Browse by: "2014"
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The results of an IMF study on controls on capital inflows in emerging economies, using a probit regression approach, are first replicated and tested for stability. The IMF results, downplayed by the authors, have been used by others to suggest controls can be helpful in a crisis situation. However, the stability findings suggest the results are not sufficiently robust to make strong claims in this regard. The same 37 countries and the IMF capital control measures are then used in a panel regression study to examine the impact of capital inflows on annual real GDP growth around the Global Financial Crisis. The results between the pre-crisis and the crisis periods are inconsistent with the IMF study – finding that capital restrictions on inflows (particularly debt liabilities) are most useful in good times when inflows to emerging markets are strong and upward pressure on managed exchange rates and reserves accumulation is greatest. However, lower controls on bonds and on FDI inflows seem to be associated with better growth outcomes during the crisis period studied. These findings are more consistent with studies that see capital controls as part of exchange rate targeting policies and concerns about excess reserves accumulation.
JEL Classification: C23, C25, F21, F43, G01
Keywords: Capital controls, economic growth, emerging economies, financial crisis
Germany
Federal Administrative Court confirms the judgments of the Higher Administrative Court of the Land Hesse: The shutdown of nuclear power plant Biblis blocks A and B based on a “moratorium” imposed by the Government was unlawful
List of lawsuits in the nuclear field
Slovak Republic
Further developments in cases related to the challenge by Greenpeace Slovakia to the Mochovce nuclear power plant
Developments in relation to the disclosure of information concerning the Mochovce nuclear power plant
United States
Judgment of the Nuclear Regulatory Commission resuming the licensing process for the Department of Energy’s construction authorisation application for the Yucca Mountain high-level radioactive waste repository
Judgment of the Licensing Board in favour of Shaw AREVA MOX Services regarding the material control and accounting system at the proposed MOX Facility
Dismissal by US District Court Judge of lawsuit brought by US military personnel against Tokyo Electric Power Company (TEPCO) in connection with the Fukushima Daiichi nuclear power plant accident
France
Conseil d’État decision, 28 June 2013, refusing to suspend operation of the Fessenheim nuclear power plant
Slovak Republic
New developments including the Supreme Court’s judgment in a matter involving Greenpeace Slovakia’s claims regarding the Mochovce nuclear power plant
New developments in the matter involving Greenpeace’s demands for information under the Freedom of Information Act
Switzerland
Judgment of the Federal Supreme Court in the matter of the Département fédéral de l’environnement, des transports, de l’énergie et de la communication (DETEC) against Ursula Balmer-Schafroth and others on consideration of admissibility of a request to withdraw the operating licence for the Mühleberg nuclear power plant
United States
Judgment of the Court of Appeals for the District of Columbia Circuit granting petition for writ of mandamus ordering US Nuclear Regulatory Commission (NRC) to resume Yucca Mountain licensing
Judgment of the Court of Appeals for the Second Circuit invalidating two Vermont statutes as pre-empted by the Atomic Energy Act Judgment of the NRC on transferring Shieldalloy site to New Jersey’s jurisdiction
In many OECD countries debt has soared to levels threatening fiscal sustainability, necessitating its reduction over the medium to longer term. This paper proposes a stylised model, featuring endogenous interactions between fiscal policy, growth and financial markets, to highlight how economic shocks and structural features of an economy can affect consolidation strategy and resulting growth and inflation developments. The fiscal authorities are assumed to choose a consolidation path from a predetermined set of possible paths by maximising cumulative GDP growth and minimising cumulative squared output gaps, with the objective to reach a given debtto- GDP level within a finite horizon and stabilise debt afterwards under the assumption of the unchanged fiscal policy stance. Illustrative simulations for a hypothetical economy show, among other things, that by requiring debt to stabilise part of the initial adjustment can be reversed; some stepping up of the fiscal adjustment can be optimal if bond yields increase due to an exogenous shock; and for some debt reduction targets, high fiscal multipliers, hysteresis effects and higher government bond yields imply protracted deflation and large negative output gaps, stressing the need to select reasonable fiscal targets consistent with market conditions.
JEL classification: E61, E62, H6
Keywords: Fiscal consolidation, sovereign debt, government budget balance, fiscal rules
This paper presents the results of a joint effort between OECD and Eurostat in developing price comparisons for health goods and services. The main novel feature is the collection of comparable and output-based prices for hospital services that can then be applied to matching national accounts expenditure data so as to derive consistent price and volume comparisons of health products. The data is novel in that it reflects “quasi prices” (negotiated or administrative prices or tariffs) of the output of hospital services, instead of prices of inputs such as wages of medical personnel. The new methodology moves away from the traditional input perspective, thereby relaxing the assumption that hospital productivity is the same across countries...
Globalisation of higher education is critical to achieving many of higher education’s highest goals. This paper analyses the results of a survey of over 5000 Indian private high-school students (Skinkle and Embleton, 2011) revealing that 21% are seriously considering international education (IE). Those considering IE often stated their motivations as including improving leadership skills, meeting new people and giving back to society. There is however little research concerning the goals (and practices) of higher education institutions in relation to the aspirations of IE students. A primary motivation for many institutions is financial. The authors integrate the results of the survey with an empirical study of 65 Canadian professorial and administrative leaders at both colleges and universities, from 54 diverse institutions across Canada, to provide critical analyses of perceived benefits, threats and desired outcomes of IE in higher education. Strategic imperatives for IE management are presented.
This paper was prepared as a background note for a discussion held at the 2014 OECD Global Forum on Competition on competition issues in the distribution of pharmaceuticals. It explores the regulatory framework within which the distribution of prescription pharmaceuticals takes place.
This paper explores the role of switching rates when assessing competition in retail banking services for individuals and Small and Medium Enterprises (SMEs) and policy measures aimed at the separation of retail banking services from wholesale and investment banking. It was prepared as a background note for a discussion held at the OECD in February 2014 on algorithms and collusion.
Interval confidence and density forecasts, notably in the form of “fan charts”, are useful tools to describe the uncertainty inherent to any point forecast. However, the existing techniques suffer from several drawbacks. We propose a new method to represent uncertainty in realtime that is conditional upon the economic outlook, non-parametric and reproducible. Moreover, we build a Forecasting Risk Index associated with our fan chart to measure the intrinsic difficulty of the forecasting exercise. Using balances of opinion of different business surveys carried out by the French statistical institute INSEE, our GDP fan chart efficiently captures the growth stall during the crisis on a real-time basis. Our Forecasting Risk Index has increased substantially in this period of turbulence, showing signs of growing uncertainty.
Keywords: Density forecast, quantile regressions, business tendency surveys, fan charts
JEL classification: E32, E37, E66, C22