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4411. Corporate Governance in Developing, Transition and Emerging–Market Economies

Author:
Charles Oman, Steven Fries, and Willem Buiter
Publication Date:
02-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Corporate governance was long ignored as a matter of potential importance for the development of a nation's economy. It remained virtually invisible as a development policy issue until the East Asian financial crisis of 1997-1998, followed closely by those in Russia and Brazil, drew attention to the problems of “crony capitalism” and their perceived relationship to poor local corporategovernance practices in several emerging-market economies. Yet as the perceived threat to global financial markets raised by those crises recedes and international pressures to strengthen corporate governance in emerging markets weaken, the danger is that local efforts significantly to improve corporate governance in the developing, transition and emerging-market economies will flag.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy

4412. OECD Territorial Review of Montreal

Publication Date:
02-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The metropolitan region of Montreal (Metropolitan Montreal) is Canada's second most populous area after Toronto, and is home to almost 3.5 million people. With its low costs, high quality of life, and wide range of industrial, cultural, educational, and social strengths, Montreal has a vibrant and dynamic economy, but its diversity and complexity can lead to institutional isolation and fragmented decision- making.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
Canada

4413. Economic Survey of Slovak Republic, 2004

Publication Date:
02-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Slovakia is engaged in an ambitious reform process which has a potential to quicken productivity growth, increase the employment rate and accelerate the catching-up to the per capita income levels of more advanced OECD countries. Short-term outcomes may be demanding socially and politically, but stimulus to growth and job-creation should help overcome the hardship. Policymakers should fully enforce the new framework for creating and doing business and support it with the full force of law. Human capital enrichment for new entrants through education reform is critical, while intensified re-training for the long-term unemployed is also indispensable, including for the Roma population. Demand for labour will be stimulated by the planned reductions in employment costs in the low end of the market, as well as by the fundamental tax reforms raising the return to enterprise creation and development. Further cuts in social contributions, which remain among the highest among OECD countries, should be a priority. The reform of the public spending system, which is already well engaged, should facilitate such additional cuts and help promote a smaller and more effective government. Continuing efforts of fiscal consolidation will improve the macroeconomic policy mix and help maintain supportive monetary conditions in the face of currency appreciation pres- sures from EU accession, and will help meet the Maastricht nominal convergence rules on a sustainable basis prior to euro area participation. The nominal flexibility of wages and prices should be conserved in order to preserve the competitiveness of the economy, notably of the domestic manufacturing and service firms. By sticking to this multi-pronged policy agenda, Slovakia would make its growth process more balanced and more job-rich and would accelerate further its already successful catching-up process.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
Slovakia

4414. Economic Survey of Sweden, 2004

Publication Date:
02-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
With sound monetary and fiscal frameworks and a good macroeconomic position, Sweden is better placed to face the longer-term challenges of an ageing population than many other OECD countries. As elsewhere, these demographic trends will put downwardpressure on growth in potential output and increase burdens on public expenditure over time. Managing this situation effectively within the welfare state approach while enjoying the highest possible living standards will be easier if the country can raise productivity growth, expand the effective labour supply, and get public finances quickly back onto their intended medium-term path. Productivity growth could be boosted further by increasing the pressures from competition in all parts of the economy, building on earlier liberalisation efforts. Effectively addressing cartels and other anti-competitive behaviour, removing regulatory obstacles and further exposing the large public sector to competition would all help. Productivity growth could also be raised if workers and capital moved more quickly and easily in response to shifts in costs and demand for different outputs. However, taking the rewards for productivity improvements in the form of lower working hours diminishes the tax base; further reductions in high marginal tax rates would reduce the incentive to do so. Although employment rates are already high overall, more could be done to get young people qualified and into the workforce earlier and to improve the integration of immigrants. Reducing the numbers of people drawing sickness and disability benefits will not only boost effective labour supply but also help ease expenditure pressures. More generally, tight expenditure restraint will be necessary to attain the government's surplus target. The budget framework could be refined in ways that would help to ensure that public finances are sustainable in the long term, while also providing room to moderate marginal tax rates in order to boost incentives to work, save and invest. Further progress towards environmental sustainability could focus on improving the cost-effectiveness of policies. Ultimately, creating faster growth and maintaining the welfare state depend on continuation of far-sighted economic management.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
Sweden

4415. Economic Survey of Switzerland, 2003

Publication Date:
01-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Although trend growth of GDP has been meagre for two decades (1.25 per cent against 2.75 per cent for the OECD average), per capita income in Switzerland remains among the highest in the OECD. In recent years, output growth was less resilient than in most other OECD countries, with the economy being in recession during the first semester of 2003. This is partly due to the global slump in the financial and capital goods sectors which are very important for the Swiss economy, but the unsatisfactory growth performance is largely attributable to the timid pace of structural reforms over many years. Against this background, there are three major challenges for economic policy.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
Switzerland

