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Semiconductors are a critical input into a wide range of downstream industries, including the wider information communications technology industry, electronics and motor vehicles. Semiconductor shortages can have large adverse effects on output in these industries, with ripple effects on the broader economy, as highlighted by recent supply chain disruptions. This paper maps cross-country and cross-sectoral dependencies in the semiconductor value chain based on new OECD Inter-Country Input-Output data that allow to analyse the semiconductor industry separately from the wider computer and electronics value chain. It further discusses policy options to reduce the economic consequences of shocks to the semiconductor value chain while preserving the benefits of global sourcing.
This paper is concerned with a number of conceptual and practical issues associated with the use of vouchers to distribute public services. Section 1 proposes a definition of vouchers and considers the position which voucher distribution occupies in the spectrum of possible mechanisms for the production and distribution of public services; this leads into a discussion of the objectives which voucher distribution might promote. Section 2 classifies the contexts in which vouchers might be applied and types of voucher systems. This permits a preliminary mapping of combinations of policy objectives and characteristics of the public service in question onto alternative forms of voucher distribution. Section 3 provides an illustrative review of the use of vouchers in the distribution of public services. Many of the examples discussed are in the field of education, where discussion of or use of vouchers is most developed, but experience of other public services is included where it is available. Section 4 contains conclusions.
In recent years, academics and policy makers have emphasised the role of human capital formation in economic development. By creating human capital, countries become more attractive to private investment, both domestic and foreign. And through such investment, countries grow and prosper.
Yet the empirical evidence in support of this theory remains elusive. While foreign direct investment (FDI) has multiplied in many countries around the world since the 1980s, its effects on growth are uncertain. Why is that the case?
In this paper I argue that political economy pathways exist that may lead countries away from sustained growth. In countries that lack well-developed capital and education markets, many otherwise qualified citizens may be denied the basic skills they need in order to contribute fully to the nation’s economic development. As societies become divided, they become more conflicted, and this conflict dampens growth, irrespective of the level of foreign direct investment ...
This paper assesses the effect of environmental regulations on plant survival and emissions using data on the extent of vintage differentiation of regulations (VDR5) regarding air pollution emission limit values for existing and new coal-fired power plants. Focussing on NOx and SOx emissions, the paper applies survival analysis techniques on a sample of generating units across 31 OECD and non-member countries between 1962 and 2012.
Very Large Research Infrastructures (VLRIs) are unique, complex undertakings with a strong international dimension that play a critical role in frontier research in most scientific domains. VLRIs require considerable care in their construction and operation, as well as very substantial investments and technological innovations. Recent evolutions in the political, socio-economic and scientific context are challenging their established planning and management models. This policy report identifies and analyses good practices and presents a series of lessons learned regarding the establishment of VLRIs, options for improving their use and operation, as well as more strategic considerations that VLRI managers, funders and decision-makers should take into consideration.
This study resulted from a discussion at the June 2002 meeting of the OECD/NEA Nuclear Science Committee, at which it was first suggested to set up a project to address very high burn-ups (specifically average discharge burn-ups in the range 60-100 GWd/t). The outcome was the setting-up in 2003 of the Expert Group on Very High Burn-ups in LWRs, which was charged with the single task of delivering a state-of-the-art report on high burn-ups in LWRs. It was felt that the report should concentrate on LWRs because that is where the bulk of experience and knowledge resides, but much of the analysis will also be applicable to other reactor types, even if not all the details are transferable.
The OECD Competition Committee discussed vertical restraints for on-line sales in February 2013. This document includes an executive summary of that debate, a detailed summary of discussion and the documents from the meeting: written submissions from Australia, Austria, Canada, Czech Republic, European Union, France, Germany, Japan, Korea, Norway, Chinese Taipei, Türkiye, United Kingdom, United States and BIAC, a background paper as well as addtional contributions.
Vertical mergers are increasingly becoming a focus of attention, due to a number of recent high-profile cases in the technology, media and telecom (TMT) sector. Evidence suggests that vertical mergers are generally pro-competitive, as they are driven by efficiency-enhancing motives such as improving vertical co-ordination and realising economies of scope. However, in a few cases vertical mergers may indirectly harm competition, by increasing the risk of anti-competitive behaviour post-merger, such as foreclosure and horizontal collusion. Competition harm is potentially higher when foreclosure enables a vertically-integrated firm to create entry barriers, gain bargaining power or avoid market regulation, which could arguably occur within the TMT sector. This paper discusses the assessment of vertical mergers, bringing together insights from economic theory, empirical evidence and recent case law in the technology, media and telecom sector. It was prepared as a background note for a discussion held at the OECD in June 2019 on Vertical Mergers in the Technology, Media and Telecom Sector.
The OECD Competition Committee debated vertical mergers in February 2007. This document includes an executive summary and the documents from the meeting: an analytical note by the OECD, written submissions from Brazil, the Czech Republic, Denmark, the European Commission, Finland, France, Germany, Japan, Korea, Mexico, the Netherlands, Poland, Portugal, Romania, South Africa, Spain, Switzerland, Chinese Taipei, Türkiye, the United Kingdom, the United States and BIAC as well an aide-memoire of the discussion.
This paper examines the issue of intra-industry trade in a transition economy. We address the question of whether the market-opening reforms in China have resulted in an increasing exchange of similar products, or whether foreign trade is still playing the role of filling the gap of products not produced within the country. We find that the proportion of intra-industry trade in China-OECD trade has increased from 12 per cent of total manufacturing trade in 1980 to over 20 per cent in 1992. The highest shares of intra-industry trade with China are reported for Japan and the United Kingdom.
Due to the large differences between China and the OECD countries in terms of factor endowments, we expect intra-industry trade to be of the vertical nature, i.e., two-way trade in varieties of a product characterised by different qualities. Empirical evidence indeed shows that the majority of the intra-industry trade between China and the OECD is of the vertical nature; China exports lower quality ...
New analysis of global investments by venture capitalists (VC) in private companies focused on artificial intelligence (AI) found VC investments in AI to be growing at a dramatic pace. The United States and the People’s Republic of China are leading this wave of investments that tend to concentrate on a few key industries. The data showed that the European Union, United Kingdom and Japan increased investments, but lag behind the two dominant players.
The study analysed venture capital investments in 8 300 AI firms worldwide, covering 20 549 transactions between 2012 and 2020, based on data provided by Preqin, a private capital-markets analysis firm in London. The data did not capture every deal and required some extrapolation, yet the timeliness of the findings provides a valuable source of information as national governments, international organisations, public and private sectors develop policies and strategies to capture the benefits of AI for all.
Spain's expanding venture capital market is still biased towards mature firms in traditional sectors with little investment in technology-based start-ups. Although the country has benefited from substantial inflows of foreign venture capital, steps are needed to increase domestic levels of entrepreneurship and risk investment expertise. The government maintains a number of small firms participatory loan schemes, which could be transformed into privately-managed equity programmes to attract venture investors. Restrictions relating to authorised venture investors and amounts could also be lightened. This paper analyses trends in Spanish venture capital markets and makes policy recommendations which have been developed through an OECD peer review process ...