Consumer Over-indebtedness and Financial Vulnerability: Evidence from Credit Bureau Data
|
|
- Johnathan Davis
- 8 years ago
- Views:
Transcription
1 KDI International Conference on Household Debt from an International Perspective: Issues and Policy Directions Consumer Over-indebtedness and Financial Vulnerability: Evidence from Credit Bureau Data By Young-il Kim (KDI), Hyoung-Chan Kim (NICE), and Joo-Hee Yoo (NICE) 10 July 2015 Kim, Young Il
2 1. Introduction: Concerns about Household Debt 2. Data and Methods 3. Over-indebtedness and the Likelihood of Default 4. Types of the Over-indebted 5. Stress Test and Debt Vulnerability 6. Concluding Remarks
3 1. Introduction: Concerns about Household Debt
4 1. Introduction: Concerns about Household Debt 4 The amount of the household debt (as a percent of GDP) is relatively high compared to other OECD countries. Household Debt as a Percent of GDP 160 (%) OECD 평균 average 약 72% Denmark Netherlands Switzerland Australia Ireland New Zealand United Kingdom Canada Portugal Korea Norway Sweden United States Spain Finland Greece Japan Germany France Luxembourg Belgium Austria Italy Estonia Czech Republic Hungary Slovenia Slovak Republic Turkey Source: OECD
5 1. Introduction: Concerns about Household Debt 5 The growth rates of household debt have been higher than that of the disposable income. Concerns about sustainability and possible deleveraging process Growth of Household Debt and Disposable Income 12 (year-to-year, %) Disposable Income Household Debt
6 1. Introduction: Concerns about Household Debt 6 Composition of Household(HH) debt: banks vs. non-banks The rising share of HH debt from non-bank financial inst. raises concerns about the quality deterioration of HH debt due to its high borrowing costs. Household Debt by Financial Sector: Bank vs. Non-bank 1,200,000 (unit: billion w on) 1,000, , , , , Bank Non-bank Source: ECOS from BOK.
7 1. Introduction: Concerns about Household Debt 7 Concerns about the vulnerability of HH debt structure A relatively large share of balloon-payment loans with short maturity - Exposed to refinancing risks at maturity - Refinancing risks may be magnified if financial markets were hit by negative shocks A large share of floating mortgage rates - Exposed to interest rate risks
8 1. Introduction: Concerns about Household Debt 8 Downside risks to the macro-economy that could trigger widespread household defaults For example, Downside risks to the domestic economy - GDP growth could slowdown. - Housing markets could sluggish. Downside risks at the global level - Interest rate increases in the US - Delayed recovery of the world economy
9 2. Data and Methods
10 2. Data and Methods 10 Credit Bureau (CB) data are used for analysis in this study. The CB data cover most individuals participating in credit markets. - Record actual credit activities and transactions in most financial institutions - Have information about individual characteristics, debt contracts, delinquencies, types of lenders, and more Different from household survey data used by most previous studies - Survey data may have some limitations due to errors and psychological biases in survey and sampling. - However, the survey data may have information about households that are not circulated in credit markets.
11 2. Data and Methods 11 Concept and measures of over-indebtedness The concept of over-indebtedness may be ambiguous. - Different studies have used over-indebtedness in different meanings; hence, suggesting different measures. The concept of over-indebtedness is related to the likelihood of default in this study. - Indicators of over-indebtedness are evaluated for their ability to predict defaults within the following one year. - Common indicators (credit score, DSR, DSR of unsecured debt holder, LTI, number of credit commitments) are assessed for their performance as predictors of near-term defaults.
12 2. Data and Methods 12 About 70% of borrowers are rated above the 5 th credit score. Distribution of Borrowers by Credit Score
13 2. Data and Methods 13 About 70% of borrowers have DSR lower than 40%. Distribution of Borrowers by DSR
14 2. Data and Methods 14 About 80% of borrowers have LTI lower than 200%. Distribution of Borrowers by LTI
15 2. Data and Methods 15 About 80% of borrowers have loans from less than or equal to two financial institutions. Distribution of Borrowers by the Number of Credit Commitments
16 2. Data and Methods 16 Performance of the over-indebtedness indicators is assessed. The performance of over-indebtedness indicators are assessed for their ability to predict defaults within the following one year. - The predictability is assessed in a single dimension as well as in a multi-dimension of the over-indebtedness. - The predictability and suitability of the over-indebtedness indicators are assessed based on logistic regressions. Types of of the over-indebted The overly indebted are characterized in comparison with the average borrowers over several metrics such as - age, income, debt, geographical area, lending institutions, other measures of over-indebtedness.
