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If test-takers do not engage with the assessment, the reliability of test scores and the validity of inferences about their proficiency may suffer. Test-taker disengagement is particularly likely in low-stakes assessments and, according to prior research, for certain types of students. But levels of engagement may also be related to aspects that test developers can manipulate, such as item characteristics. This paper investigates which item characteristics are associated with two indicators of test-taker disengagement, rapid guessing and breakoffs, in an international assessment of reading. Analyses of data from almost 500 000 students from 67 countries and economies that took part in the 2018 Programme for International Student Assessment (PISA) show that rapid guessing was observed mainly on simple multiple-choice questions. Breakoffs were more likely in the presence of idiosyncratic selected-response formats, such as hot spot or matching tasks. Both rapid guessing and breakoffs were more frequent on tasks involving long and complex texts.
Concerns about fiscal sustainability and the prolonged recession have spilled over to the financial sector. Lending conditions are tight, non-performing loans are high and rising, and capital has flowed out of Italy to the core countries of the euro area. The Bank of Italy should continue to ensure that banks increase provisions against losses, and strengthen their capital asset position by raising new equity from private sources, including from foreign stakeholders, by retaining earnings and by disposing of non-core assets. Resolution of the fiscal, economic and financial crisis in Italy depends in part on action at the euro area level. As a member of the euro area, Italy has benefited from the establishment of the European Stability Mechanism, the announcement by the European Central Bank of the Outright Monetary Transactions scheme and the plans for a euro-area banking union.
The note provides a preliminary inventory of the policy responses adopted by the Italian regions to support small and medium-sized enterprises (SMEs) in the context of the COVID-19 pandemic.
Chapter 1 focuses on the repercussions on the Italian economy. Chapter 2 provides an overview of national policy responses. Chapter 3 explains the role regions play within Italy’s institutional setting regarding economic development, particularly SME policy. Chapter 4 provides a regional deep dive on the measures put in place by the regions to support SMEs during the pandemic. Chapter 5 provides a summary of the main findings.
This working document will be periodically updated and enriched with further analytical insights in the coming weeks.
The accident at the TEPCO Fukushima Daiichi nuclear power plant materially reverberated, with its emotional impact, on the preparation of a new nuclear policy in Italy. Italians, wishing to decide directly on the electric power source for their country, applied for a referendum procedure aimed at abrogating the newly enacted legal framework1 which would have paved the way for an Italian nuclear renaissance. The referendum on the repeal of nuclear power passed on 12-13 June 2011.
The problems caused by state and local revenue volatility are inherently challenging. Oregon has an especially volatile revenue structure, which can cause all sorts of problems as the state moves through the business cycle. Nevertheless, we have concluded that these problems are caused less by revenue volatility per se than by adjusting spending up and down to match current revenue flows, from growing spending at unsustainable rates during booms and cutting back precipitously during busts. The mild recession of 2001-02 had a particularly severe aftermath in Oregon. This event shocked the state’s policy makers into addressing the revenue volatility issue, making sense of it, and taking steps that greatly mitigated the adverse effects of the “Great Recession”. This article describes three things: the public-policy processes that produced this moderately happy outcome, my own voyage of discovery as I observed/participated in these processes, and a set of practical mechanisms states can use to stabilise spending.
JEL classification: H11, H20, H70
Keywords: Oregon, Great Recession, cash flows, income taxes, revenue volatility
This paper compares supply and demand to assess to what extent there can be a market for GDP-linked bonds (GLBs). For the government side, simulations illustrate the debt-stabilisation property of GLBs. These simulations consider shock persistence with a VAR structure and large events with shocks drawn from the residuals. Countries where shock persistence and the standard deviation of the interest rate – growth rate differential scaled with the debt level are higher reap more benefits from GLBs and hence can accept a larger risk premium on GLBs. For the investors’ side, risk premia compensating for GDP volatility are calculated with a CAPM, considering not only the size of growth shocks and their correlation with market prices, but also their persistence. Calculations are made with simplifying assumptions going against the case of GLBs: in particular, the possible reduction in the default risk premium is ignored. Even so, both high-risk and low-risk countries can benefit from GLBs: the ones that have to pay a larger risk premium are those that need this insurance against debt crises the most.
