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  1. Wage growth in Australia
    lessons from longitudinal microdata
    Autor*in: Andrews, Dan; Deutscher, Nathan; Hambur, Jonathan; Hansell, David
    Erschienen: July 2019
    Verlag:  The Treasury, Canberra

    This paper uses novel microdata sources spanning 2001-02 to 2015-16 to explore the structural drivers of wage growth in Australia, with a view to better understanding recent weak wage growth - a phenomenon observed across a range of advanced... mehr

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    This paper uses novel microdata sources spanning 2001-02 to 2015-16 to explore the structural drivers of wage growth in Australia, with a view to better understanding recent weak wage growth - a phenomenon observed across a range of advanced economies. Controlling for a range of cyclical and other factors, we show that part of firms' idiosyncratic productivity growth tends to be passed-through to workers in the form of higher wage growth, consistent with the idea that firms share rents with their workers. The size of this pass-through is around the midpoint of leading international estimates, and appears to decline modestly after 2012-13, when aggregate wage growth begins to slow. We then discuss a range of possible mechanisms for this modest decline, including the transition from the mining boom, globalisation, changing shock processes, declining labour market fluidity and uneven technology diffusion. Given that our dataset does not cover the past few years, however, it is not clear whether lower pass-through of productivity to wages has persisted. In this respect, our results represent a tentative first step in examining the microeconomic drivers of a macroeconomic phenomenon with particular reference to wages. We provide a proof-of-principle demonstration of the value of longitudinal microdata and empirical techniques to such investigations, and suggest further analysis into the factors behind declining labour market fluidity would be a fruitful exercise.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/210405
    Schriftenreihe: [Treasury working paper] / Australian Government, The Treasury ; 2019, 04
    Schlagworte: Lohnniveau; Produktivität; Arbeitsmobilität; Australien
    Umfang: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  2. Reaching for the stars
    Australian firms and the global productivity frontier
    Autor*in: Andrews, Dan; Hambur, Jonathan; Hansell, David; Wheeler, Angus
    Erschienen: January 2022
    Verlag:  The Treasury, Canberra

    A feature of the recent global slowdown in productivity growth is that progress at the technological frontier has remained strong, while the gap between firms at the global frontier and other 'laggards' within an industry has grown. This growing gap... mehr

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    A feature of the recent global slowdown in productivity growth is that progress at the technological frontier has remained strong, while the gap between firms at the global frontier and other 'laggards' within an industry has grown. This growing gap reflects the fact that laggard firms now seem to be slower to adopt cutting-edge technologies and processes, and catch-up to the global frontier than they were previously. However, little is known about whether these patterns hold true for Australia. We exploit a novel dataset merging international microdata from OECD-Orbis with Australian microdata from BLADE. Consistent with overseas evidence, we find that the gap between global frontier firms and Australian firms has grown over time in the non-resource, non-financial market sector. Moreover, Australian firms catch up to the global frontier more slowly than previously, suggesting slower adoption of cutting-edge technologies and processes. The slowdown has been more notable in industries with declining measures of dynamism and competitive pressures, suggesting the slowdown may reflect weaker incentives and imperatives for firms to improve. This suggests that policies to address barriers to business dynamism and competitive pressures can improve Australia's productivity performance, by increasing incentives for firms to adopt, innovate and improve.

     
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    ISBN: 9781925832419
    Weitere Identifier:
    hdl: 10419/280820
    Schriftenreihe: Treasury working paper / Australian Government, The Treasury ; 2022, 01
    Schlagworte: productivity; dispersion; firm-level; BLADE; frontier
    Umfang: 1 Online-Ressource (circa 19 Seiten), Illustrationen
  3. Productivity-enhancing labour reallocation in Australia
    Autor*in: Andrews, Dan; Hansell, David
    Erschienen: November 2019
    Verlag:  The Treasury, Canberra

    International evidence suggests that aggregate productivity growth is driven by the within-industry reallocation of inputs away from less productive firms and towards more productive firms, but little is known about this process in Australia.... mehr

