Oxford Review of Economic Policy
Опубликовано на портале: 15-12-2002Yutaka Imai, Masaaki Kawagoe Oxford Review of Economic Policy. . Vol. 16. No. 2. P. 114-123.
It is argued that the comparatively low levels of business start-ups in Japan need not be a matter of concern insofar as the pattern of growth relying on existing companies persists. But the declining trend of start-up rates may be worrisome for it may indicate waning entrepreneurship and weakening mechanisms of resource reallocation and economic growth. Policy measures to promote business start-ups are not based on well founded studies at an aggregate level, which are lacking in the absence of comparable data, but rather are inspired by the successful U.S. experience. This paper looks into two specific areas of policy-private equity markets and bankruptcy-where important progress has been made, and points to further scope for improvement.
Опубликовано на портале: 15-12-2002Neil Gandal Oxford Review of Economic Policy. . Vol. 18. No. 1. P. 80-91.
Given the dramatic growth of the Internet and information technology industries in general, and the importance of interconnection in these networks, the economics of compatibility and standardization has become mainstream economics. Several key policy aspects of standard-setting in industries with network effects are examined.
Опубликовано на портале: 15-12-2002Xavier Vives Oxford Review of Economic Policy. . Vol. 17. No. 4. P. 535-547.
This paper reviews the role of competition in banking against the background of a transforming sector. It uses industrial organization and modern financial intermediation analysis to study the relationships between the level of competition, risk-taking incentives, and the regulatory frame. The consequences for market structure of the liberalization process and the need for competition policy in the sector are highlighted.
Опубликовано на портале: 29-10-2008Franklin Allen Oxford Review of Economic Policy. 2005. Vol. 21. No. 2. P. 164-177 .
Most of the literature on corporate governance emphasizes that firms should be run in the interests of shareholders. This is an appropriate objective function when markets are perfect and complete. In many emerging economies this is not the case: markets are imperfect and incomplete. The first theme of the paper is that alternative firm objective functions, such as pursuing the interests of all stakeholders, may help overcome market failures. The second theme is that it is not necessarily optimal to use the law to ensure good corporate governance. Other mechanisms such as competition, trust, and reputation may be preferable.
Опубликовано на портале: 15-12-2002Yishay Yafeh Oxford Review of Economic Policy. . Vol. 16. No. 2. P. 74-84.
Much has been written about the Japanese model of corporate governance. This article describes the evolution of corporate governance in Japan since the Second World War, and surveys the empirical evidence on its performance. Although there is substantial evidence on the effectiveness of the Japanese system, there is also evidence on its significant shortcomings. The article also evaluates the effects of the current macroeconomic and banking crises on corporate governance in Japan, and suggests possible directions for future changes, which are likely to make Japan more similar to the U.S. in this respect.
Опубликовано на портале: 22-05-2004Barry Eichengreen, Torben Iversen Oxford Review of Economic Policy. 1998. Vol. 15. No. 4. P. 121-138.
The institutional determinants of economic performance is analyzed, taking European labor-market institutions as a case in point. European economic growth after the Second World War was based on Fordist technologies, a setting to which the continent's institutions of solidaristic wage bargaining were ideally suited. They eased distributive conflicts and delivered wage moderation, which in turn supported high investment. The wage compression that was a corollary of their operation was of little consequence so long as the dominant technologies were such that firms could rely on a relatively homogeneous labor force. But as Fordism gave way to diversified quality production, which relied more on highly skilled workers, the centralization of bargaining and the compression of wages became impediments rather than aids to growth. Assuming that growth will rely even more in the future on rapidly changing, science-based, skilled-labor-intensive technologies, countries with centralized labor-market institutions will have to move still further in the direction of decentralization. Whether Europe in particular can accommodate these demands will help to determine whether it is able to re-establish a full employment economy in the twenty-first century.
Опубликовано на портале: 15-12-2002Mark R. Rosenzweig Oxford Review of Economic Policy. . Vol. 17. No. 1. P. 40-54.
The empirical literature on savings in low-income countries has exploited some remarkable data sets to shed new light on savings behavior in the poor agricultural households that make up the majority of the population in such countries. A number of conclusions have emerged: 1. The degree of consumption smoothing over seasons within the year and across years, in response to very large income fluctuations, is higher than was supposed. 2. The lack of complete insurance and credit markets, however, is manifested in asset stocks and asset compositions among farmers, especially small farmers, that are inefficient. 3. The combination of low and volatile incomes is an important cause of inefficiency and income inequality. 4. The proximity of formal financial institutions increases financial savings and crowds out informal insurance arrangements, thus, in principle, better facilitating financial intermediation. 5. Simple life-cycle models of savings do not appear to explain long-term savings in low-income settings.
Taxes and transfers 1997-2001 [статья]
Опубликовано на портале: 15-12-2002Tom Clark, Andrew Dilnot, Alissa Goodman Oxford Review of Economic Policy. . Vol. 18. No. 2. P. 187-201.
Significant change was made to both tax and benefits systems during the period 1997-2001. The impact of the changes which directly affect households is highly progressive, reflecting a significant increase in means-tested benefit levels. But the underlying distribution of income has moved such that overall inequality of income has not fallen, and the government has made less progress on reducing poverty than it had hoped. This paper described the aggregate impact of changes on the level of tax and public spending and on the composition of the tax system. The main changes that were introduced to the system are also discussed. The distributional impact of the main changes directed at personal incomes, and the direction of change in the structure of intervention by government in individual outcomes is presented.
