The French Public Debt Worries and. Solutions
|
|
- Leslie Moody
- 8 years ago
- Views:
Transcription
1 The French Public Debt Worries and Solutions Vesselina Spassova Pierre Garello Abstract: In the context of debt crisis in the European Union, the French public debt finally attracts the attention of the government. Is the situation still under control and is there a chance for French authorities to limit the deterioration of public finances? To answer the question, the authors are providing the last figures and trends and explaining what is at stake. 1
2 In view of the recent public finances disasters that threaten several European countries, French public debt is starting to attract serious attention, including that of the French government. During the past weeks, François Fillon, who was just freshly renewed in his functions as Prime Minister by President Sarkozy, stated repeatedly that the reduction of deficits and public debt will be the priority of the (not-so-new) government for the coming months. As a matter of fact, the debt has been valued by the French Institute for National Statistics (INSEE) to billion at the end of the second trimester 2010, which equals 82.9% GDP points. Compared to the previous trimester, the debt increased 56 billion, that is, with approximately 2.5 GDP points. More than 30 years without a balanced budget The sharp increase in public debt is due mainly to the cumulated deficits of central and local administrations (figures 1-2) to which must be added the recurrent and increasing deficit of the social security system (which includes health insurance and pensions). Also, in the past two years, an additional deficit was reported by the State Shareholdings Agency (Agence des participations de l Etat, the organism in charge of managing the State s participations in private corporations and in state owned enterprise such as the railway company SNCF, the main maritime ports, the postal company etc). 2
3 Figure 1. French budget deficit (% of GDP) Figure 2. Evolution of French Public debt (% of GDP) Source: Cour des Comptes, Situation et perspectives des finances publiques
4 But those figures still present a too optimistic picture of the situation: they report levels of public debt computed according to Maastricht's definition. If instead we apply to national accounts the same accounting principles applied to enterprises (according to international accounting standards such as IFRS), all optimism vanishes. When off-balance-sheet commitments (for example pensions to be paid in the future) are added to the Maastricht debt, the new estimates inflate the French debt by as much as 1000 billion (Rapport Pebereau, , 38-39). Comparing public debt with private debt and tax revenues What does that represent? Should French citizens be worried about it? Taking the last estimates ( 2591 billion) which gives a more accurate evaluation of the liabilities of the State, in 2010 a newborn in France starts in life with a public debt burden of approximately Limiting ourselves to the Maastricht debt one still gets a level of public debt per habitant at It might be interesting to translate those numbers at the household level in order to compare private indebtedness with public one (Table 1). Table 1. Comparing public with private debts Public debt Public debt Disposable Private debt (Maastricht) (all liabilities) income ( ) ( ) ( ) ( ) Per habitant Per household Source: IREF based on INSEE data The average level of (private) debt for a French household reaches today 76.5% of disposable income (INSEE). The most recent data give disposable income at per habitant and 2.3 persons per household (INSEE approximation for 2008). Hence the level of (private) debt per habitant is approximately ; 4
5 much less than what you get taking the narrowly defined public debt per habitant ( ). Taking the household as basic unit, the average French household today has an ongoing private debt of to which must be added its share of public debt amounting to or depending whether you include all the liabilities of the State or limit yourself to the Maastricht debt. Now, it is often heard that no one ever pays the debt itself, but only the interest on the debt. As a matter of fact, the interest paid in 2010 amounts to 656 per capita. In 2010, the interest on the service of the debt cost to French citizens no less than billion. To compare, it means that more than four fifths of corporate tax revenues served to pay interest on the public debt. With this money French firms could hire all the unemployed in the country (more than 2 million people) and pay them the minimum wage. Today, the French State pays more on the charge of the debt than on defence and it is not unthinkable, and even likely, than in five years from now more will be spent on debt service than on education. Finally, if one considers the total service of the debt (interest and maturing principal), it amount almost to the entire budget of the State. On September 30, the State had already issued for billion in bonds for the year, going basically to the reimbursement of previously emitted bonds. Since the 70s, France entered progressively international financial markets and in 2010, 70.6% of the national debt is in the hands of non-residents (2/3 of them living outside the EU). It is interesting to notice that being only at 28% in 1999, this percentage more than doubled in 10 years. The interest rates on French government bonds are still low, going from 2.5% (10 years) and 4.25% (13 years) to 4% (50 years) on the primary market. Any increase in those rates would have a devastating impact on the cost of the debt. Is French public debt sustainable? It is often rightly - said that the sustainability of the debt depends on the gap between, the real interest rate (that is, the cost at which the government can borrow money) and the rate at which the economy grows (real GDP growth), the 5
