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Economic Policy Reforms 2006

Going for Growth

image of Economic Policy Reforms 2006

Across the OECD, governments are seeking to undertake structural reforms to strengthen their economic growth. Going for Growth 2006 takes stock of the progress made in implementing policy reforms to improve labour productivity and utilisation that were identified as priorities in the 2005 edition.  It also provides comparative indicators covering structural policy areas such as labour markets, education and product market regulation. Graphs and tables in this publication include StatLinks, URLs which provide the reader with Excel spreadsheets of individual graphs and tables.

A special feature of Going for Growth 2006 is the focus on innovation, which  is a key driver of economic growth. It provides comparative indicators on performance and relevant policies in this area, and country-specific policy recommendations for each OECD country to improve innovation performance.  This issue contains two analytical chapters covering regulation of financial systems and economic growth and alternatives to GDP as a measure of well-being.

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Regulation of Financial Systems and Economic Growth

This chapter sheds some light on the link between financial market regulation and economic growth. Financial systems are found to differ substantially across OECD countries in terms of overall size, structure as well as in the degree of competitive pressures prevailing in the banking and securities markets. To some extent, these variations reflect differences in regulatory underpinnings. In particular, regulatory settings that maintain excessively high barriers to competition in banking, or that provide too little protection for investors in securities markets, hamper the development of financial systems, resulting in weaker economic growth.

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