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    International evidence suggests that aggregate productivity growth is driven by the within-industry reallocation of inputs away from less productive firms and towards more productive firms, but little is known about this process in Australia. Accordingly, this paper exploits firm-level data to explore the nature of productivity-enhancing labour reallocation in Australia over the period 2002-2016. We first show that more productive firms on average account for a higher share of industry employment, particularly in sectors more exposed to competitive pressure via trade, and that this contributes positively to the aggregate level of productivity in Australia. Moreover, we show that the Australian economy is more successful at reallocating resources to high productivity firms than many other OECD countries, which is consistent with Australia's relatively sound structural policy environment that promotes economic flexibility. We then explore the extent to which labour is moving in the right direction over time. While high-productivity firms are more likely to expand and low-productivity firms are more likely to contract (or exit), the extent to which this is true has diminished over time. Counterfactual analysis shows that the weakening responsiveness of employment growth to firm productivity this decade is a significant drag on aggregate labour productivity growth, which motivates further analysis of structural policies that affect competition and labour mobility.

     
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    hdl: 10419/210407
    Schriftenreihe: Treasury working paper / Australian Government, The Treasury ; 2019, 06
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  4. The best versus the rest
    divergence across firms during the global productivity slowdown
    Autor*in: Andrews, Dan; Criscuolo, Chiara; Gál, Peter
    Erschienen: [2019]
    Verlag:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Schriftenreihe: CEP discussion paper ; no 1645 (August 2019)
    Umfang: 1 Online-Ressource (circa 100 Seiten), Illustrationen
  5. The career effects of labour market conditions at entry
    Autor*in: Andrews, Dan; Deutscher, Nathan; Hambur, Jonathan; Hansell, David
    Erschienen: June 2020
    Verlag:  The Treasury, Canberra

    This paper explores the effects of labour market conditions at graduation on an individual's work‑life over the following decade. Australians graduating into a state and year with a 5 percentage point higher youth unemployment rate can expect to earn... mehr

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    This paper explores the effects of labour market conditions at graduation on an individual's work‑life over the following decade. Australians graduating into a state and year with a 5 percentage point higher youth unemployment rate can expect to earn roughly 8 per cent less in their first year of work and 3½ per cent less after five years, with the effect gradually fading to around zero ten years on. The magnitude of this effect varies according to the characteristics of the individual and the tertiary institution they attend. We then explore the mechanisms behind this scarring. Scarring partly reflects the subsequent evolution of the unemployment rate - the fact that unemployment shocks tend to persist - highlighting the potential for timely and effective macroeconomic stabilisation policies to ameliorate these scarring effects. More generally, job switching to more productive firms emerges as a key channel through which workers recover from adverse shocks that initially disrupt (worker‑firm) match quality. We find some evidence that the speed of recovery has slowed since 2000, which is consistent with the decline in labour market dynamism observed in Australia over that period.

     
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    hdl: 10419/251329
    Schriftenreihe: Treasury working paper / Australian Government, The Treasury ; 2020, 01
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  6. Insolvency regimes, technology diffusion and productivity growth
    evidence from firms in OECD countries
    Autor*in: McGowan, Muge Adalet; Andrews, Dan; Millot, Valentine
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to... mehr

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    This paper explores the link between the design of insolvency regimes across countries and laggard firms’ multi-factor productivity (MFP) growth, using new OECD indicators of the design of insolvency regimes. Firm-level analysis shows that reforms to insolvency regimes that lower barriers to corporate restructuring are associated with higher MFP growth of laggard firms. These results are consistent with the idea that insolvency regimes that do not unduly inhibit corporate restructuring can incentivise experimentation and provide scope to reconfigure production and organisational structures in order to faciliate technological adoption. The results also highlight policy complementarities, with insolvency regimes that reduce the cost of entrepreneurial failure potentially enhancing the MFP gains from lowering administrative entry barriers in product markets. Finally, we find that reducing debt bias in corporate tax systems and well-developed venture capital markets are associated higher laggard firm MFP growth, suggesting that equity financing can also be an important driver of technological diffusion. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that stalling technological diffusion has contributed to the aggregate productivity slowdown.

