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Titre : China’s Roadmap to Harmonious Society : Third Plenum Decisions on ‘major issues concerning comprehensively deepening reforms’ Type de document : document électronique Auteurs : Michel Aglietta, Auteur ; Guo Bai, Auteur Editeur : Paris [France] : CEPII Année de publication : mai 2014 Collection : Policy Brief num. 3 Langues : Anglais (eng) Tags : Chine Réformes Economies émergentes Résumé : In November 2013, the central committee of the Communist Party of China (CPC), at its third plenum, issued a Directives Paper (with 16 items and 60 prescriptions), setting out a long-term strategic compendium of China’s reform agenda, based on the principle of separation between market and state under the unifying predominance of the Law. Its prescriptions refer to three basic objectives: inclusiveness, protection of rights, and improving economic efficiency.
The Directives Paper formulates an ambitious plan of reforms over the next 20 years, aimed at overhauling the factor price system. There are two pillars to the Reform. First, labor market developments should provide workers with enhanced bargaining power. Government is expanding the basic social safety net, promoting low catch-up, enforcing labor contracts and introducing collective bargaining. Second, capital market reform has been speeded-up by the urgency of dealing with non-performing loans held in state-owned enterprises and credit platforms guaranteed by local governments. The Government intends to foster bond markets, encourage private banks to finance SMEs, build a strong prudential framework, deregulate interest rates, and move to Renminbi convertibility in the new Shanghai free trade area.
We believe that the political feasibility of the Reform depends on the sequencing of its implementation. Benefits in the early stage would legitimate more contentious future policy decisions.
But the deep social changes involved in the Reform also imply risks. Reforming rural land and natural resource prices will be difficult. Farmers’ land-use rights will be secured by law and made transferable in rural land markets. Fuel, water, electricity and carbon prices will rise progressively to their social marginal costs within an integrated urban rural model to accommodate 350 million migrants over the next 20 years. New smart cities and greater social inclusiveness will be spurred by relaxing the hukou system and the one child policy. Tough political decisions will be required related to fi scal sharing amongst local H77governments, and rebalancing the tax system towards more progressive direct taxes.En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=6955 China’s Roadmap to Harmonious Society : Third Plenum Decisions on ‘major issues concerning comprehensively deepening reforms’ [document électronique] / Michel Aglietta, Auteur ; Guo Bai, Auteur . - Paris (113, rue de Grenelle, 75007, France) : CEPII, mai 2014. - (Policy Brief; 3) .
Langues : Anglais (eng)
Tags : Chine Réformes Economies émergentes Résumé : In November 2013, the central committee of the Communist Party of China (CPC), at its third plenum, issued a Directives Paper (with 16 items and 60 prescriptions), setting out a long-term strategic compendium of China’s reform agenda, based on the principle of separation between market and state under the unifying predominance of the Law. Its prescriptions refer to three basic objectives: inclusiveness, protection of rights, and improving economic efficiency.
The Directives Paper formulates an ambitious plan of reforms over the next 20 years, aimed at overhauling the factor price system. There are two pillars to the Reform. First, labor market developments should provide workers with enhanced bargaining power. Government is expanding the basic social safety net, promoting low catch-up, enforcing labor contracts and introducing collective bargaining. Second, capital market reform has been speeded-up by the urgency of dealing with non-performing loans held in state-owned enterprises and credit platforms guaranteed by local governments. The Government intends to foster bond markets, encourage private banks to finance SMEs, build a strong prudential framework, deregulate interest rates, and move to Renminbi convertibility in the new Shanghai free trade area.
We believe that the political feasibility of the Reform depends on the sequencing of its implementation. Benefits in the early stage would legitimate more contentious future policy decisions.
But the deep social changes involved in the Reform also imply risks. Reforming rural land and natural resource prices will be difficult. Farmers’ land-use rights will be secured by law and made transferable in rural land markets. Fuel, water, electricity and carbon prices will rise progressively to their social marginal costs within an integrated urban rural model to accommodate 350 million migrants over the next 20 years. New smart cities and greater social inclusiveness will be spurred by relaxing the hukou system and the one child policy. Tough political decisions will be required related to fi scal sharing amongst local H77governments, and rebalancing the tax system towards more progressive direct taxes.En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=6955
Titre : A New Architecture for Public Investment in Europe Type de document : document électronique Auteurs : Natacha Valla, Auteur ; Thomas Brand, Auteur ; Sébastien Doisy Editeur : Paris [France] : CEPII Année de publication : 2014 Collection : Policy Brief num. 4 Langues : Anglais (eng) Catégories : Politique économique
EuropeTags : Investissement public Europe EIB Investissement privé Politique économique Résumé : Some five years after the severe recession of 2009, private sector investment in Europe is still dangerously sluggish. And public sector investment has been cut, reinforcing the downward trend seen over the past thirty years.