17 2. Data and Methods 17 Stress test of consumer debt at the aggregate level Stress scenarios are juxtaposed against the baseline scenario. - Stress scenarios: 1) interest rate changes 2) historical scenarios of past crises (the Asian financial crisis, the global financial crisis) Macro-economic distress would shift the distribution of borrowers in the dimension of over-indebtedness, credit score in this study - The distribution of borrowers would shift toward higher levels of over-indebtedness in response to macroeconomic distress. As a result the share of borrowers at risk, or the average probability of default (PD) would increase. - The bigger the macro-economic distress, the larger the impact on the share of borrowers at risk (average PD)
18 3. Over-indebtedness and the Likelihood 3. Over-indebtedness and the Likelihood of Default
19 3. Over-indebtedness and the Likelihood of Default 19 Borrowers rated in the 6 th ~10 th credit ranking show higher-thanaverage default rates. Default Rates by Credit Score
20 3. Over-indebtedness and the Likelihood of Default 20 Borrowers with DSR higher than 40% show higher-than-average default rates. Default Rates by DSR
21 3. Over-indebtedness and the Likelihood of Default 21 Borrowers with LTI higher than 600~700% show higher-than-average default rates. Default Rates by LTI
22 3. Over-indebtedness and the Likelihood of Default 22 Borrowers with loans from more than or equal to 3 financial institutions show higher-than-average default rates. Default Rates by the Number of Credit Commitments
23 3. Over-indebtedness and the Likelihood of Default 23 Credit scores are a dominant predictor of forthcoming defaults. - Including additional over-indebtedness indicators such as the no. of credit commit, DSR, and LTI in the regression model improves predictability but only slightly. Logistic Regression Results (2013Q4) (1) (2) (3) (4) (5) Constant ( ) ( ) ( ) ( ) ( ) Credit score ( ) ( ) DSR ( ) ( ) LTI ( ) ( ) No. of credit commitments ( ) ( ) C-statistic * Numbers in parentheses are standard errors.
24 4. Types of the Over-indebted
25 25 4. Types of the Over-indebted Borrowers with low credit scores tend to have lower income, to have more no. of loans, and to depend more on non-banks than the average. - However, they tend to have lower DSR and LTI than the average due to smaller amount of debt holdings. Types of the Over-indebted with Low Credit Scores (2013Q4) 1st 6th 7th 10th Borrower types TOTAL grade grade Share of borrowers (%) Average income relative to the total (%) Average debt relative to the total (%) Income quintile (by median income) Share of borrowers by area Share of borrowers by lenders Capital (%) Non-capital (%) Only banks (%) Only non-banks (%) Both banks and non-banks (%) Median age Average number of loans Median credit score Median DSR (%) Median LTI (%)
26 26 4. Types of the Over-indebted Borrowers with multiple credit commitments tend to have larger amount of debt and much higher DSR & LTI, and to depend more on non-banks than the average borrowers. Types of the Over-indebted with Multiple Credit Commitments (2013Q4) Borrower types No. of loans No. of loans < 3 >=3 TOTAL Share of borrowers (%) Average income relative to the total (%) Average debt relative to the total (%) Income quintile (by median income) Share of borrowers by area Capital (%) Non-capital (%) Only banks (%) Share of borrowers by lenders Only non-banks (%) Both banks and non-banks (%) Median age Average number of loans Median credit score Median DSR (%) Median LTI (%)
27 27 4. Types of the Over-indebted Borrowers with high DSR tend to have much higher DSR & LTI with a large amount of debt, to have more no. of credit commitments, and to depend more on non-banks than the average borrowers. Types of the Over-indebted with High DSR (2013Q4) Borrower types DSR < 60% DSR >= 60% TOTAL Share of borrowers (%) Average income relative to the total (%) Average debt relative to the total (%) Income quintile (by median income) Share of borrowers by area Share of borrowers by lenders Capital (%) Non-capital (%) Only banks (%) Only non-banks (%) Both banks and non-banks (%) Median age Average number of loans Median credit score Median DSR (%) Median LTI (%)
28 28 4. Types of the Over-indebted Vulnerable borrowers can be identified and characterized based on over-indebtedness indicators. Over-indebted borrowers show heavy reliance on non-bank financial institutions as sources of their loans according to all the above indicators. Those classified as overly indebted in terms of one indicator tend to be classified as overly indebted in terms of other indicators. Meanwhile, different indicators elucidate idiosyncratic characteristics of the overly indebted.
