OECD economic surveys : Denmark 1999 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD economic surveys.

OECD Economic Surveys

Language:

English

Subjects (All):

Economic history.

Denmark--Economic conditions.

Denmark.

Physical Description:

1 online resource (154 pages).

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1999]

Language Note:

English

Summary:

Assessment and recommendations I. Recent trends and prospects -Demand and production: reducing excess demand -A tighter labour market but stable inflation -The short-term outlook II. Macroeconomic policies -Monetary policy -Fiscal policy -Improving the control of public expenditure III. Implementing structural reform: A review of progress -Introduction: implementing the OECD Jobs Strategy -Recent labour-market performance -Progress in structural reform -Assessment and scope for further action IV. Policies for the housing market -Introduction -Objectives, institutions and instruments -Economic impact of government interventions to regulate and support the housing market -Scope for further reform Annexes -I. Fiscal and structural indicators -II. Chronology of main economic events.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and prospects

Table 1. Main demand components

Figure 1. Macroeconomic performance

Demand and production: reducing excess demand

Figure 2. Private demand

Table 2. Exports of goods and services

Table 3. Imports of goods and services

Table 4. The current account

A tighter labour market but stable inflation

Table 5. Growth in value added by sector

Figure 3. Unemployment and labour market programmes

Figure 4. Inflation developments

The short-term outlook

Economic policy assumptions and the external environment

Table 6. Economic policy assumptions and the external environment

Short-term outlook and risks

Table 7. Short-term outlook

II. Macroeconomic policies

Monetary policy

Implementing the exchange rate strategy

Figure 5. Short-term interest rates and the exchange rate

Monetary policy credibility

Figure 6. Long-term interest rates

Figure 7. External debt

Overall stance of policy

Figure 8. Implicit price expectations in financial markets

Table 8. Money and credit

Figure 9. Monetary conditions

Adapting to a different European monetary policy environment

Policy requirements of the fixed exchange-rate regime

Table 9. Co-variation between GDP in Denmark and other European countries

Fiscal policy

Box 1. The Stability and Growth Pact for non-EMU member states

Implementing budgetary policy: adherence to objectives set

Table 10. Government budget balances: intentions and outcomes

Figure 10. General government budget balances

Figure 11. General government expenditure and tax ratios

Fiscal policy as a stabilisation instrument

Figure 12. Implementation of fiscal policy

Continued tax reform to improve economic incentives

Box 2. The 1998-2002 tax reform.

Improving the control of public expenditure

Fiscal objectives in a medium-term setting

Relations between central and local government

Box 3. Central-local government fiscal arrangements

Figure 13. Consumption expenditure in local government

Reversing the trend in public transfers

Table 11. Long-term trends in transfers

III. Implementing structural reform: A review of progress

Introduction: implementing the OECD Jobs Strategy

Recent labour-market performance

Table 12. The labour force and labour-market policies 1994-1998

Progress in structural reform

Increasing wage and labour-cost flexibility

Box 4. Greater scope for decentralisation in private-sector wage systems

Figure 14. Wage systems in the DA/LO area

Figure 15. Marginal tax rates on labour income

Reducing distortions in unemployment insurance and related benefits

Greater reliance on market signals in labour market policies

Strengthening skill and competence acquisition

Box 5. The quality evaluation of the Danish education system: analysis and recommendations

Increasing product market competition

Table 13. Business sector support from central government

Figure 16. State aid to manufacturing

Table 14. Barriers to entry and regulation of trade

Figure 17. Degree of regulation of utility sectors

Box 6. Energy production and the environment

Assessment and scope for further action

Box 7. Developing the instruments of labour market policies

Box 8. Implementing the OECD Jobs Strategy

IV. Policies for the housing market

Introduction

Objectives, institutions and instruments

Table 15. Availability and quality of housing

Stability among tenures in recent years

Figure 18. The age-tenure structure of the housing stock

Table 16. Tenure in housing.

Individual property rights concentrated on owner-occupied housing

A long-standing tradition of rent control

Figure 19. The development of housing rents

Preferential tax treatment of housing

... an elaborate financing system

... and a wide range of subsidies

An incomplete policy transformation

Box 9. Housing policy over the past three decades

Economic impact of government interventions to regulate and support the housing market

Declining housing investment

Figure 20. Housing investment in selected OECD countries

Figure 21. The development in house prices, incomes and after-tax interest rates

Table 17. Housing consumption relative to GDP

Impact on public finances

Table 18. User costs and subsidies in housing

Table 19. Public expenditure on housing

A highly cyclical housing market with strong repercussions throughout the economy

Figure 22. The housing market

Figure 23. Cyclicality in house prices and housing investment

Table 20. House prices, private consumption and household wealth

Disincentives to efficient utilisation and maintenance of the housing stock

Figure 24. House prices, housing investment and private consumption

Table 21. Effect of rent control

Figure 25. Rents in social housing by year of construction

Box 10. The Danish urban renewal programme

Table 22. Impact on house prices of rent control in major metropolitan areas

Cost levels in supplier sectors are on the high side

Figure 26. Transaction costs and relative price levels in housing

The distributional outcome: concentration of economic resources

Table 23. Housing segments and socio-economic representation

Figure 27. Housing benefits by income interval

Figure 28. Coverage of individual housing benefits

Effects on labour market efficiency are hard to disentangle.

Figure 29. Marginal effective tax rates allowing for means-tested housing benefits and withdrawal of subsidies to child-care ins

Table 24. Mobility in the different housing segments

In sum

Scope for further reform

Box 11. Recommendations to improve the working of the Danish housing market

Notes

Annex I - Fiscal and structural indicators

Table A1. Public sector revenues and expenditures in selected OECD countries

Table A2. The public sector

Table A3. Tax rates

Table A4. Production structure and performance indicators

Table A5. Labour market indicators

Annexe II - Chronology of main economic events

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

BOXES

Box 2. The 1998-2002 tax reform

TABLES

Table 8. Money and credit.

Table 9. Co-variation between GDP in Denmark and other European countries

Table 16. Tenure in housing

ANNEX

FIGURES

Figure 16. State aid to manufacturing.

Figure 17. Degree of regulation of utility sectors.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-16724-2

OCLC:

1132391784