     
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    Quelle: Staatsbibliothek zu Berlin
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    Schriftenreihe: OECD Economics Department working papers ; no. 1425
    Schlagworte: Insolvenz; Innovationsdiffusion; Produktivitätsentwicklung; Wirtschaftsdaten; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  7. A genie in a bottle?
    globalisation, competition and inflation
    Autor*in: Andrews, Dan; Gál, Peter; Witheridge, William
    Erschienen: 2018
    Verlag:  OECD Publishing, Paris

    Declining inflation in many countries over the past few decades at the same time as rising global competition has led to a debate on the importance of globalisation for domestic inflation. This paper explores the implications of global value chain... mehr

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    Declining inflation in many countries over the past few decades at the same time as rising global competition has led to a debate on the importance of globalisation for domestic inflation. This paper explores the implications of global value chain (GVC) integration and market contestability for inflation using a range of industry-level and micro-data sources. We provide evidence that rising participation in GVCs has placed downward pressure on producer price inflation, by increasing the ability of firms to substitute domestic inputs with cheaper foreign equivalents. We investigate the channels, which suggests that increased GVC participation contributed to lower inflation via downward pressures on unit labour costs – by raising productivity and reducing wages – in the importing country, especially when low-wage countries are integrated in supply chains. We then present industry-level evidence to support the conjecture that a higher level of GVC integration dampens producer price inflation by accentuating the impact of global economic slack on domestic inflation. However, we also find an increasing trend in mark-ups, suggestive of rising market power, particularly in services sectors. Thus, looking forward, there is a risk that stalling globalisation since the crisis, coupled with stronger aggregate demand and declining market contestability, could lead to inflationary pressures in the medium term, thereby letting the inflation genie out of the bottle.

     
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    Quelle: Staatsbibliothek zu Berlin
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    Schriftenreihe: OECD Economics Department working papers ; no. 1462
    Schlagworte: Globalisierung; Wettbewerb; Inflation; Marktmacht; Betriebliche Wertschöpfung; Economics
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  8. Digital technology diffusion
    a matter of capabilities, incentives or both?
    Autor*in: Andrews, Dan; Nicoletti, Giuseppe; Timiliotis, Christina
    Erschienen: 2018
    Verlag:  OECD Publishing, Paris

    Insufficient diffusion of new technologies has been quoted as one possible reason for weak productivity performance over the past two decades (Andrews et al., 2016). This paper uses a novel data set of digital technology usage covering 25 industries... mehr

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    Insufficient diffusion of new technologies has been quoted as one possible reason for weak productivity performance over the past two decades (Andrews et al., 2016). This paper uses a novel data set of digital technology usage covering 25 industries in 25 European countries over the 2010-16 period to explore the drivers of digital adoption across two broad sets of digital technologies by firms, cloud computing and back or front office integration. The focus is on structural and policy factors affecting firms’ capabilities and incentives to adopt -- including the availability of enabling infrastructures (such as high-speed broadband internet), managerial quality and workers skills, and product, labour and financial market settings. We identify the effects of structural and policy factors based on the difference-in-difference approach pioneered by Rajan and Zingales (1998) and show that a number of these factors are statistically and economically significant for technology adoption. Specifically, we find strong support for the hypothesis that low managerial quality, lack of ICT skills and poor matching of workers to jobs curb digital technology adoption and hence the rate of diffusion. Similarly our evidence suggests that policies affecting market incentives are important for adoption, especially those relevant for market access, competition and efficient reallocation of labour and capital. Finally, we show that there are important complementarities between the two sets of factors, with market incentives reinforcing the positive effects of enhancements in firm capabilities on adoption of digital technologies

     
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    Schriftenreihe: OECD Economics Department working papers ; no. 1476
    Schlagworte: Digitalisierung; Technischer Fortschritt; Innovationsdiffusion; Produktivitätsentwicklung; Qualifikation; Europa; Economics
    Umfang: 1 Online-Ressource (circa 80 Seiten), Illustrationen
  9. Confronting the zombies
    policies for productivity revival
    Autor*in: Andrews, Dan; McGowan, Muge Adalet; Millot, Valentine
    Erschienen: [2017]
    Verlag:  OECD Publishing, Paris

    Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a... mehr

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    Policies that spur more efficient corporate restructuring can revive productivity growth by targeting three inter-related sources of labour productivity weakness: the survival of “zombie” firms (low productivity firms that would typically exit in a competitive market), capital misallocation and stalling technological diffusion. New OECD policy indicators show that there is much scope to improve the design of insolvency regimes in order to reduce the barriers to restructuring of weak firms and the personal costs associated with entrepreneurial failure. Insolvency regime reform can not only address the aforementioned sources of productivity weakness but also enhance the productivity impacts of reducing entry barriers in product markets. As the zombie firm problem may partly stem from bank forbearance, complementary reforms to insolvency regimes are essential to ensure that a more aggressive policy to resolve non-performing loans is effective. Distortions in the banking sector highlight the importance of market-based financing instruments for productivity growth with the inherent debt bias in corporate tax systems emerging as a key barrier to technological diffusion. Finally, well-designed job search and retraining policies are effective at returning workers displaced by firm exit to work, particularly in environments where barriers to firm entry are low.

     
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    Schriftenreihe: OECD economic policy paper ; no. 21 (December 2017)
    OECD Economic Policy Papers ; no.21
    Schlagworte: Produktivitätsentwicklung; Insolvenz; Unternehmenssanierung; Bank; Allokation; Marktaustritt; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  10. Do resources flow to patenting firms?
    cross-country evidence from firm level data
    Autor*in: Andrews, Dan; Criscuolo, Chiara; Menon, Carlo
    Erschienen: 2014
    Verlag:  OECD, Economics Dep., Paris

    This paper exploits longitudinal data on firm performance and patenting activity for 23 OECD countries over the period 2003-2010 to explore the extent to which changes in the patent stock are associated with flows of capital and labour to patenting... mehr

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    This paper exploits longitudinal data on firm performance and patenting activity for 23 OECD countries over the period 2003-2010 to explore the extent to which changes in the patent stock are associated with flows of capital and labour to patenting firms. While the finding that patenting is associated with real changes in economic activity at the firm level is in line with recent literature, new empirical evidence presented suggests that the impact of patenting on firm size is likely to be causal. Moreover, these data reveal important differences across OECD countries in the extent to which innovative firms can attract the complementary tangible resources that are required to implement and commercialise new ideas. In turn, the contribution of framework policies to explaining the observed cross-country differences in the magnitude of these flows is explored. While further research is required to establish causality, the results are consistent with the idea that well-functioning product, labour and capital markets; efficient judicial systems and bankruptcy laws that do not overly penalise failure can raise the returns to innovative activity. The paper also investigates the heterogeneous impacts of policies and finds that young firms – which are more likely to experiment with disruptive technologies and rely on external financing to implement and commercialise their ideas – disproportionately benefit from reforms to labour markets and more developed markets for credit and seed and early stage finance.

     
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    Quelle: Staatsbibliothek zu Berlin
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    ECO/WKP(2014)23
    Schriftenreihe: OECD Economics Department working papers ; 1127
    Schlagworte: Innovation; Patent; Unternehmenswachstum; Vergleich; OECD-Staaten; Economics
    Umfang: Online-Ressource (58 S.), graph. Darst.
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  11. Labour market mismatch and labour productivity
    evidence from PIAAC data
    Autor*in: McGowan, Muge Adalet; Andrews, Dan
    Erschienen: 2015
    Verlag:  OECD, Economics Dep., Paris

    This paper explores the link between skill and qualification mismatch and labour productivity using cross-country industry data for 19 OECD countries. Utilising mismatch indicators aggregated from micro-data sourced from the recent OECD Survey of... mehr

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    This paper explores the link between skill and qualification mismatch and labour productivity using cross-country industry data for 19 OECD countries. Utilising mismatch indicators aggregated from micro-data sourced from the recent OECD Survey of Adult Skills (PIAAC), the main results suggest that higher skill and qualification mismatch is associated with lower labour productivity, with over-skilling and under-qualification accounting for most of these impacts. A novel result is that higher skill mismatch is associated with lower labour productivity through a less efficient allocation of resources, presumably because when the share of over-skilled workers is higher, more productive firms find it more difficult to attract skilled labour and gain market shares at the expense of less productive firms. At the same time, a higher share of under-qualified workers is associated with both lower allocative efficiency and within-firm productivity – i.e. a lower ratio of high productivity to low productivity firms. While differences in managerial quality can potentially account for the relationship between mismatch and within-firm productivity, the paper offers some preliminary insights into the policy factors that might explain the link between skill mismatch and resource allocation.