29 5. Stress Test and Debt Vulnerability
30 5. Stress Test and Debt Vulnerability 30 Macroeconomic distress would increase the number of borrowers at risk and default rates. Household debt vulnerability can be assessed by analyzing how sensitive the number of borrowers (or the amount of debt) at risk would be subject to changes in a macroeconomic environment. Stress test procedure in this paper: (1) Stress scenarios are juxtaposed against the baseline scenario. (2) Stress scenarios shift the distribution of borrowers toward regions of worse credit scores, which are associated with higher probability of defaults. (3) As more borrowers are associated with higher probability of default, the share of borrowers at risk, the average PD increases.
31 5. Stress Test and Debt Vulnerability 31 Stress scenarios reflect macroeconomic distress (1) Scenarios drawn as distribution of macroeconomic variables from the Bayesian VAR with t-copula à Scenarios of Interest rate risks (2) Historical scenarios - Asian Financial Crisis (AFC in 1998~99) - Global Financial Crisis (GFC 2008~09) Stress scenarios shift the distribution of borrowers toward worse credit scores, which are more strongly associated with higher PDs. The change of the distribution of borrowers in the credit score dimension can be represented by the change in the relationship between credit scores and the probability of default. The change in the relationship between credit scores and the probability of default can be explained by changes in a macroeconomic environment. Thus, we can model how the distribution of borrowers in the credit score dimension can be affected by changes in a macroeconomic environment in this study.
32 5. Stress Test and Debt Vulnerability 32 If the relationship between credit score and the risk amount were expressed visually by a straight line, the change in the relationship could be translated into changes in the mean and the slope. The mean and the slope can be expressed as functions of macroeconomic variables. Macroeconomic Distress and a change in the Relationship between Credit Score and Risk Amount Risk Amount Macro-economic distress Score Risk Amount Mean change Risk Amount Slope Change Score Score
33 5. Stress Test and Debt Vulnerability 33 Stress scenarios for the interest rate risks Interest rates in Korea and the U.S. increase - by 0.5 ~ 1.0%p - by 1.0 ~ 1.5%p - by 1.5 ~ 2.0%p - by 2.0 ~ 3.0%p - by 3.0 ~ 4.0%p - by 4.0 ~ 5.0%p - by 5.0%p ~ For each stress scenario, we can show how the distribution of borrowers changes in the credit score dimension. We can also show how the share of borrowers at risk, or the average PD changes.
34 5. Stress Test and Debt Vulnerability 34 Large increases in interest rates shift the distribution of borrowers toward worse credit scores. - Small increases of less than 1.5%p in interest rates do not appear to have much impact on the distribution of borrowers in credit score dimension. Interest Rate Scenarios and the Distribution of Borrowers in the Credit Score Dimension
35 5. Stress Test and Debt Vulnerability 35 Large increases of more than 5%p in interest rates increase the share of borrowers at risk by more than 1%p. - Small increases of less than 1.5%p in interest rates do not appear to have much impact on the share of borrowers at risk, or the average PD. Interest Rate Scenarios and the Share of Borrowers at Risk
36 5. Stress Test and Debt Vulnerability 36 Stress scenarios reflecting past economic crises Historical scenarios of past economic crises - The Asian financial crisis (AFC) in 1997~99 - The global financial crisis (GFC) in 2007~09 For each stress scenario, we can show how the distribution of borrowers changes in the credit score dimension. We can also show how the share of borrowers at risk, or the average PD changes.