6 later representing somehow the rate of profit or return obtained by the borrower. If the cost of the debt (interest) is below the return (real growth), then the situation is sustainable. Otherwise, the debt to GDP ratio starts growing and, unless the government is able to have a positive primary balance (that is, makes no deficit even after paying the interest on the debt), a snow bawl effect is at work that will drive public finances towards disasters. To increase the likelihood of a real growth rate above the interest rate and therefore keep the debt sustainable it is essential that the borrowed money be put to good use. Sustainable governance requires that the public debt be turned into growth-generating investments, and not used to cover current expenses. Let us note in passing that sustainable debt is not to be confused with efficient debt: because of the crowding-out effect on private investment, public investment is not necessarily an advisable move. Nevertheless, looking at the destination of the borrowed money offers a rather consensual criterion to check the sustainability of the financial situation of the State. As a matter of fact, it is easy to check that, at least in France, the loans behind the increase of public debt do not go to investment. For the 2011 budget, the share of investment is planned to be at 4.1% of total State expenditures (Projet de loi des finances 2011). This largely explains why higher debt does not fit with higher growth and why, as a consequence, the debt is not sustainable. France is surely not the only country where deficits are structural rather than investment-related. This goes a long way in explaining the facts presented in the following graph (Figure 3). For 18 OECD countries, the average rate of growth (real GDP) over a 19 years period ( ) has been plotted against the average level of public debt to GDP (the level of indebtedness). Clearly, going to debt has rarely be a route to higher growth. If anything the contrary would be the case. 6
7 Figure 3: Average debt and economic growth ( ) Average GDP growth, Corée y = -0,0211x + 3,8441 R 2 = 0, Australie Norvège Espagne Etats-Unis Pays-Bas Royaume-Uni Canada Autriche Finlande Suède Danemark Allemagne France Suisse Belgique Japon Italie Average public debt (% of GDP) Source: IREF based on OECD data Table 2: Average growth rate and public debt in OECD countries Country Average level of public debt (as % of GDP) Average growth of real GDP Australia Austria Belgium Canada Denmark Finland France Germany Italy Japan Korea Netherlands Norway Spain Sweden Switzerland United Kingdom United States
8 Those figures are consistent with the picture one can get from the history of the accumulation of debt in France. In the early 80s, the debt of French public administrations was increasing at a pace of 2.3 GDP points per year. The government of that time was pushing an extensive social policy: retirement age decreased at 60; nationalization of the largest corporations, and so on. Then came the recession of the early 90s ( ), and the debt kept growing, this time at a faster pace 5.3 GDP points per year with an increase of public expenses and public health insurance deficits. This trend was then reversed due to the desire of the government to join the common currency project; at the end of the 90-ies the State is trying to moderate its appetite in order to fulfil the Maastricht criteria. In the 2000, the growth of public debt and public deficits resumed (2001 crisis) and kept going without any noticeable increase in investment projects financed by the State. Finally, the 2008 crisis contributed for an astonishing jump of the debt to GDP ratio of no less than 15 % and, again, the largest part of this money is financing current expenses. The recovery plan launched by Sarkozy required 20 billion. The remaining 256 billion of debt have been used to cover current expenses of the State pensions, health insurance, unemployment insurance etc. What next? Prior to the euro, the public debt was usually absorbed by inflation, that is, with spoliation of people s savings. Fortunately, at least in Europe, this practice is no longer considered an option; but that translated in the past 20 years in a soaring debt with interest rates (3.24% on average) well above growth rates (1.8% on average). The question is therefore how the French government intends to solve the problem of national debt within a Euro zone, non-inflationary context? 8
9 Figure 4: France interest on debt and GDP growth interest rate on government bonds (10 years) corrected for inflation real GDP growth rate Source : IREF based on Eurostat and INSEE data We have been suggesting that the usual answer -- betting on economic growth in future periods to reimburse the debt is not a satisfactory one, at least as long as no radical change in economic policy and in the missions devoted to the State are undertaken. Why should a policy that has never worked in the past suddenly deliver the expected result? The present government seems, at last, to feel concerned about the problem and ready to tackle it. The official target for public deficit has been set at 3% of GDP in Prime Minister, François Fillon, recently announced a freeze on public expenses for the three years ahead. Some benefits will be cut as well and the policy to replace only one retiring civil servant out of two is maintained. Some tax credits and tax exemptions will be suppressed as well. But Presidential elections are just around the corner (2012) and another obvious target for the government is to reduce unemployment. If the choice of an "active policy" is made, then all the efforts to reduce deficits will be wasted. The government apparently has gotten lesson lumber one: big deficits and high level of indebtedness are not conducive to growth and generate an unsustainable dynamics. It must now go to lesson number two: unemployment is best fought with private initiatives and for this you need to restore incentives and lower tax rates. And, 9
10 contrarily to what is too often claimed, this will not lead to further deficits but to more wealth creation, more tax revenues, less need for unemployment benefits and lower deficits. It is about time to abandon the vicious circle of taxation financing public spending and redistribution for the virtuous dynamics of private saving financing entrepreneurship and growth. 10
Social 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 informationAttribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license.
Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Therefor you are free to share and adapt this presentation even for
More informationTransfer issues and directions for reform: Australian transfer policy in comparative perspective
Transfer issues and directions for reform: Australian transfer policy in comparative perspective Peter Whiteford, Social Policy Research Centre, University of New South Wales p.whiteford@unsw.edu.au 1
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 information11/6/2013. Chapter 16: Government Debt. The U.S. experience in recent years. The troubling long-term fiscal outlook
Chapter 1: Government Debt Indebtedness of the world s governments Country Gov Debt (% of GDP) Country Gov Debt (% of GDP) Japan 17 U.K. 9 Italy 11 Netherlands Greece 11 Norway Belgium 9 Sweden U.S.A.
More informationGeneral Government debt: a quick way to improve comparability
General Government debt: a quick way to improve comparability DEMBIERMONT Christian* BIS Bank for International Settlements, Basel, Switzerland Christian.Dembiermont@bis.org In simple words the General
More informationEstonia and the European Debt Crisis Juhan Parts
Estonia and the European Debt Crisis Juhan Parts Estonia has had a quick recovery from the recent recession and its economy is in better shape than before the crisis. It is now much leaner and significantly
More informationFISCAL CONSOLIDATION: HOW MUCH IS NEEDED TO REDUCE DEBT TO A PRUDENT LEVEL?
Please cite this paper as: OECD (1), Fiscal Consolidation: How Much is Needed to Reduce Debt to a Prudent Level?, OECD Economics Department Policy Notes, No. 11, April. ECONOMICS DEPARTMENT POLICY NOTE
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 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 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 informationConsumer Over-indebtedness and Financial Vulnerability: Evidence from Credit Bureau Data
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
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 informationProject LINK Meeting New York, 20-22 October 2010. Country Report: Australia
Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University
More information2. UK Government debt and borrowing
2. UK Government debt and borrowing How well do you understand the current UK debt position and the options open to Government to reduce the deficit? This leaflet gives you a general background to the
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 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 informationOwnership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010
Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family
More informationErrors and omissions in the balance of payments statistics a problem?
