OECD economic surveys : Finland 1996-1997 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

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

Series:

OECD Economic Surveys: Finland

Language:

English

Subjects (All):

Economic history.

Finland--Economic conditions.

Finland.

Physical Description:

1 online resource (135 pages)

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1997]

Language Note:

English

Summary:

Assessment and recommendations I. Recent trends and short-term prospects -A broader recovery -Sustained and more diverse exports -Rebound of household demand -Stabilisation of business investment -Slow progress in absorbing the labour market slack -Low inflation supported by moderate wage developments -A strong external position -Short-term outlook II. Macroeconomic policies -Overview -The fiscal stance -Monetary management -Assessment III. Structural initiatives -Labour market -Product market competition -Banking -Environment IV. Reform of the pension system -The original design of the system -The reform process -Future challenges Bibliography Annex -I. Chronology of main economic events and policy measures Statistical annex and structural indicators.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and short-term prospects

A broader recovery

Table 1. Demand and output

Figure 1. GDP AND ITS MAIN COMPONENTS

Sustained and more diverse exports

Figure 2. COST COMPETITIVENESS AND EXPORT PERFORMANCE

Rebound of household demand

Table 2. Household appropriation account

Figure 3. HOUSEHOLD SPENDING

Stabilisation of business investment

Figure 4. BUSINESS INVESTMENT

Slow progress in absorbing the labour market slack

Table 3. Labour market developments

Figure 5. THE LABOUR MARKET

Figure 6. UNEMPLOYMENT AND VACANCIES BY OCCUPATION

Low inflation supported by moderate wage developments

Table 4. Wages, costs and prices

Figure 7. PRICE AND WAGE DEVELOPMENTS

A strong external position

Figure 8. THE EXTERNAL POSITION

Short-term outlook

Table 5. Short-term projections

II. Macroeconomic policies

Overview

The fiscal stance

Budget consolidation since the early 1990s

Figure 9. PROGRESS IN FISCAL CONSOLIDATION

Table 6. Public finances in the 1990s

Table 7. State expenditure cuts

Table 8. Initial budget proposals and outcomes

Figure 10. GENERAL GOVERNMENT BALANCES

The 1997 Budget

A medium term perspective

Monetary management

The policy formulation

Figure 11. INFLATION PERFORMANCE

Exchange and interest rate developments

Figure 12. MOVEMENTS IN SHORT-TERM INTEREST RATES AND IN EXCHANGE RATES

Figure 13. CENTRAL BANK INTERVENTIONS AND FOREIGN EXCHANGE RESERVES

Figure 14. LONG-TERM INTEREST RATE DEVELOPMENTS

Money and credit growth

Table 9. Money growth

Figure 15. PROFITABILITY OF DEPOSIT BANKS

Figure 16. INDICATORS OF CREDIT BEHAVIOUR

Assessment

III. Structural initiatives

Labour market

Figure 17. TRANSFERS TO WORKING AGE POPULATION.

Figure 18. LABOUR FORCE PARTICIPATION BY AGE GROUP

Table 10. Implementing the OECD Jobs Strategy - an overview

Table 10. Implementing the OECD Jobs Strategy - an overview (cont.)

Figure 19. REFORMS OF BENEFIT ENTITLEMENTS BY DURATION OF UNEMPLOYMENT

Figure 20. SERVICES AND LOW-SKILLED JOBS

Table 11. Non-wage labour costs and the tax wedge

Product market competition

Figure 21. FINANCIAL SUPPORT TO MANUFACTURING AND SERVICES

Figure 22. SCOPE FOR PRIVATISATION

Banking

Table 12. Rationalisation in the banking sector

Table 13. Concentration in the banking industry

Environment

Table 14. Environmental taxes and charges

IV. Reform of the pension system

The original design of the system

Key features

Table 15. The main pension schemes

Figure 23. PUBLIC OLD AGE PENSION EXPENDITURE IN OECD COUNTRIES

Table 16. Financial assets of the employment pension schemes

The underfunding problem

Figure 24. ELDERLY DEPENDENCY RATIOS

Figure 25. PROJECTED EXPENDITURE OF THE EMPLOYMENT PENSION SCHEMES

Figure 26. PROJECTED CONTRIBUTIONS OF THE EMPLOYMENT PENSION SCHEMES

Options for changes

Figure 27. REQUIRED RATE OF RETURN ON PENSION FUND ASSETS

The reform process

Main objectives

Modification of the pension rules

Table 17. Reform of the employment pension rules

The 1993 measures

The 1994 disposals

The 1996 package

Adjustment of the funding method

Figure 28. THE FUNDING OF EMPLOYMENT PENSIONS IN THE PRIVATE SECTOR

Table 18. Income and expenditure account of the employment pension funds

Table 19. Portfolio composition of the employment pension funds

A sustainable system?

Figure 29. FINANCIAL SUSTAINABILITY OF THE EMPLOYMENT PENSION SYSTEM

Table 20. Employment pension scenarios

Future challenges

Raising the return on pension fund assets.

Table 21. Optimal portfolio compositions of pension funds

Enhancing the actuarial fairness of the system

Table 22. Key characteristics of pension systems

Fiscal policy implications

Notes

Bibliography

Annex. Chronology of main economic events and policy measures

STATISTICAL ANNEX AND STRUCTURAL INDICATORS

Table A. Selected background statistics

Table B. Supply and use of resources

Table C. Supply and use of resources (volume)

Table D. Gross domestic product by industry of origin

Table E. General government account

Table F. Balance of payments

Table G. Labour market

Table H. Imports: prices, volumes and values by commodity group

Table I. Exports: prices, volumes and values by commodity group

Table J. Foreign trade by area

Table K. Prices and wages

Table L. Interest rates, money and credit

Table M. Production structure and performance indicators

Table M. Production structure and performance indicators (cont.)

Table N. Public sector

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

MAIN SALES OUTLETS OF OECD PUBLICATIONS / PRINCIPAUX POINTS DE VENTE DES PUBLICATIONS DE L'OCDE

TABLES

Table 11. Non-wage labour costs and the tax wedge.

Table 12. Rationalisation in the banking sector

Table 21. Optimal portfolio compositions of pension funds

FIGURES

Figure 17. TRANSFERS TO WORKING AGE POPULATION

Figure 18. LABOUR FORCE PARTICIPATION BY AGE GROUP

Figure 25. PROJECTED EXPENDITURE OF THE EMPLOYMENT PENSION SCHEMES.

Figure 26. PROJECTED CONTRIBUTIONS OF THE EMPLOYMENT PENSION SCHEMES

Figure 29. FINANCIAL SUSTAINABILITY OF THE EMPLOYMENT PENSION SYSTEM.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-14981-3

OCLC:

1226592393