37 5. Stress Test and Debt Vulnerability 37 Macroeconomic distress redistributes borrowers to worse credit score groups, and its impact is much bigger for the Asian financial crisis, the worse macroeconomic condition. Historical Scenarios and the Distribution of Borrowers in the Credit Score Dimension
38 5. Stress Test and Debt Vulnerability 38 The harder the macroeconomic distress, the bigger the impact on the default rates. - Historical scenarios of the Asian financial crisis (AFC) and the recent global financial crisis (GFC) result in large increases in the share of borrowers at risk, or the average PD. Historical Scenarios and the Share of Borrowers at Risk
39 6. Concluding Remarks
40 6. Concluding Remarks 40 Analyzed the Credit Bureau data to shed light on over-indebtedness and debt vulnerability of household sector. Assessed the performance of over-indebtedness indicators for their ability to predict near-term defaults. Identified and characterized the overly indebted based on the over- indebtedness indicators Stress-tested consumer debt to assess their vulnerability - Severe macroeconomic distress would increase the share of borrowers at risk, the average PD dramatically. - Moderate changes in a macroeconomic environment did not have much impact on the aggregate default rates. Reducing the share of overly indebted with high credit risk is important to make the economy and the financial system more resilient.
41 Thank you
relating to household s disposable income. A Gini Coefficient of zero indicates
Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas
More informationTOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division
TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS Paulo Magina Public Sector Integrity Division 10 th Public Procurement Knowledge Exchange Platform Istanbul, May 2014 The Organization for Economic
More informationDelegation in human resource management
From: Government at a Glance 2009 Access the complete publication at: http://dx.doi.org/10.1787/9789264075061-en Delegation in human resource management Please cite this chapter as: OECD (2009), Delegation
More information41 T Korea, Rep. 52.3. 42 T Netherlands 51.4. 43 T Japan 51.1. 44 E Bulgaria 51.1. 45 T Argentina 50.8. 46 T Czech Republic 50.4. 47 T Greece 50.
Overall Results Climate Change Performance Index 2012 Table 1 Rank Country Score** Partial Score Tendency Trend Level Policy 1* Rank Country Score** Partial Score Tendency Trend Level Policy 21 - Egypt***
More informationInsurance corporations and pension funds in OECD countries
Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance
More informationHow many students study abroad and where do they go?
From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter
More informationORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
2 OECD RECOMMENDATION OF THE COUNCIL ON THE PROTECTION OF CRITICAL INFORMATION INFRASTRUCTURES ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the governments of
More informationHong Kong s Health Spending 1989 to 2033
Hong Kong s Health Spending 1989 to 2033 Gabriel M Leung School of Public Health The University of Hong Kong What are Domestic Health Accounts? Methodology used to determine a territory s health expenditure
More informationSize and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments
January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)
More informationReporting practices for domestic and total debt securities
Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationEIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011
EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective
More informationOn What Resources and Services Is Education Funding Spent?
Indicator On What Resources and Services Is Education Funding Spent? In primary, secondary and post-secondary non-tertiary education combined, current accounts for an average of 92% of total spending in
More informationExpenditure and Outputs in the Irish Health System: A Cross Country Comparison
Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Paul Redmond Overview This document analyzes expenditure and outputs in the Irish health system and compares Ireland to other
More informationPreventing fraud and corruption in public procurement
Preventing fraud and corruption in public procurement CRIM, European Parliament 24 September 2012 Brussels János Bertók Head of division Public Sector Integrity OECD Data on trends in procurement Size
More informationEliminating Double Taxation through Corporate Integration
FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with
More informationElectricity, Gas and Water: The European Market Report 2014
Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,
More informationVULNERABILITY OF SOCIAL INSTITUTIONS
VULNERABILITY OF SOCIAL INSTITUTIONS 2 December 2014 Paris Seminar in Demographic Economics Falilou FALL Senior Economist OECD Economics Department 1 Introduction and outline Social institutions and the
More informationWhat Is the Total Public Spending on Education?