Errors and omissions in the balance of payments statistics a problem? BY GUNNAR BLOMBERG, LARS FORSS AND INGVAR KARLSSON The authors work in the Monetary Policy Department. The balance of payments statistics
More informationMALTA TRADING COMPANIES IN MALTA
MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always
More informationHousehold saving rate higher in the EU than in the USA despite lower income Household income, saving and investment, 1995-2007
Economy and finance Authors: Peeter LEETMAA, Hervé RENNIE, Béatrice THIRY Statistics in Focus 29/2009 Household saving rate higher in the EU than in the A despite lower income Household income, saving
More informationrelating 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 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 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 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 informationNERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth
4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for
More informationPublic Debt, Taxation and Inequality in Europe
Public Debt, Taxation and Inequality in Europe Thomas Piketty Paris School of Economics European Parliament, Brussels, June 3 2015 This presentation: three points 1. Inequality in the long-run: over the
More informationRIA: Benefits and Application
RIA: Benefits and Application Scott Jacobs Managing Director, Jacobs and Associates WORKSHOP ON GOOD REGULATORY PRACTICE WTO, Geneva 18-19 MARCH 2008 1 The Golden Age of Regulation Regulation is a normal
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 informationThe Danish mortgage system: Advantages, challenges, and lessons learned
The Danish mortgage system: Advantages, challenges, and lessons learned 1 ICELAND PRESENTATION JULY 1, 2014 J E S P E R R A N G V I D P R O F E S S O R, C B S C H A I R M A N, D A N I S H F I N A N C I
More informationPublic Spending Under Labour
Public Spending Under Labour 2010 Election Briefing Note No. 5 (IFS BN92) Robert Chote Rowena Crawford Carl Emmerson Gemma Tetlow Series editors: Robert Chote, Carl Emmerson and Luke Sibieta Public spending
More informationFROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP
FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for
More informationRe-Thinking Sovereign Debt Summit
The Only Win-Win Solution for Europe Requires a Fresh Start on Greece State-Building and a Fresh Start on Greece Correctly Calculating Debt Relief from Prior Restructurings -- Japonica Partners Internal
More informationThe Norwegian economy
The Norwegian economy Slower speed ahead, but still growth Strong mechanisms support mainland economy Wriggle room to smooth business cycles Rune Bjerke CEO Just how bad is it? Slower speed ahead but still
More informationDemographics issues and Pension systems. Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr. Université Paris Dauphine.
Demographics issues and Pension systems Najat El Mekkaoui de Freitas najat.el-mekkaoui@dauphine.fr Université Paris Dauphine May, 2009 The demographic and economic challenges Over the next decades many
More informationHow To Calculate Tax Burden In European Union
The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite
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 informationInternational merchandise trade Commerce international
Argentina Argentine Imports: Volume 230 214 220 194 245 215 187 202 208 179 175... Importations : volume Imports: Unit Value 127 125 131 132 130 129 132 135 130 130 119 122 Importations : valeur unitaire
More informationCONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003
JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS AS AT JUNE 30, 2003 Translated from French and in accordance with French generally accepted accounting principles JCDECAUX SA CONSOLIDATED FINANCIAL STATEMENTS
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 informationEconomic and Market Outlook. EU Automobile Industry
Economic and Market Outlook EU Automobile Industry March 2015 Report 1 of 4 2015 CONTENTS EU ECONOMIC FORECASTS... 2 PASSENGER CARS... 4 REGISTRATIONS... 4 WORLD... 4 THE EUROPEAN UNION... 6 PRODUCTION...
More informationA BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS
A BETTER RETIREMENT PORTFOLIO FOR MEMBERS IN DC INVESTMENT DEFAULTS JUNE 2014 TALENT HEALTH RETIREMENT INVESTMENTS EXECUTIVE SUMMARY The majority of defined contribution (DC) plan members typically end
More informationThe Economy - International Comparisons, 2011
The Economy - International Comparisons, 2011 Coverage: International Date: 14 May 2013 Geographical Area: Country Theme: People and Places Theme: Economy Theme: Labour Market Key Points The economy is
More informationEuropean Debt Crisis and Impacts on Developing Countries
July December 2011 SR/GFC/11 9 SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS 9 SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS European Debt Crisis and Impacts on Developing Countries STATISTICAL ECONOMIC AND
More informationHow To Understand The Economic And Social Costs Of Living In Australia
Australia s retirement provision: the decumulation challenge John Piggott Director CEPAR Outline of talk Introduction to Australian retirement policy Issues in Longevity Current retirement products in
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 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 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 informationSocial Citizenship Rights and Gender/Family Policies. Walter Korpi Swedish Institute for Social Research
Social Citizenship Rights and Gender/Family Policies Walter Korpi Swedish Institute for Social Research The Logic of Industrialism Industrialism and Industrial Man. A Study of Labor Problems in Economic
More informationPaying off government debt
G l o b a l F i n a n c i a l D a t a Paying off government debt Two Centuries of Global Experience Dr. Bryan Taylor, Chief Economist, Global Financial Data Using a data set on government debt that was
More informationn.d. Propositions préliminaires pour la Constitution de la Fédération Internationale des Architectes Paysagistes 5-6
BIBLIOTHEQUE RENE PECHERE - RENE PECHERE LIBRARY Fonds IFLA - IFLA Archives Livres d or reliés - Bound Golden Books INVENTAIRE INVENTORY Livre I - Book I «I.F.L.A. 1948-1968» Création de l IFLA - IFLA
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 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 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 informationTAX FREEDOM DAY IN SPAIN 2016 REPORT
TAX FREEDOM DAY IN SPAIN 2016 REPORT How many taxes does an average Spaniard pay during his life? We consider the case of a taxpayer who enters the jobs market at age 16 and slowly builds a professional
More informationHow does a venture capitalist appraise investment opportunities?