     
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    ECO/WKP(2015)27
    Schriftenreihe: OECD Economics Department working papers ; 1209
    Schlagworte: Fachkräfte; Hochqualifizierte Arbeitskräfte; Arbeitsproduktivität; Führungskräfte; Humankapital; OECD-Staaten; Economics
    Umfang: Online-Ressource (50 S.), graph. Darst.
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  12. Skill mismatch and public policy in OECD countries
    Autor*in: McGowan, Muge Adalet; Andrews, Dan
    Erschienen: 2015
    Verlag:  OECD, Economics Dep., Paris

    This paper explores the relationship between skill mismatch and public policies using micro data for 22 OECD countries from the recent OECD Survey of Adult Skills (PIAAC). Results suggest that differences in skill mismatch across countries are... mehr

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    This paper explores the relationship between skill mismatch and public policies using micro data for 22 OECD countries from the recent OECD Survey of Adult Skills (PIAAC). Results suggest that differences in skill mismatch across countries are related to differences in public policies. After controlling for individual and job characteristics, well-designed product and labour markets and bankruptcy laws that do not overly penalise business failure are associated with lower skill mismatch. Given the negative relationship between skill mismatch and labour productivity, reducing skill mismatch emerges as a new channel through which well-designed framework policies can boost labour productivity. Skill mismatch is also lower in countries with housing policies that do not impede residential mobility (e.g. transaction costs on buying property and stringent planning regulations). Greater flexibility in wage negotiations and higher participation in lifelong learning as well higher managerial quality are also associated with a better matching of skills to jobs.

     
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    ECO/WKP(2015)28
    Schriftenreihe: OECD Economics Department working papers ; 1210
    Schlagworte: framework policies; Fachkräfte; Arbeitsmobilität; Hochqualifizierte Arbeitskräfte; Humankapital; Bildungspolitik; OECD-Staaten; Economics
    Umfang: Online-Ressource (51 S.), graph. Darst.
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  13. Frontier firms, technology diffusion and public policy
    micro evidence from OECD countries
    Autor*in: Andrews, Dan; Criscuolo, Chiara; Gál, Peter
    Erschienen: November 2015
    Verlag:  OECD Publishing, Paris

    This paper analyses the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it. Firms... mehr

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    This paper analyses the characteristics of firms that operate at the global productivity frontier and their relationship with other firms in the economy, focusing on the diffusion of global productivity gains and the policies that faciliate it. Firms at the global productivity frontier – defined as the most productive firms in each two-digit industry across 23 countries – are typically larger, more profitable, younger and more likely to patent and be part of a multinational group than other firms. Despite the slowdown in aggregate productivity, productivity growth at the global frontier remained robust over the 2000s. At the same time, the rising productivity gap between the global frontier and other firms raises key questions about why seemingly non-rival technologies do not diffuse to all firms. The analysis reveals a highly uneven process of technological diffusion, which is consistent with a model whereby global frontier technologies only diffuse to laggards once they are adapted to country-specific circumstances by the most productive firms within each country (i.e. national frontier firms). This motivates an analysis of the sources of differences in the productivity and size of national frontier firms vis-à-vis the global frontier and the catch-up of laggard firms to the national productivity frontier. Econometric analysis suggests that well-designed framework policies can aid productivity diffusion by sharpening firms’ incentives for technological adoption and by promoting a market environment that reallocates resources to the most productive firms. There is also a role for R&D tax incentives, business-university R&D collaboration and patent protection but trade-offs emerge which can inform the design of innovation-specific policies.