What Is the Total Public Spending on Education? Indicator On average, OECD countries devote 12.9% of total public expenditure to, but values for individual countries range from less than 10% in the Czech
More informationTrends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner
Trends in Digitally-Enabled Trade in Services by Maria Borga and Jennifer Koncz-Bruner Digitally-enabled are those for which digital information and communications technologies (ICT) play an important
More informationInternational Women's Day PwC Women in Work Index
www.pwc.co.uk International Women's Day Women in Work Index Women in Work Index UK rises four places to 14 th position within the OECD, returning to its position in 2000. The third annual update of the
More informationPUBLIC VS. PRIVATE HEALTH CARE IN CANADA. Norma Kozhaya, Ph.D Economist, Montreal economic Institute CPBI, Winnipeg June 15, 2007
PUBLIC VS. PRIVATE HEALTH CARE IN CANADA Norma Kozhaya, Ph.D Economist, Montreal economic Institute CPBI, Winnipeg June 15, 2007 Possible private contribution Possible private contribution in the health
More informationHealth Care in Crisis
Health Care in Crisis The Economic Imperative for Health Care Reform James Kvaal and Ben Furnas February 19, 2009 1 Center for American Progress Health Care in Crisis U.S. spends twice as much per capita
More informationHigher education institutions as places to integrate individual lifelong learning strategies
Higher education institutions as places to integrate individual lifelong learning strategies Andrzej Krasniewski Warsaw University of Technology Bologna Expert QUALIFICATIONS FRAMEWORKS AS INSTRUMENTS
More informationDebt and (not much) deleveraging
Debt and (not much) deleveraging Peterson Institute for International Economics Susan Lund, McKinsey Global Institute Global debt has increased by $57 trillion since the crisis began with $25 trillion
More informationThe U.S Health Care Paradox: How Spending More is Getting Us Less
The U.S Health Care Paradox: How Spending More is Getting Us Less Elizabeth H. Bradley Yale School of Public Health Lauren A. Taylor Harvard Divinity School 1 The paradox Then there's the problem of rising
More informationSTATISTICS FOR THE FURNITURE INDUSTRY AND TRADE
STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE Möbel Zahlen Daten STATISTICS FOR THE FURNITURE INDUSTRY AND TRADE 01/36 Economical growth in the regions of the world-economy Changes of the gross domestic
More informationHow To Understand Factoring
EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationWaiting times and other barriers to health care access
Dr. Frank Niehaus Wissenschaftliches Institut der PKV (Scientific Research Institute of the Association of German Private Health Insurers) Waiting times and other barriers to health care access 31.8 %
More informationLow repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015
Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest
More informationThe Debt Challenge in Europe. Alan Ahearne and Guntram Wolff October 2011
The Debt Challenge in Europe Alan Ahearne and Guntram Wolff October 2011 Outline The challenge: debt overhang and price adjustment. Large increase in private debt prior to the crisis. Balance-sheet adjustments
More informationConsumer Credit Worldwide at year end 2012
Consumer Credit Worldwide at year end 2012 Introduction For the fifth consecutive year, Crédit Agricole Consumer Finance has published the Consumer Credit Overview, its yearly report on the international
More informationWhat Proportion of National Wealth Is Spent on Education?
Indicator What Proportion of National Wealth Is Spent on Education? In 2008, OECD countries spent 6.1% of their collective GDP on al institutions and this proportion exceeds 7.0% in Chile, Denmark, Iceland,
More informationDEBT LEVELS AND FISCAL FRAMEWORKS. Christian Kastrop Director of Policy Studies Branch Economics Department
DEBT LEVELS AND FISCAL FRAMEWORKS Christian Kastrop Director of Policy Studies Branch Economics Department Introduction OECD average gross government debt increased from 73% of GDP in 2007 to 111% in 2013.
More informationSURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat
SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD
More informationEXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis
More informationTHE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS. Mamiko Yokoi-Arai
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
More informationA Comparison of the Tax Burden on Labor in the OECD
FISCAL FACT July 2015 No. 475 A Comparison of the Tax Burden on Labor in the OECD By Sam Jordan & Kyle Pomerleau Research Assistant Economist Key Findings Average wage earners in the United States face
More informationThe Approach of the Banking Regulator
Surveillance of Mortgage Credit The Approach of the Banking Regulator Workshop on Real Estate t Prices and Financial Stability 25th April 2014 Central Bank of Chile Eric Parrado Chairman Superintendency
More informationEUF STATISTICS. 31 December 2013
. ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover
More informationThe Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *
The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around
More informationPERMANENT AND TEMPORARY WORKERS
PERMANENT AND TEMPORARY WORKERS Australia Permanent worker: Permanent workers are employees with paid leave entitlements in jobs or work contracts of unlimited duration, including regular workers whose
More informationPUBLIC & PRIVATE HEALTH CARE IN CANADA
PUBLIC & PRIVATE HEALTH CARE IN CANADA by Norma Kozhaya, Ph.D. Economist, Montreal Economic Institute before the Canadian Pension & Benefits Institute Winnipeg - June 15, 2007 Possible private contribution
More informationWith data up to: May 2016. Monthly Electricity Statistics
With data up to: 216 Monthly Electricity Statistics Date of publication: 12 ust 216 Monthly Electricity Statistics TABLE OF CONTENTS Page # HIGHLIGHTS i ORGANISATIONAL AND REGIONAL TABLES OECD Total 1
More informationDualization and crisis. David Rueda
Dualization and crisis David Rueda The economic crises of the 20 th Century (from the Great Depression to the recessions of the 1970s) were met with significant increases in compensation and protection
More informationHow To Tax On Pension Income For Older People In European Countries
Austria Belgium Czech Republic Tax credit of EUR 400 for low pension income up to EUR 17,000; the tax credit is fully phased out once pension income equals EUR 25,000. pension income of maximum EUR 1,901.19.
More informationInternational comparisons of obesity prevalence
International comparisons of obesity prevalence June 2009 International Comparisons of Obesity Prevalence Executive Summary Obesity prevalence among adults and children has been increasing in most developed
More informationWhile a large proportion of adults in the United States have universitylevel
Education at a Glance: OECD Indicators is the authoritative source for accurate and relevant information on the state of education around the world. It provides data on the structure, finances, and performance
More informationBroadband Mapping 2013
Broadband Mapping 2013 Broadband Mapping 2013 Summary Publisher: The Danish Business Authority A full Danish edition can be downloaded from the website of the Danish Business Authority: www.erst.dk BROADBAND
More informationImproving the quality and flexibility of data collection from financial institutions
Improving the quality and flexibility of data collection from financial institutions Milan Nejman 1, Otakar Cejnar 1, Patrick Slovik 2 Abstract: The recent financial crisis has revealed important limitations
More informationBahrain Telecom Pricing International Benchmarking. April 2014
Bahrain Telecom Pricing International Benchmarking April 2014 2014 Contents of this report Report overview 3 PSTN basket results for GCC countries, including time series 4 Mobile basket results for GCC
More informationCreating the Future of Public Education: Graduation Requirements in New York State. NYS Board of Regents Regional Forum
Creating the Future of Public Education: Graduation Requirements in New York State NYS Board of Regents Regional Forum 2011 1 60 Why Do We Need To Change? % 70 U.S. college graduation rates have stagnated
More informationCentral Government Budget Bill for 2014
Central Government Budget Bill for 2014 September 30th 2013 1 Spain Macroeconomic Scenario Year on year % change 2012 2013 2014 Real GDP -1,6-1,3 0,7 Nominal GDP -1,7-0,3 2,1 Private Consumption -2,8-2,6
More informationVisa Information 2012
Visa Information This document is intended to provide you with information on obtaining the correct visa to enter Australia to attend the Global Eco Asia-Pacific Tourism Conference however it is a guideline
More information55-64. Percent of adults with postsecondary degree. Japan. Mexico. Canada. Poland. Denmark. Greece Germany. Italy. Austria. Korea.
