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Book part
Publication date: 26 November 2020

Orsetta Causa and Mikkel Hermansen

This paper produces a comprehensive assessment of income redistribution to the working-age population, covering OECD countries over the last two decades. Redistribution is…

Abstract

This paper produces a comprehensive assessment of income redistribution to the working-age population, covering OECD countries over the last two decades. Redistribution is quantified as the relative reduction in market income inequality achieved by personal income taxes (PIT), employees’ social security contributions, and cash transfers, based on household-level micro-data. A detailed decomposition analysis uncovers the respective roles of size, tax progressivity, and transfer targeting for overall redistribution, the respective role of various categories of transfers for transfer redistribution; as well as redistribution for various income groups. The paper shows a widespread decline in redistribution across the OECD, both on average and in the majority of countries for which data going back to the mid-1990s are available. This was primarily associated with a decline in cash transfer redistribution while PIT played a less important and more heterogeneous role across countries. In turn, the decline in the redistributive effect of cash transfers reflected a decline in their size and in particular by less redistributive insurance transfers. In some countries, this was mitigated by more redistributive assistance transfers but the resulting increase in the targeting of total transfers was not sufficient to prevent transfer redistribution from declining.

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Inequality, Redistribution and Mobility
Type: Book
ISBN: 978-1-80043-040-2

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Abstract

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Fostering Productivity: Patterns, Determinants and Policy Implications
Type: Book
ISBN: 978-1-84950-840-7

Book part
Publication date: 23 January 2023

Edward P. Lazear, Kathryn Shaw, Grant Hayes and James Jedras

Wages have been spreading out across workers over time – or in other words, the 90th/50th wage ratio has risen over time. A key question is, has the productivity distribution also…

Abstract

Wages have been spreading out across workers over time – or in other words, the 90th/50th wage ratio has risen over time. A key question is, has the productivity distribution also spread out across worker skill levels over time? Using our calculations of productivity by skill level for the United States, we show that the distributions of both wages and productivity have spread out over time, as the right tail lengthens for both. We add Organization for Economic Co-Operation and Development (OECD) countries, showing that the wage–productivity correlation exists, such that gains in aggregate productivity, or GDP per person, have resulted in higher wages for workers at the top and bottom of the wage distribution. However, across countries, those workers in the upper-income ranks have seen their wages rise the most over time. The most likely international factor explaining these wage increases is the skill-biased technological change of the digital revolution. The new artificial intelligence (AI) revolution that has just begun seems to be having similar skill-biased effects on wages. But this current AI, called “supervised learning,” is relatively similar to past technological change. The AI of the distant future will be “unsupervised learning,” and it could eventually have an effect on the jobs of the most highly skilled.

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50th Celebratory Volume
Type: Book
ISBN: 978-1-80455-126-4

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Book part
Publication date: 21 May 2021

Fisnik Morina and Simon Grima

Purpose: With this study, the authors aim to analyze and highlight the financial performance of pension funds (public and private) and their impact on the economic growth of The…

Abstract

Purpose: With this study, the authors aim to analyze and highlight the financial performance of pension funds (public and private) and their impact on the economic growth of The Organisation for Economic Co-­operation and Development (OECD) countries, while taking into account the effect of market capitalization, inflation, and public debt.

Methodology: To carry out this analysis, the authors subjected our secondary data (derived from published in the annual reports of the OECD, the World Bank and the IMF) to econometric tests, specifically linear regression, random effect, fixed effect, the Hausman–Taylor Regression, the Generalized Estimating Equations (GEE), the Generalized Method of Moments – Arellano – Bond Estimation (GMM) and carried out an analysis of linear trends through the historical method and comparative method.

Findings: Based on the empirical results of this study, the authors conclude that the assets of public and private pension funds have positively affected the economic growth of OECD countries (2002–2018).

Practical Implications: This study provides an overview of the functioning of pension systems in OECD countries as well as the effects of these pension funds on their economic growth. Moreover, it provides additional new knowledge for governments and policymakers in these countries and a good source of information for all employees (whether public or private), on the quality and standards of living after retirement.

Significance: The importance of this study rests on the fact that OECD countries have a highly developed economy and have high-performance financial markets. Therefore, this highlights the importance of investments by pension funds in their financial markets for economic growth and for the indirect effects caused on their economies.

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New Challenges for Future Sustainability and Wellbeing
Type: Book
ISBN: 978-1-80043-969-6

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Book part
Publication date: 5 May 2017

Pablo Fraser and William C. Smith

This chapter presents a theoretical and historical account of the OECD policy diffusion mechanisms, specifically addressing their influence on teacher policy. In order to present…

Abstract

This chapter presents a theoretical and historical account of the OECD policy diffusion mechanisms, specifically addressing their influence on teacher policy. In order to present our argument, the chapter is divided in three sections. First, we present a historical description of how the Directorate of Education and Skills of the OECD has become a central figure in global policy discussions. Then, we address the particular mechanisms through which the OECD is able to expand their influence. We argue that the scientific validation of their recommendations through country reviews and the invitation to participate in large-scale studies and surveys, such as the Programme for International Students Assessment (PISA) and the Teaching and Learning Survey (TALIS), have become pivotal for communicating policy messages concerning teacher quality and development. Next, we argue that while OECD recommendations are engrained in notions of human capital, their work on teachers has incorporated elements of professional capital. Additionally, we stress how the influence of social science and large-scale survey studies has contributed to the development of a concept of teacher professionalization promoted by the OECD.