4416. Economic Survey of Hungary, 2004

Publication Date:
01-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
For Hungary to maintain strong growth, macroeconomic policy has to aim for sound and sustainable public finances, low inflation and maintaining the competitiveness of its FDI-driven export sector. Fiscal consolidation has to focus on lasting structural reforms, which bring down the volume of government expenditure in a sustainable way. Revenue increases buy time for the 2004 budget, but thistime has to be used to implement measures that will durably reduce spending in a medium-term framework. The difficult balancing act for monetary policy between achieving inflation targets and steering the exchange rate for entry into the euro zone could be made easier if fiscal targets are achieved. The move to base future budgets on the joint inflation target is a welcome step to improve co-ordination between the government and the Central Bank and should be continued. In wage setting, the indicative wage guidelines should be used to communicate disinflation in the runup to EMU, and thereby limit the risk of unintended real wage increases. Wage moderation should also be assisted by measures which increase the supply responsiveness of labour. Any room created for tax cuts should be used to reduce Hungary's large tax wedge on labour, which interacts negatively with some social benefit programmes. Large regional disparities should be addressed by measures which increase labour mobility and broaden investment across regions through further improved infrastructure. Business conditions can be further improved by addressing the low level of competition in some network industries and more generally improving the conditions for market entry in the domestic sector. The considerable costs of programmes to reduce the emission of greenhouse gases and also more local air pollutants could be reduced with the wider application of economic instruments. Hungary will only be able to reap the full benefits of European Union accession and EMU entry if it establishes a sound macroeconomic framework, boosts labour force participation and sustains high productivity growth.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
Hungary

4417. Science and Innovation Policy: Key Challenges and Opportunities

Publication Date:
01-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Science and technology exert a growing influence on society and the economy. Scientific achievements continue to expand the frontiers of knowledge and increasingly contribute to the technological progress that affects how people live and work. New science-based technologies help protect the environment, build safer homes, schools and factories, and develop energy- saving transport systems. Advances in genetics save lives and improve health standards throughout the world. Industries based on new technologies employ millions of highly skilled workers in the OECD and beyond. Information and communications technologies (ICT) have enhanced their productivity and made it possible for a greater number of individuals, firms and countries to take part in the knowledge-based economy.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy

4418. Economic Survey of the United Kingdom, 2004

Publication Date:
01-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The performance of the UK economy has been impressive in recent years, underpinned by wide-ranging structural reforms and sound macroeconomic policy frameworks. The OECD projects growth above potential in 2004 and 2005, with unemployment remaining low, but instability stemming from the housing market is a risk. Monetary policy should continue to tighten to reduce future inflationary pressures and the risk of a further sharp rise in house prices from becoming a potential source of fragility. At the same time, the current rigidity of house supply should be eased by reforming land planning, while a reform of the regressive council tax could help to reduce the risk of housing market instability. Over the projection period, government spending will continue to rise as a share of GDP, reflecting the government's ambitious targets in priority areas. Slowing spending growth may be warranted on efficiency grounds: bottlenecks have become apparent, while time is needed to pilot new innovative approaches. More generally, getting incentives right is essential to meet the ambitious service targets. Slowing spending growth would also benefit the public finances. An income-contingent contribution scheme for university graduates is an equitable way forward; other forms of user charges not compromising equity concerns could improve efficiency. Both are preferable to raising taxes. Trend growth has already been boosted by the sharp decline in structural unemployment, but measures are still needed to reduce the number of inactive, especially those on incapacity benefit. While educational performance of students has risen, policy needs to further address the lack of vocational skills as one element in a strategy to reduce the productivity gap with the best performers elsewhere. In this respect, competition is also important. The government has strengthened the competition framework and active enforcement along with the market studies of the Office of Fair Trading and the Competition Commission's market investigations should help to ensure that markets become more competitive. However, planning restrictions and market power are a problem in the retail sector and industry regulators will need to remain vigilant in the electricity, gas and telecom sectors. Ensuring macroeconomic stability, while addressing the remaining weaknesses through further structural reforms offers the prospect of continuing strong economic performance.
Topic:
Agriculture, Economics, Environment, Human Rights, International Organization, and Political Economy
Political Geography:
United Kingdom

4419. Performance Indicators for the Monitoring and Evaluation of SALW Control Programmes

Publication Date:
11-2004
Content Type:
Working Paper
Institution:
South Eastern Europe Clearinghouse for the Control of Small Arms and Light Weapons
Abstract:
The trend is for SALW control (and DDR) programmes to become more integrated into national socio-economic development, therefore programme evaluation and the use of performance indicators are important to; 1) monitor the impact of a programme during its implementation; 2) provide management information during the implementation of a project; 3) verify that the programme is making progress towards achieving its objectives; and 4) to satisfy donors, governments and other stakeholders.
Topic:
Arms Control and Proliferation, Civil Society, and Economics
Political Geography:
Eastern Europe

4420. Routes into Networks: The Structure of English Trade in the East Indies, 1601-1833

Author:
Emily Erikson and Peter Bearman
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
Institute for Social and Economic Research and Policy at Columbia University
Abstract:
Drawing on a remarkable dataset compiled from ships' logs, journals, factory correspondence, ledgers, and reports that provide unusually precise information on each of the 4,572 voyages taken by English traders of the East India Company (hereafter EIC), we describe the EIC trade network over time, from 1601 to 1833. From structural images of voyages organized by shipping seasons, we map the (over time and space) emergence of dense, fully integrated, global trade networks: of globalization before globalization. We show that the integration of the world trade system under the aegis of the EIC was the unintended by-product of systematic individual malfeasance (private trading) on the part of ship captains seeking profit from internal Eastern trade.
Topic:
Economics, Globalization, and International Trade and Finance
Political Geography:
United Kingdom