OECD Economic Studies

Discontinued
Frequency :
Semiannual
ISSN :
1609-7491 (online)
ISSN :
0255-0822 (print)
DOI :
10.1787/16097491
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OECD Economic Studies is the twice-yearly journal of the OECD Economics Department. It features articles in the area of applied macroeconomics and statistical analysis, generally with an international or cross-country dimension. Articles are derived from work of the Organization’s intergovernmental committees, including areas of work outside the Economics Department’s focus. Now published as a part of the OECD Journal.

Also available in: French
 
 
 

Volume 2003, Issue 1 You do not have access to this content

Publication Date :
10 Dec 2003
DOI :
10.1787/eco_studies-v2003-1-en
Also available in: French

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  10 Dec 2003 Click to Access: 
    http://oecd.metastore.ingenta.com/content/1303361ec002.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-influence-of-policies-on-trade-and-foreign-direct-investment_eco_studies-v2003-art2-en
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The Influence of Policies on Trade and Foreign Direct Investment
Stephen S. Golub, Dana Hajkova, Daniel Mirza, Giuseppe Nicoletti, Kwang-Yeol Yoo

This paper assesses the importance of border and non-border policies for global economic integration. The focus is on four widely-advocated policies: removing explicit restrictions to trade and FDI; promoting domestic competition; improving the adaptability of labour markets; and ensuring adequate levels of infrastructure capital. The analysis covers FDI and trade in both goods and services, thus aiming to account for the most important channels of globalisation and dealing with most modes of cross-border services supply. The results highlight that, despite extensive liberalisation over the past two decades, there is scope for further reducing policy barriers to integration of OECD markets. Remaining barriers have a significant impact on bilateral trade and FDI, with anticompetitive domestic regulations and restrictive labour market arrangements estimated to curb integration as much as explicit trade and FDI restrictions. Simulating the removal of such barriers suggests that the quantitative effects of further liberalisation of trade, FDI and domestic product and labour markets on global integration could be substantial...

  10 Dec 2003 Click to Access: 
    http://oecd.metastore.ingenta.com/content/1303361ec003.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/measures-of-restrictions-on-inward-foreign-direct-investment-for-oecd-countries_eco_studies-v2003-art3-en
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Measures of Restrictions on Inward Foreign Direct Investment for OECD Countries
Stephen S. Golub

This paper provides new measures of restrictions on inward foreign direct investment (FDI) for OECD countries. Several different types of restrictions are considered: limitations on foreign ownership, screening or notification procedures, and management and operational restrictions. These restrictions are computed for nine sectors and eleven sub-sectors, most of which are in services, and then aggregated into a single measure for the economy as a whole. According to the aggregate indicators, the last two decades, and especially the 1990s, have witnessed dramatic liberalisation in FDI restrictions. OECD countries are now generally open to inward FDI, although there remain substantial differences between countries and across industries. The most open countries are now in Europe, at least as far as statutory restrictions are concerned. The preponderance of remaining restrictions is in services, with almost no overt restrictions in manufacturing...

  10 Dec 2003 Click to Access: 
    http://oecd.metastore.ingenta.com/content/1303361ec004.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/the-decline-in-private-saving-rates-in-the-1990s-in-oecd-countries_eco_studies-v2003-art4-en
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The Decline in Private Saving Rates in the 1990s in OECD Countries
Florian Pelgrin, Alain de Serres

The substantial decline in private-sector saving rates observed in several OECD countries in the late 1990s coincided in several cases with a sharp increase in household financial net worth. This was seen by many observers as evidence that the strong rise in equity and residential property prices during the late 1990s had been treated by households as a permanent increase in wealth, leading to an unsustainable drop in saving and raising fears of an eventual negative wealth effect. Applying estimation techniques for systems of dynamic panel equations, this paper looks at basic determinants of private saving for a sample of 15 OECD countries and finds that the sharp decline in saving observed after 1995 can be largely explained, even in a post-sample fashion, by fundamentals other than financial wealth. Among the determinants, the rise in public-sector saving is found to have contributed the most to the decline in private saving between 1995 and 2000. Based on this investigation, there is little evidence that consumers had gone too far in responding to the stock market boom of the late 1990s, even in countries where private saving rates have fallen to historically low levels. On the other hand, the results suggest that a loosening of fiscal policy may have a limited stimulatory impact on private consumption...

  10 Dec 2003 Click to Access: 
    http://oecd.metastore.ingenta.com/content/1303361ec005.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/fiscal-relations-across-government-levels_eco_studies-v2003-art5-en
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Fiscal Relations across Government Levels
Isabelle Joumard, Per Mathis Kongsrud

Despite its apparent advantages, devolution of fiscal responsibilities has not proceeded evenly over the past two decades. Decentralisation can strengthen the democratic process, allow governments to tailor the supply of public goods to local preferences and introduce some competition across jurisdictions, thus raising public sector efficiency. It can, however, entail efficiency losses and make it difficult to implement redistributive policies. On the spending side, local provision may fail to exploit economies of scale and internalise territorial spillovers – a serious issue since few public goods are purely local by nature. On the revenue side, few tax bases can be exploited by sub-national governments without risking making national objectives difficult to achieve and raising serious distributive concerns. This paper, which is largely based on country experiences in mitigating the potential drawbacks of decentralisation while obtaining most of its benefits, provides a framework for assessing fiscal relations across levels of government...

  10 Dec 2003 Click to Access: 
    http://oecd.metastore.ingenta.com/content/1303361ec006.pdf
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  • http://www.keepeek.com/Digital-Asset-Management/oecd/economics/tariff-bindings-unused-protection-and-agricultural-trade-liberalisation_eco_studies-v2003-art6-en
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Tariff Bindings, Unused Protection and Agricultural Trade Liberalisation
Peter Walkenhorst, Nora Dihel

Prior quantitative assessments of the effects of agricultural trade liberalisation have assumed that negotiated reductions in bound tariffs translate into corresponding cuts in applied tariff rates. This approach, however, overestimates the actual reduction in applied tariffs and, hence, the benefits of trade liberalisation, since applied rates are often much lower than the tariffs bound in Uruguay Round schedules. This paper uses data on applied and bound tariffs and the GTAP-CGE model to quantify the magnitude of the resulting bias. The findings suggest that the distortion of estimates is particularly pronounced for modest tariff cuts, as well as for countries where the differences between bound and applied rates are substantial. Hence, quantitative policy analysts who aim to inform decision makers on the likely impacts of negotiated tariff cuts should consider the relationship between bound and applied tariff rates in their assessments in order to avoid mistaken advice...

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