1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:
More informationPUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS
PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS 1. Introduction This note discusses the strength of government finances in, and its relative position with respect to other
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 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 informationThe Wharton School, University of Pennsylvania. Hillsdale College
Real Ways to Drive Down Healthcare Costs Scott E. Harrington The Wharton School, University of Pennsylvania www.scottharringtonphd.com com Free Market Forum Hillsdale College October 1, 2010 Outline The
More informationAn Analysis of the Effect of Income on Life Insurance. Justin Bryan Austin Proctor Kathryn Stoklosa
An Analysis of the Effect of Income on Life Insurance Justin Bryan Austin Proctor Kathryn Stoklosa 1 Abstract This paper aims to analyze the relationship between the gross national income per capita and
More informationSocial health insurance in Belgium. Charlotte Wilgos & Thomas Rousseau
Social health insurance in Belgium Charlotte Wilgos & Thomas Rousseau Attachés NIHDI Content History Today Values Organizational overview Financial overview Evolutions and challenges Content History Today
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 informationOECD review of the secondary school modernisation programme in Portugal
ISSN 2072-7925 OECD review of the secondary school modernisation programme in Portugal CELE Exchange 2010/1 OECD 2010 OECD review of the secondary school modernisation programme in Portugal By Alastair
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 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 informationInclud acc to all tabl and graphs in Excel TM
100 INDICATORS FOR THE WORLD'S LEADING ECONOMIES Includ acc to all tabl and graphs in Excel TM OECD Factbook 2006 Economic, Environmental and Social Statistics Population and migration Macroeconomic trends
More informationThe Real Economic Impact of a European Financial Transactions Tax
(Cover page) Red Tape Watch! The Real Economic Impact of a European Financial Transactions Tax July 2013 NEW DIRECTION Page 1 of 12 About Red Tape Watch! Analysing the economic impact of European Union
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 informationBALANCE OF PAYMENTS AND FOREIGN DEBT
BALANCE OF PAYMENTS AND FOREIGN DEBT V 1. BALANCE OF PAYMENTS In 1997, the external current account deficit was 8.1 billion krónur, corresponding to 1. percent of GDP. It declined from 8.9 b.kr., or 1.8
More informationThe Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance
The Rock Star of the Recovery : Explaining Sweden s Strong Economic Performance Johan Berggren Political Advisor to the Swedish Ministry of Finance E urope is beset by economic and financial risks: uneven
More informationExpenditure on Health Care in the UK: A Review of the Issues
Expenditure on Health Care in the UK: A Review of the Issues Carol Propper Department of Economics and CMPO, University of Bristol NIERC 25 April 2001 1 Expenditure on health care in the UK: The facts
More informationInvestment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank
Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment
More informationComparison of annuity markets (OECD National Annuity Markets: Features and Implications, Rusconi 2008) Mercer
May 2009 Retirement Income/Annuities Around the World What US Policy Makers Might Learn Barbara Marder, Baltimore Global Defined Contribution Consulting Leader www.mercer.com 1 Comparison of annuity markets
More information// BRIEF STATISTICS 2014
// BRIEF STATISTICS 2014 // TAXATION IN FINLAND Finland s taxation is subject to decisions by the Finnish Parliament, the European Union and the municipalities of Finland. It is governed by tax legislation,
More informationThe EMU and the debt crisis
The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the
More informationSUSTAINING PROSPERITY FOR FUTURE GENERATIONS NLEC POSITION ON 2013 PROVINCIAL BUDGET PRIORITIES
SUSTAINING PROSPERITY FOR FUTURE GENERATIONS Approved by the NLEC Board of Directors Jan 16 th, 2013 1 SUSTAINING OUR PROSPERITY FOR FUTURE GENERATIONS INTRODUCTION The Newfoundland and Labrador Employers
More informationImmigration Reform, Economic Growth, and the Fiscal Challenge Douglas Holtz- Eakin l April 2013
Immigration Reform, Economic Growth, and the Fiscal Challenge Douglas Holtz- Eakin l April 2013 Executive Summary Immigration reform can raise population growth, labor force growth, and thus growth in
More information4 Distribution of Income, Earnings and Wealth
4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per
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 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 informationScotland s Balance Sheet. April 2013
Scotland s Balance Sheet April 2013 Contents Executive Summary... 1 Introduction and Overview... 2 Public Spending... 5 Scottish Tax Revenue... 12 Overall Fiscal Position and Public Sector Debt... 18 Conclusion...