Опубликовано на портале: 15-12-2002David Webster Oxford Review of Economic Policy. . Vol. 16. No. 1. P. 114-128.
This paper argues that British welfare to work policies are inadequate, given the geographical concentration of worklessness in northern regions and in cities and former coalfields. While unemployment has been converging geographically, inactivity has not. All the welfare to work target groups - youth unemployed, long-term unemployed, lone parents, the long-term sick, and partners of the unemployed - have closely similar geographical distributions. Official arguments that there are adequate job vacancies everywhere are shown to be flawed. The geography of worklessness is largely explained by the weakness of adjustment through migration and commuting to the loss of jobs in manufacturing and mining, the cities being particularly affected by urban-rural manufacturing shift. Policy needs to promote more relevant employment in high unemployment areas, through increased spending on derelict land reclamation and on transport and other infrastructure. The case for more supportive policies towards manufacturing should also be considered.
The impact of the regulation of low wages on inequality and labour-market adjustment: A comparative analysis [статья]
Опубликовано на портале: 15-12-2002Stephen Bazen Oxford Review of Economic Policy. . Vol. 16. No. 1. P. 57-69.
In all continental European countries there exist non-market mechanisms that determine or regulate wage rates for the low-paid. The experience of three countries that have national minimum wages - France, Belgium, and the Netherlands - and three where low wage rates are determined through widespread collective bargaining - Germany, Italy, and Denmark, are considered. It is found that overall there is less inequality (both wage and income) and less poverty than in the UK and the US, where low wages are less regulated. Furthermore, patterns of labor-market adjustment - employment, unemployment, and gross job flows - vary greatly, suggesting that there is no one-to-one mapping between the presence of mechanisms to regulate low wages and labor-market performance. Furthermore, wage shares have been falling since the early 1980s. It is therefore difficult to attribute high and persistent rates of unemployment found in certain countries to the existence of mechanisms to regulate low wages.
Опубликовано на портале: 15-12-2002William J. Wilhelm Oxford Review of Economic Policy. . Vol. 17. No. 2. P. 235-247.
Financial markets are markets for information. As such, they are directly influenced by advances in information dissemination, storage, and processing associated with the commercial development of the Internet. On the other hand, given the long-standing centrality of information in financial markets, the consequences of the Internet for financial markets can be understood as evolutionary rather than revolutionary. This paper provides a framework for understanding how the historical interplay between information technology and human capital has influenced financial market structure. In doing so, it sheds light on the recent reorganization of financial markets. Implications for reorganization of product markets where the impact of the Internet is more abrupt might be inferred.
The political economy of finance [статья]
Опубликовано на портале: 22-05-2004Marco Pagano, Paolo Volpin Oxford Review of Economic Policy. 2001. Vol. 17. No. 4. P. 502-519.
The regulations that shape the design and operations of corporations and credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these international differences exist and of whether they tend to persist over time. However, a recent strand of research has shown that some progress on these issues can be made using the approach of the new political economy, which models regulations and its enforcement as the result of the balance of power between social and economic constituencies. This paper offers a first assessment of the results and potential of this approach in three fields: corporate finance, banking, and securities markets.
Опубликовано на портале: 15-12-2002Stephen Nickell, Glenda Quintini Oxford Review of Economic Policy. . Vol. 18. No. 2. P. 202-220.
Both the overall macroeconomic performance of the UK labour market since 1997 are considered, as well as some of the underlying micro problems, particularly those facing unskilled workers. On the macro front, unemployment has declined to its lowest level for a generation without excessive inflationary pressure. The main factors behind this decline in equilibrium unemployment stem from actions taken by the previous government. Changes introduced in the labour market since 1997 are likely to have only small effects on equilibrium unemployment. Underlying this favourable aggregate labour-market performance are serious problems facing unskilled men who have seen dramatic increases in their unemployment and inactivity rates, concentrated particularly in Wales and the northern regions of Britain. The policy response since 1997 has focused on encouraging the unskilled into work (the New Deal) while simultaneously raising the rewards for working. These polices have had a positive impact on youth employment and have significantly reduced child poverty. So far, however, existing policies do not seem likely to have a serious impact on the high levels of worklessness among unskilled men.
The role of the state in skill formation: evidence from the Republic of Korea, Singapore, and Taiwan [статья]
Опубликовано на портале: 15-12-2002Francis Green, David Ashton, Donna James Oxford Review of Economic Policy. . Vol. 15. No. 1. P. 82-96.
We propose a new interpretation of the role of the state in skill formation, with reference to three East Asian newly industrialized economies. Rather than see the state as simply redressing externalities, we interpret the state as matching the supply and demand for skills in a rapidly growing economy. This role can be superior to a strategy of allowing education and training institutions to be driven by autonomous processes. The role is most likely to be observed in developmental states. We examine the political mechanisms that have helped to ensure that educational and training policy formation are subordinated to the imperatives of economic growth. While the East Asian model cannot be imported wholesale to western countries such as Britain in different historical circumstances, the example lends credence to the value of the state taking a strategic approach to education and training policy.