Browse by: "2019"

We examine the relationship between lax monetary policy, access to high-yield bond markets and productivity in the US between 2008 and 2016. Using monetary policy surprises, obtained from changes in interest rates futures in narrow windows around FOMC announcements, we isolate the increased access to high-yield bond markets relative to investment-grade bond markets that is due to unconventional monetary policy (UMP). We find that through the risk-taking channel, UMP has increased investors’ appetite for high-yield US corporate bonds, thereby increasing access to high-yield bond markets for firms with a higher risk profile. Since the relationship between credit ratings and firm-level productivity is U-shaped, the aggregate effect on productivity is a priori unclear. Turning to the real economy, we thus analyse whether this additional access to finance had an effect on aggregate productivity by altering the reallocation of resources across firms. Our results show that unconventional monetary policy induced less investment in tangible capital by high-productive firms. However, before drawing conclusions on the net effects of UMP on aggregate productivity, we discuss a number of issues that this paper could not deal with due to data limitations, including prominently whether this apparent misallocation may have been offset by a shift in the composition of investments towards more intangible investment.

Curriculum plays an important role in ensuring continuity and progression from early childhood education and care (ECEC) to primary education. The alignment of curricula and standards across these settings shapes children’s early experiences with education systems, with implications for children’s relationships and engagement in both ECEC and primary school, as well as longer-term learning and well-being outcomes. Governments can achieve curricular continuity in various ways, ranging from high-level alignment of goals across multiple curriculum documents to full integration of the curriculum into a single document that covers both ECEC and primary school. The broader contexts of education systems, such as organisation and governance, the training of staff and teachers who work in these settings, matter for curricular continuity – and an integrated curriculum alone does not guarantee a continuous experience for children. International data and in-depth case studies from seven jurisdictions (Japan, Luxembourg, New Jersey [United States], New Zealand, Norway, Scotland [United Kingdom] and Victoria [Australia]) provide insights to these different approaches to curricular alignment.

L’investissement est indispensable pour rendre le secteur du tourisme compétitif et durable. Ce rapporte examine les approches politiques efficaces pour accroître la qualité et l’efficacité des investissements dans le tourisme. Il passe en revue les conditions favorables et les obstacles à la promotion des investissements susceptibles de favoriser une croissance du tourisme durable et inclusive. Les considérations de politique générale visant à encourager des investissements de qualité dans le tourisme sont abordées, notamment l’importance de la coordination intergouvernementale, l’utilisation de stratégies permettant de maximiser la qualité et l’impact des investissements touristiques, l’intégration de la durabilité dans les cadres décisionnels en matière d’investissement et le renforcement des capacités des investissements touristiques dans une économie numérique. Des études de cas sur l’'investissement dans un certain nombre de pays sont présentées pour appuyer la discussion sur les politiques à mener.

The document sets out how intangible assets can be relevant for SMEs to obtain external funding; the challenges and opportunities in this area; and the rationale for policy intervention. It provides some policy trends from a selected group of countries and concludes with some issues to be considered by governments to foster the use of intangibles for SME access to finance. It is part of the 2017-18 Programme of Work and Budget of the Working Party on SMEs and Entrepreneurship (WPSMEE).

This report builds on the OECD’s longstanding work measuring government support in agriculture, fossil fuels, and fisheries in order to estimate support and related market distortions in the aluminium value chain. Results show that non-market forces, and government support in particular, appear to explain some of the recent increases in aluminium-smelting capacity. While government support is commonly found throughout the aluminium value chain, it is especially heavy in the People’s Republic of China and countries of the Gulf Cooperation Council. Looking across the whole value chain also shows subsidies upstream to confer significant support to downstream activities, such as the production of semi-fabricated products of aluminium. Overall, market distortions appear to be a genuine concern in the aluminium industry, and one that has implications for global competition and the design of trade rules disciplining government support.

L’avenir du tourisme sera soumis à des changements sociaux, économiques, politiques, environnementaux et technologiques de grande ampleur apportant de nouveaux défis, souvent méconnus, ainsi que, de nouvelles menaces et opportunités. Ces mégatendances se forment lentement mais une fois implantées, excercent une influence considérable et durable sur les activités humaines, les processus et les percéptions, y compris sur le tourisme. Quatre mégatendances sont susceptibles d'avoir des impacts importants et une pertinence pour le tourisme : i) l’évolution de la demande touristique ; ii) l’essor du tourisme durable ; iii) les technologies structurantes et iv) la mobilité des voyageurs. Explorer les implications multidimensionnelles de ces mégatendances à l’horizon 2040 est nécessaire pour guider les politiques et orienter l’avenir du tourisme. Ce document développe une série de scénarios plausibles et de réponses publiques possibles aux mégatendances mentionnées ci-dessus, il examine ensuite la manière dont les responsables des politiques publiques peuvent mieux se préparer aux mégatendances, et présente un ensemble de lignes directrices pour une prospective stratégique efficace en matière de tourisme.