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 informationTHE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE
THE ANALYSIS OF PRIVATE HEALTH INSURANCE PENETRATION DEGREE AND DENSITY IN EUROPE Gheorghe Matei, Professor Ph.D University of Craiova Faculty of Economics and Business Administration Craiova, Romania
More informationOECD THEMATIC FOLLOW-UP REVIEW OF POLICIES TO IMPROVE LABOUR MARKET PROSPECTS FOR OLDER WORKERS. DENMARK (situation mid-2012)
OECD THEMATIC FOLLOW-UP REVIEW OF POLICIES TO IMPROVE LABOUR MARKET PROSPECTS FOR OLDER WORKERS DENMARK (situation mid-2012) MACROBUTTON NUMBERING (SITUATION In 2011, the employment rate for the population
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 informationPortugal: restoring credibility and confidence
MINISTÉRIO DAS FINANÇAS Portugal: restoring credibility and confidence London School of Economics and Political Science Vitor Gaspar February 1, 2012 MINISTÉRIO DAS FINANÇAS 1 Outline 1. On the way to
More informationThe Tax Burden of Typical Workers in the EU 27 2013 Edition
(Cover page) The Tax Burden of Typical Workers in the EU 27 2013 Edition James Rogers & Cécile Philippe May 2013 Data provided by NEW DIRECTION Page 1 of 16 The Tax Burden of Typical Workers in the EU
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 informationReforms, Finance, and Current Accounts
Università degli Studi di Torino Dipartimento di Economia Cognetti De Martiis Reforms, Finance, and Current Accounts Giuseppe Bertola, Anna Lo Prete Università di Torino Labor market (de)regulation: More/less
More informationInternet address: http://www.bls.gov/fls USDL: 04-2343
Internet address: http://www.bls.gov/fls USDL: 04-2343 Technical information: (202) 691-5654 For Release: 10:00 A.M. EST Media contact: (202) 691-5902 Thursday, November 18, 2004 INTERNATIONAL COMPARISONS
More informationThe Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by
(Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course
More informationThe Tax Burden of Typical Workers in the EU 27
The Tax Burden of Typical Workers in the EU 27 James Rogers Cécile Philippe Institut Économique Molinari, Paris-Bruxelles TABLE OF CONTENTS Objective of the Study 2 Study Interest 2 Main Results 3 Definitions
More informationRecent U.S. Economic Growth In Charts MAY 2012
Recent U.S. Economic Growth In Charts MAY 212 GROWTH SINCE 29 The Growth Story Since 29 Despite the worst financial crisis since the Great Depression and a series of shocks in its aftermath, the economy
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 informationPROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY
PROJECTION OF THE FISCAL BALANCE AND PUBLIC DEBT (2012 2027) - SUMMARY PUBLIC FINANCE REVIEW February 2013 SUMMARY Key messages The purpose of our analysis is to highlight the risks that fiscal policy
More informationCHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY
CHAPTER 7: AGGREGATE DEMAND AND AGGREGATE SUPPLY Learning goals of this chapter: What forces bring persistent and rapid expansion of real GDP? What causes inflation? Why do we have business cycles? How
More informationFiscal consolidation targets, plans and measures
From: OECD Journal on Budgeting Access the journal at: http://dx.doi.org/10.1787/16812336 Fiscal consolidation targets, plans and measures Please cite this article as: OECD (2011), Fiscal consolidation:
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 informationBelgium (Fr.) Australia. Austria. England. Belgium (Fl.) United States 2. Finland 2. Norway 2. Belgium (Fr.) Australia. Austria Norway 2, 4.
How Much Are Teachers Paid? Indicator The statutory salaries of teachers with at least 15 years of experience average USD 38 914 at the primary level, USD 41 701 at the lower level and USD 43 711 at the
More information