34 19 10 26 24 22 19 35 11 14 15 23 26 27 22 22 21 19 17 14 11 11 11 11 9 8 6 7 10 7 Turkey Percent of adults with postsecondary degree 55-64 New Zealand Switzerland Iceland Netherlands Greece Germany
More informationBIS database for debt service ratios for the private nonfinancial
BIS database for debt service ratios for the private nonfinancial sector Data documentation The debt service ratio (DSR) is defined as the ratio of interest payments plus amortisations to income. As such,
More informationA Comparison of the Tax Burden on Labor in the OECD By Kyle Pomerleau
FISCAL FACT Jun. 2014 No. 434 A Comparison of the Tax Burden on Labor in the OECD By Kyle Pomerleau Economist Key Findings Average wage earners in the United States face two major taxes: the individual
More informationORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
2 OECD RECOMMENDATION OF THE COUNCIL FOR ENHANCED ACCESS AND MORE EFFECTIVE USE OF PUBLIC SECTOR INFORMATION ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where the
More informationERASMUS+ MASTER LOANS
ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level
More informationHealth Care Systems: Efficiency and Policy Settings
Health Care Systems: Efficiency and Policy Settings Summary in English People in OECD countries are healthier than ever before, as shown by longer life expectancy and lower mortality for diseases such
More informationData Modeling & Bureau Scoring Experian for CreditChex
Data Modeling & Bureau Scoring Experian for CreditChex Karachi Nov. 29 th 2007 Experian Decision Analytics Credit Services Help clients with data and services to make business critical decisions in credit
More informationThe Determinants of Global Factoring By Leora Klapper
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as
More informationEnergy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU
92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by
More information(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools
(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools SPOTLIGHT REPORT: NETHERLANDS www.oecd.org/edu/equity This spotlight report draws upon the OECD report Equity
More informationTurkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
More informationWorld Consumer Income and Expenditure Patterns
World Consumer Income and Expenditure Patterns 2014 14th edi tion Euromonitor International Ltd. 60-61 Britton Street, EC1M 5UX TableTypeID: 30010; ITtableID: 22914 Income Algeria Income Algeria Income
More informationFinland must take a leap towards new innovations
Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword
More information2011 ICT Facts and Figures
The World in 211 ICT Facts and Figures One third of the world s population is online 45% of Internet users below the age of 25 Share of Internet users in the total population Users, developed Using Internet:
More informationSF3.1: Marriage and divorce rates
Marriage rates Definitions and methodology SF3.1: Marriage and divorce rates The crude marriage rate is the number of marriages formed each year as a ratio to 1 000 people. This measure disregards other
More informationINEQUALITIES IN HEALTH CARE SERVICES UTILISATION IN OECD COUNTRIES
INEQUALITIES IN HEALTH CARE SERVICES UTILISATION IN OECD COUNTRIES Marion Devaux, OECD Health Division 2014 QICSS International Conference on Social Policy and Health Inequalities, Montreal, 9-May-2014
More informationSocial insurance, private insurance and social protection. The example of health care systems in some OECD countries
Social insurance, private insurance and social protection. The example of health care systems in some OECD countries References OECD publications on Health care Swiss Re publications Sigma No 6/2007 on
More informationHealth and welfare Humanities and arts Social sciences, bussiness and law. Ireland. Portugal. Denmark. Spain. New Zealand. Argentina 1.
Indicator to Which fields of education are students attracted? Women represent the majority of students and graduates in almost all OECD countries and largely dominate in the fields of education, health
More informationU.S. Trade Overview, 2013
U.S. Trade Overview, 213 Stephanie Han & Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration October 214 Trade: A Vital Part of the
More informationInternationalization and higher education policy: Recent developments in Finland
Internationalization and higher education policy: Recent developments in Finland Seminar on Cooperation between Russian and Finnish Institutions of Higher Education St Petersburg 5.-7.2.2008. Rector Anneli
More informationJuly 2015. Figure 1. 1 The index is set to 100 in 2000. House prices are deflated by country CPIs in most cases.
July 2015 Globally, house prices continue a slow recovery. The Global House Price Index, an equally weighted average of real house prices in nearly 60 countries, inched up slowly during the past two years
More informationWhat Are the Incentives to Invest in Education?