     
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    Schriftenreihe: OECD productivity working papers ; no. 02
    Schlagworte: Produktivitätsentwicklung; Technische Effizienz; Allokation; Innovationsdiffusion; Institutionelle Infrastruktur; Mikrodaten; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  14. Housing markets and structural policies in OECD countries
    Autor*in: Andrews, Dan; Caldera Sánchez, Aida; Johansson, Åsa
    Erschienen: 2011
    Verlag:  Organisation for Economic Co-operation and Development, Economics Department, Paris

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    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    ECO/WKP(2011)5
    Schriftenreihe: OECD Economics Department working papers ; 836
    Schlagworte: Wohnungsmarkt; Wohnungspolitik; OECD-Staaten
    Umfang: Online-Ressource (PDF-Datei: 84 S., 3,80 MB), graph. Darst.
    Bemerkung(en):

    Zsfassung in franz. Sprache
  15. Intangible assets, resource allocation and growth
    a framework for analysis
    Autor*in: Andrews, Dan; De Serres, Alain
    Erschienen: 2012
    Verlag:  OECD, Paris

    This paper explores the growing importance of intangible assets as a potential source of innovation and productivity gains, and the contribution of efficient resource allocation to this process. Realising the growth opportunities implied by... mehr

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    This paper explores the growing importance of intangible assets as a potential source of innovation and productivity gains, and the contribution of efficient resource allocation to this process. Realising the growth opportunities implied by intangible assets depends on the ability to reallocate labour and capital to their most productive use, which is determined by the design of framework policies. The redeployment of tangible resources takes on heightened importance given the inherent difficulties in allocating intangibles efficiently. Indeed, the characteristics of intangible assets create market imperfections, which hinder the allocation of new ideas to where they can be developed most efficiently. While a number of policy instruments are typically deployed to address these market failures, the paper also explores how the growing importance of intangible assets is affecting the suitability of these policy tools. In turn, a number of policy issues are identified, spanning the financing of start-up firms, the treatment of intangibles in corporate valuation and accounting frameworks, competition policy in the digital economy and the role of intellectual property rights frameworks in rapidly growing domains such as information technology.

     
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    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    ECO/WKP(2012)66
    Schriftenreihe: OECD Economics Department working papers ; 989
    Schlagworte: Economics
    Umfang: Online-Ressource, graph. Darst.
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  16. To move or not to move
    what drives residential mobility rates in the OECD?
    Autor*in: Caldera Sánchez, Aida; Andrews, Dan
    Erschienen: 2011
    Verlag:  OECD, Paris

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    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    ECO/WKP(2011)15
    Schriftenreihe: OECD Economics Department working papers ; 846
    Schlagworte: Wohnungswechsel; Wohnungsmarkt; Wohnungspolitik; OECD-Staaten
    Umfang: Online-Ressource, graph. Darst.
    Bemerkung(en):

    Zsfassung in franz. Sprache
  17. Drivers of homeownership rates in selected OECD countries
    Autor*in: Andrews, Dan; Caldera Sánchez, Aida
    Erschienen: 2011
    Verlag:  OECD, Paris

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    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    ECO/WKP(2011)18
    Schriftenreihe: OECD Economics Department working papers ; 849
    Schlagworte: Wohneigentum; OECD-Staaten
    Umfang: Online-Ressource, graph. Darst.
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    Zsfassung in franz. Sprache
  18. Towards a better understanding of the informal economy
    Autor*in: Andrews, Dan; Caldera Sánchez, Aida; Johansson, Åsa
    Erschienen: 2011
    Verlag:  OECD, Paris

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    Format: Online
    Weitere Identifier:
    ECO/WKP(2011)42
    Schriftenreihe: OECD Economics Department working papers ; 873
    Umfang: Online-Ressource, graph. Darst.
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    Zsfassung in franz. Sprache
  19. Knowledge-based capital, innovation and resource allocation
    a going for growth report
    Autor*in: Andrews, Dan; Criscuolo, Chiara
    Erschienen: 2013
    Verlag:  OECD, Paris

    Investment in knowledge-based capital (KBC) – assets that have no physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and... mehr

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    Investment in knowledge-based capital (KBC) – assets that have no physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of national economies to reallocate scarce resources to firms that invest in KBC. In this regard, well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards socially optimal levels. Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Well-defined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.