Addressing the effects of population ageing, including the increase in mental illnesses and neurological disorders, remains a top priority for many countries and is reflected at the highest levels of international dialogue. Governments, funders, and companies around the world are making unprecedented investments in brain research and the development of neurotechnologies. Advances in brain science and neurotechnology present major opportunities for health innovation and societal benefits, but also raise difficult questions at the intersection of science, society and economy. This report provides a summary of the main discussion points emerging from the Expert Consultation on “Neurotechnology and Society”, held on 14-15 September 2017, in Washington D.C., United States. Meeting participants acknowledged the increasingly international enterprise of neurotechnological innovation. Recommendations for addressing pressing ethical, legal, social, economic and cultural challenges may be beneficial to ensure responsible advancement of emerging neurotechnologies. Consideration of these issues should span laboratory, clinical, and industry settings.
There would appear to be a growing consensus among OECD member countries concerning the merits of adopting accrual accounting in the public sector. Nearly one-third of member countries have adopted full accrual accounting and a number of other member countries have adopted accrual accounting for specific transactions – most frequently for the recording of interest on the public debt and employee pension costs.
The complex relationship between trade policy and competition policy has been under study in the OECD for many years. In response to the Doha Declaration by WTO Ministers (November 2001), the OECD intensified its efforts, focussing on the topics suggested in Paragraphs 23-25 of the Declaration, i) core principles of non-discrimination, transparency and procedural fairness; ii) effective action against hard core cartels; iii) special and differential treatment/flexibility and progressivity; iv) voluntary co-operation in competition law; v) peer review and other possible compliance mechanisms: vi) capacity building and progressive reinforcement of competition institutions. This paper presents a synthesis of the work that has been done on each of these topics by the OECD Joint Group on Trade and Competition and the Competition Committee. It was discussed on the occasion of the Joint Global Forum on Trade and Competition in May 2003, which brought together participants from over 70 economies, international organisations and non-governmental organisations to dialogue and moved forward the debate. The proceedings of the Forum have been published...
Agricultural data and their use for better decision-making and innovation are at the core of the digital transformation of agriculture. But fragmented and unclear data governance arrangements may weaken farmers’ willingness to adopt digital solutions. This, in turn, may reduce the availability and accessibility of agricultural data for policymaking, for the agricultural innovation system, and for developing services for farmers. A key challenge for policy makers lies in finding a balance between protecting the privacy and confidentiality of agricultural data, and farmers’ economic interests in those data, while making it possible to leverage their potential for the sector’s growth and innovation. This report focuses on farmers’ concerns around access, sharing and use of agricultural data and explores whether and how existing policy frameworks and other sectoral initiatives can help to foster greater trust.
In recent decades, Israel’s growing population and rising incomes have seen consumption increase substantially, bringing with it considerable pressure on the environment. One of the main environmental pressures is from the ever-increasing transport activity, especially the use of private vehicles. Although travelling in a private vehicle brings benefits to the individual using it, this entails costs to society as a whole. These social costs extend beyond the private costs of the car and the fuel borne by the car user, imposing a burden on public health and the environment. Transport involves noise, local air pollution, and contributes to climate change, congestion, accidents, and wear and tear to infrastructure. All these negatively affect public health and quality of life in general, a fact not taken into account when an individual chooses whether or not to buy a car. This is known as a “market failure”, because the price of a car does not fully reflect the social costs of using it. Governments can correct market failures like these through policies that ensure that the actual costs to society are incorporated within the price of a car, thus influencing consumers’ purchases. This paper describes how Israel developed an innovative scheme to encourage consumers to choose less polluting cars. The Green Tax scheme targets reductions in all polluting vehicle emissions, not only carbon dioxide (CO2). The paper outlines the design process, reflects on the challenges encountered and the environmental, economic and social impacts. It concludes by discussing the wider lessons that are raised for other governments seeking to tackle similar environmental problems.