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The Impact of the OECD on Education Worldwide
Type: Book
ISBN: 978-1-78635-539-3

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Book part
Publication date: 18 October 2011

Lennart Erixon

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and…

Abstract

The new economic-policy regime in Sweden in the 1990s included deregulation, central-bank independence, inflation targets and fiscal rules but also active labour market policy and voluntary incomes policy. This chapter describes the content, determinants and performance of the new economic policy in Sweden in a comparative, mainly Nordic, perspective. The new economic-policy regime is explained by the deep recession and budget crisis in the early 1990s, new economic ideas and the power of economic experts. In the 1998–2007 period, Sweden displayed relatively low inflation and high productivity growth, but unemployment was high, especially by national standards. The restrictive monetary policy was responsible for the low inflation, and the dynamic (ICT) sector was decisive for the productivity miracle. Furthermore, productivity increases in the ICT sector largely explains why the Central Bank undershot its inflation target in the late 1990s and early 2000s. The new economic-policy regime in Sweden performed well during the global financial crisis. However, as in other OECD countries, the moderate increase in unemployment was largely attributed to labour hoarding. And the rapid recovery of the Baltic countries made it possible for Sweden to avoid a bank crisis.

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The Nordic Varieties of Capitalism
Type: Book
ISBN: 978-0-85724-778-0

Book part
Publication date: 17 January 2023

Marc Steffen Rapp and Iuliia A. Udoieva

We examine a large sample of some 100 economies worldwide to study the impact of financial sector size expansion on labor market performance. Simple linear dynamic panel data…

Abstract

We examine a large sample of some 100 economies worldwide to study the impact of financial sector size expansion on labor market performance. Simple linear dynamic panel data models inspired by the well-developed finance-growth literature suggest that (on average) a larger financial sector is beneficial for the labor market as it reduces unemployment rates. However, estimating country- and period-specific benchmark levels of financial sector size, we document that the relative contribution of finance vanishes with excessive levels of finance, and excessive levels of credit may actually be detrimental to employment. These non-linearities in the finance-unemployment nexus are more pronounced within developed economies. Overall, our study sheds new light on the ongoing controversy about the impact of the financial sector on societal well-being and highlights the importance of monitoring the expansion of the financial sector, in particular when it comes to credit markets.

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Fintech, Pandemic, and the Financial System: Challenges and Opportunities
Type: Book
ISBN: 978-1-80262-947-7

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Book part
Publication date: 5 May 2017

Beatriz Pont

Equity in education has been on the education research forefront for many decades, but there is now much more of a political consensus that investing in equity in education needs…

Abstract

Equity in education has been on the education research forefront for many decades, but there is now much more of a political consensus that investing in equity in education needs to be at the heart of education agendas. As the link between education, equity, and growth is becoming even more evident, so is the search for policies that can contribute to improve educational outcomes of the more disadvantaged groups in our societies as a way to strengthen social cohesion, development, and growth. While there has been in-depth analysis of system-level policies that can contribute to improve equity, at the school level, there is sparse comparative analysis of the particular role school leaders can play in the equity-quality agenda. This chapter focuses on the types of policies that can support school leadership in education for disadvantaged students and schools across OECD countries. It builds on qualitative and quantitative comparative studies that focus on equity (OECD, 2012), on reforms implemented across OECD countries (OECD, 2015a) as well as on data from international surveys such as the Project for International Student Assessment (PISA) and the Teaching and Learning International Survey (TALIS). More concretely, the chapter (1) reviews why investing in equity is not only a social imperative but also an economic investment; (2) discusses how different OECD countries reform in terms of equity and quality in education; and (3) explores evidence and country practices to conclude on how school leadership can positively influence equity in education.

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The Impact of the OECD on Education Worldwide
Type: Book
ISBN: 978-1-78635-539-3

Keywords

Book part
Publication date: 11 May 2017

Müge Adalet McGowan and Dan Andrews

This paper explores the link between skill and qualification mismatch and labor productivity using cross-country industry data for 19 OECD countries. Utilizing mismatch indicators…

Abstract

This paper explores the link between skill and qualification mismatch and labor productivity using cross-country industry data for 19 OECD countries. Utilizing 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 labor 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 labor 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 labor 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 – that is, 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.

Book part
Publication date: 5 May 2017

Oren Pizmony-Levy

Over the past two decades, the Organisation for Economic Co-operation and Development (OECD) has become an influential actor in the education sector. This has been accomplished…

Abstract

Over the past two decades, the Organisation for Economic Co-operation and Development (OECD) has become an influential actor in the education sector. This has been accomplished, partly, by the administration of the Programme for International Student Assessment (PISA) since 2000. Overall, PISA is intended to inform the public, parents, teachers, and those who run education systems of the status of education in their country. Research shows that policymakers draw on PISA results when they launch and design education reforms. To date, however, we know very little about whether PISA is successfully informing the general public, which is the main sponsor and benefactor of PISA. Using public opinion surveys from the United States and Israel, this chapter examines knowledge and perception of PISA. Recent reports suggest that both countries are in the middle ranks of all countries participating in PISA, with the United States being in the middle ranks of OECD countries and Israel being in the lower ranks of this group. Findings from public opinion surveys reveal three interesting patterns. First, in both countries, the public tend to underestimate how well 15-year olds perform on international standardized tests. Second, college graduates are more likely than those with less education to underestimate the performance of teens on international standardized tests. Third, although the public seems to be misinformed about PISA results, we find considerable public support for PISA and international standardized tests more generally. Implications of the findings for policy and future research in the field of international and comparative education are discussed.

Details

The Impact of the OECD on Education Worldwide
Type: Book
ISBN: 978-1-78635-539-3

Keywords

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