     
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    Schriftenreihe: OECD economic policy papers ; 4
    Schlagworte: Immaterielle Werte; Investitionsentscheidung; Innovation; Allokation; Wirtschaftswachstum; Science and Technology; Economics
    Umfang: Online-Ressource (55 S.), graph. Darst.
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  20. Fostering innovative business investment in Spain
    Autor*in: Haugh, David; McGowan, Muge Adalet; Andrews, Dan; Caldera Sánchez, Aida; Fulop, Gabor; García Perea, Pilar
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    Spain has chronically low productivity growth, which undermines its ability to generate higher living standards. Important contributors to low productivity growth are the misallocation of capital to low productivity firms and under-investment in... mehr

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    Spain has chronically low productivity growth, which undermines its ability to generate higher living standards. Important contributors to low productivity growth are the misallocation of capital to low productivity firms and under-investment in knowledge-based capital. To foster a better allocation of capital a first priority is to better tune bank, capital market and government financing to the needs of new innovative firms. This could be done through better small and medium-sized enterprises (SMEs) bond and loan securitisation tools, reallocating public financing to early stage finance and making it easier for firms to access public innovation funding by shifting some funding from loans to grants for research and development (R&D) projects. Attracting more foreign capital and improving the regulatory framework to increase the return on investment would also help. This could be done by reducing regulatory barriers that hold back competition, improving the neutrality of the tax system, improving pricing signals and reforming insolvency laws.

     
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    Schriftenreihe: OECD Economics Department working papers ; no. 1387
    Schlagworte: KMU; Wettbewerb; Innovationsmanagement; Spanien; Economics; Spain
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  21. Insolvency regimes, zombie firms and capital reallocation
    Autor*in: McGowan, Muge Adalet; Andrews, Dan; Millot, Valentine
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    This paper explores cross-country differences in the design of insolvency regimes and their potential links with two inter-related sources of labour productivity weakness: the survival of “zombie” firms (firms that would typically exit in a... mehr

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    This paper explores cross-country differences in the design of insolvency regimes and their potential links with two inter-related sources of labour productivity weakness: the survival of “zombie” firms (firms that would typically exit in a competitive market) and capital misallocation. New cross-country policy indicators of insolvency regimes are constructed based on countries’ responses to a recent OECD questionnaire, which aimed to better capture the key design features of insolvency which impact the timely initiation and resolution of insolvency proceedings. According to these metrics, cross-country differences in the design of insolvency regimes are significant. Firm level analysis shows that reforms to insolvency regimes which reduce barriers to corporate restructuring and the personal cost associated with entrepreneurial failure may reduce the share of capital sunk in zombie firms. These gains are partly realised via the restructuring of weak firms, which in turn spurs the reallocation of capital to more productive firms. These findings carry strong policy implications, in light of the fact that there is much scope to reform insolvency regimes in many OECD countries and given evidence that rising capital misallocation and the increasing survival of low productivity firms have contributed to the productivity slowdown.

     
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    Schriftenreihe: OECD Economics Department working papers ; no. 1399
    Schlagworte: Private Verschuldung; Insolvenz; Unternehmensfinanzierung; Allokation; Produktivität; Marktaustritt; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  22. Skills mismatch, productivity and policies
    evidence from the second wave of PIAAC
    Autor*in: McGowan, Muge Adalet; Andrews, Dan
    Erschienen: 2017
    Verlag:  OECD Publishing, Paris

    This paper extends earlier OECD work exploring the link between skills mismatch, productivity and policies to include the countries in the second wave of OECD Survey of Adult Skills, with a special focus on New Zealand. We find that the percentage of... mehr

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    This paper extends earlier OECD work exploring the link between skills mismatch, productivity and policies to include the countries in the second wave of OECD Survey of Adult Skills, with a special focus on New Zealand. We find that the percentage of workers who are mismatched in terms of skills is 28% in New Zealand, slightly over the OECD average of 25%. The share of over-skilling is at the OECD average of 18%, while the share of under-skilling - at around 10% - is also above the OECD average of 7%. The results suggest that improving the allocation of skills to OECD best practice could be associated with an increase in productivity of around 7% in New Zealand.