Indicator What Are the Incentives to Invest in Education? On average across 25 OECD countries, the total return (net present value), both private and public, to a man who successfully completes upper secondary
More information(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools
(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools SPOTLIGHT REPORT: AUSTRIA www.oecd.org/edu/equity This spotlight report draws upon the OECD report Equity and
More informationBrochure More information from http://www.researchandmarkets.com/reports/1339929/
Brochure More information from http://www.researchandmarkets.com/reports/1339929/ The 2011 World Forecasts of Machine Tools That Remove Material by Laser or Light, Photon, Ultrasonic, Electro-Discharge,
More information168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population)
168/2014-4 November 2014 At risk of poverty or social exclusion in the EU28 More than 120 million persons at risk of poverty or social exclusion in 2013 Almost 1 out of every 4 persons in the EU in this
More informationSocial security: Iceland
Social security: Iceland Abstract The ageing of many societies around the world, both among the rich and the poor, challenges governments to design social security programs that do not break the bank.
More informationERASMUS+ MASTER LOANS
Ref. Ares(2015)660570-17/02/2015 ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students
More information(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools
(OECD, 2012) Equity and Quality in Education: Supporting Disadvantaged Students and Schools SPOTLIGHT REPORT: SPAIN www.oecd.org/edu/equity This spotlight report draws upon the OECD report Equity and Quality
More informationCollege & Career Readiness. A Camp to Enhance School Counseling December 13, 2013
College & Career Readiness A Camp to Enhance School Counseling December 13, 2013 2 Topics 1. Important Financial Aspects 2. Why College Readiness? 3. Five Pillars of College & Career Readiness 4. College
More informationCOMMUNICATION FROM THE COMMISSION
EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court
More information187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter
187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All
More informationEducation at a Glance. OECD Indicators. Annex: UOE Data Collection Sources
Education at a Glance OECD Indicators Annex: UOE Data Collection Sources UOE DATA COLLECTION National Sources 2013 UNESCO/OECD/EUROSTAT (UOE) data collection on education statistics. Australia: The Commonwealth
More informationGlobal Effective Tax Rates
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
More informationDevelopment aid stable in 2014 but flows to poorest countries still falling. Detailed summary
OECD - Paris, 8 April 2015 Development aid stable in 2014 but flows to poorest countries still falling Key aid totals in 2014 Detailed summary In 2014, net official development assistance (ODA) flows from
More information99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter
2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1
More informationIncluding Pupils with Special Educational Needs in Schools in Ireland
Please cite this paper as: Greville, E. (2009), Including Pupils with Special Educational Needs in Schools in Ireland, CELE Exchange, Centre for Effective Learning Environments, 2009/01, OECD Publishing.
More information1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4
Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast
More informationSMEs access to finance survey 2014
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence
More informationJudicial performance and its determinants: a cross-country perspective
No. 05 JUNE 2013 Judicial performance and its determinants: a cross-country perspective A GOING FOR GROWTH REPORT Box 1. Description of the data The data used in this study come primarily from three
More informationDEMOGRAPHICS AND MACROECONOMICS
1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE
More informationInternational investment continues to struggle
FDI IN FIGURES December 2014 International investment continues to struggle Figures for the first half of 2014 point to stalled FDI flows Findings FDI fell in the first quarter of 2014 before rebounding
More informationWhat do we know about income inequality in NZ? (Bryan Perry, MSD) Income inequality: summary indicators
84 What do we know about income inequality in NZ? (Bryan Perry, MSD) Extracts from the 2013 Household Incomes Report, 16 July 2013 Income inequality: summary indicators Income inequality is about how dispersed
More informationFunding and network opportunities for cluster internationalization
BSR Innovation Express: Cluster- to- Cluster Conference Funding and network opportunities for cluster internationalization Jens Peter Vittrup Special Adviser Email: jpv@ai.dk Why international R&I cooperation?
More informationTREATY MAKING - EXPRESSION OF CONSENT BY STATES TO BE BOUND BY A TREATY
A 355043 COUNCIL OF EUROPE CONSEIL DE L'EUROPE TREATY MAKING - EXPRESSION OF CONSENT BY STATES TO BE BOUND BY A TREATY CONCLUSION DES TRAITÉS - EXPRESSION PAR LES ÉTATS DU CONSENTEMENT À ÊTRE LIÉS PAR
More information