacturing and non-manufacturing data for 16 OECD countries, estimates suggest that a 10% increase in the earnings relationship is associated with a 1.9% fall in manufacturing wages, a 0.6% reduction in non-manufacturing wages and a 7.3% reduction in unemployment.
Convergence in OECD countries: technical change, efficiency and productivity
1998
The aim of this study is to analyze labor productivity convergence in the countries of the OECD over the period 1965-90. A non-parametric frontier approach is used to calculate the Malmquist productivity index. By breaking it down, the contribution to the growth of labor productivity of technical progress, of changes in efficiency, and of the accumulation of inputs per worker are quantified. Unlike other studies, the results obtained show that technical change has worked against labor productivity convergence, since it has always been greater in the countries with higher labor productivity. El trabajo tiene como objetivo básico analizar la contribución de las distintas fuentes del crecimien…