     
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    Schriftenreihe: OECD Economics Department working papers ; no. 1403
    Schlagworte: Produktivität; Allokation; Humankapital; Fachkräfte; Berufsbildung; Arbeitsmobilität; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  23. Design of insolvency regimes across countries
    Autor*in: McGowan, Muge Adalet; Andrews, Dan
    Erschienen: 2018
    Verlag:  OECD Publishing, Paris

    This paper explores cross-country differences in the design of insolvency regimes, based on quantitative indicators constructed from countries’ responses to a recent OECD policy questionnaire. The indicators – which are available for 36 countries for... mehr

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    This paper explores cross-country differences in the design of insolvency regimes, based on quantitative indicators constructed from countries’ responses to a recent OECD policy questionnaire. The indicators – which are available for 36 countries for 2010 and 2016 – aim to better capture the key design features of insolvency which impact the timely initiation and resolution of personal and corporate insolvency proceedings. According to these metrics, the design of insolvency regimes varies significantly across countries, with important differences emerging with respect to the treatment of failed entrepreneurs, the availability of preventative and streamlining tools and ease of corporate restructuring. While a comparison of indicator values for 2010 and 2016 imply that recent reform efforts have improved policy design, there remains much scope to reform insolvency regimes in many OECD countries. This is particularly significant in light of complementary analysis which shows that the design of insolvency regimes is relevant for understanding three inter-related sources of contemporary labour productivity weakness: the survival of “zombie” firms, capital misallocation and stalling technological diffusion.

     
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    Quelle: Staatsbibliothek zu Berlin
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    Schriftenreihe: OECD Economics Department working papers ; no. 1504
    Schlagworte: Insolvenz; Private Verschuldung; Marktaustritt; Allokationseffizienz; OECD-Staaten; Economics
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  24. City sizes, housing costs, and wealth
    Autor*in: Ellis, Luci; Andrews, Dan
    Erschienen: 2001

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    Signatur:
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    Schriftenreihe: Research discussion paper / Reserve Bank of Australia; 2001,08
    Schlagworte: Wohnungsmarkt; Immobilienpreis; Stadtgröße; Australien
    Umfang: III, 47 S, graph. Darst
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  25. Knowledge-based capital, innovation and resource allocation
    Autor*in: Andrews, Dan; Criscuolo, Chiara
    Erschienen: 2013
    Verlag:  OECD, Economics Dep., Paris

    Investment in knowledge-based capital (KBC) – assets that lack physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity... mehr

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    Investment in knowledge-based capital (KBC) – assets that lack physical embodiment, such as computerised information, innovative property and economic competencies – has been rising significantly. This has implications for innovation and productivity growth and requires new thinking on policy. The returns to investing in KBC differ significantly across countries and are partly shaped by structural policies, which influence the ability of economies to reallocate scarce resources to firms that invest in KBC. Well-functioning product, labour and venture capital markets and bankruptcy laws that do not overly penalise failure can raise the expected returns to investing in KBC by improving the efficiency of resource allocation. While structural reforms offer the most cost-effective approach to raising investment in KBC, there is a role for innovation policies to raise private investment in KBC towards the socially optimal level(s). Indeed, R&D tax incentives and, as a finding that contrasts with previous research, direct support measures can be effective, but design features are crucial in order to minimise the fiscal cost and unintended consequences of such policies. Welldefined intellectual property rights (IPR) are also important to provide firms with the incentive to innovate and to promote knowledge diffusion via the public disclosure of ideas. However, such IPR regimes need to be coupled with pro-competition policies to ensure maximum effect while the rising costs of the patent system in emerging KBC sectors may have altered the trade-off inherent to IPR between the incentives to innovate and the broad diffusion of knowledge.

     
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    Schriftenreihe: OECD Economics Department working papers ; 1046
    Schlagworte: Immaterielle Werte; Innovation; Allokation; Science and Technology; Economics
    Umfang: Online-Ressource (80 S.), graph. Darst.
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    Zsfassung in franz. Sprache