In this paper, we discuss the complementarity between private and public sector investment. Evidence suggests that in the medium term, public investment does not hinder, but fosters, the quantity and efficiency of private investment. Moreover, our fiscal multiplier for public investment (at 1.4, considerably above ‘breakeven’) is significantly stronger than those for other fiscal instruments. Taken together, these two findings suggest that the public sphere would be well advised to tilt spending towards investment in areas such as infrastructure and human capital, which represent an investment for future generations.
A new European initiative might be needed to get investment back on track and thus protect future growth. To this end we propose establishing, by treaty, a Eurosystem of Investment Banks (ESIB), around a pan-European financial capacity that would coordinate the actions of the national public investment banks of Euro area member states and add to their funding capacity. The ESIB would channel the Euro area’s excess savings towards investment in the right places throughout the continent. To do so in an economically sustainable and financially profitable way, funding would be conditional on firm commitments to growth-enhancing structural reforms and economic policies.
Our proposed Eurosystem of Investment Banks (ESIB) would be structured around a federal centre and national entities. The central node, the Fede Fund, would be created by restructuring the European Investment Bank into a truly federal entity. The Fede Fund would orchestrate the joint work of national investment and development banks with a clear European map in mind.
The mandate of the ESIB, enshrined in the Treaty, would be to promote long-term growth, well-being and employment in Europe. The mandate would, by definition, reflect a political consensus emanating democratically from the people of the Euro area member states.
The ownership and governance of the Fede Fund would be key in ring-fencing the investment process from national political agendas not linked to the promotion of long-term growth. We propose a structure with both public and private Fede shareholders, who would collectively elect the ESIB Board of Directors. The Fede Fund would also issue debt to finance investment at an economically relevant scale (10% of Euro area GDP, so around €1tn).En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=7030 A New Architecture for Public Investment in Europe [document électronique] / Natacha Valla, Auteur ; Thomas Brand, Auteur ; Sébastien Doisy . - Paris (113, rue de Grenelle, 75007, France) : CEPII, 2014. - (Policy Brief; 4) .
Langues : Anglais (eng)
Catégories : Politique économique
EuropeTags : Investissement public Europe EIB Investissement privé Politique économique Résumé : Some five years after the severe recession of 2009, private sector investment in Europe is still dangerously sluggish. And public sector investment has been cut, reinforcing the downward trend seen over the past thirty years.
In this paper, we discuss the complementarity between private and public sector investment. Evidence suggests that in the medium term, public investment does not hinder, but fosters, the quantity and efficiency of private investment. Moreover, our fiscal multiplier for public investment (at 1.4, considerably above ‘breakeven’) is significantly stronger than those for other fiscal instruments. Taken together, these two findings suggest that the public sphere would be well advised to tilt spending towards investment in areas such as infrastructure and human capital, which represent an investment for future generations.
A new European initiative might be needed to get investment back on track and thus protect future growth. To this end we propose establishing, by treaty, a Eurosystem of Investment Banks (ESIB), around a pan-European financial capacity that would coordinate the actions of the national public investment banks of Euro area member states and add to their funding capacity. The ESIB would channel the Euro area’s excess savings towards investment in the right places throughout the continent. To do so in an economically sustainable and financially profitable way, funding would be conditional on firm commitments to growth-enhancing structural reforms and economic policies.
Our proposed Eurosystem of Investment Banks (ESIB) would be structured around a federal centre and national entities. The central node, the Fede Fund, would be created by restructuring the European Investment Bank into a truly federal entity. The Fede Fund would orchestrate the joint work of national investment and development banks with a clear European map in mind.
The mandate of the ESIB, enshrined in the Treaty, would be to promote long-term growth, well-being and employment in Europe. The mandate would, by definition, reflect a political consensus emanating democratically from the people of the Euro area member states.
The ownership and governance of the Fede Fund would be key in ring-fencing the investment process from national political agendas not linked to the promotion of long-term growth. We propose a structure with both public and private Fede shareholders, who would collectively elect the ESIB Board of Directors. The Fede Fund would also issue debt to finance investment at an economically relevant scale (10% of Euro area GDP, so around €1tn).En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=7030 Documents numériques
pb2014-04.pdfAdobe Acrobat PDF
Titre : Trade and Labor Market : What Do We Know? Type de document : document électronique Auteurs : Matthieu Crozet, Auteur ; Gianluca Orefice, Auteur Editeur : Paris [France] : CEPII Année de publication : 2017 Collection : Policy Brief num. 15 Importance : 16 p Langues : Anglais (eng) Tags : Libéralisation du commerce Emploi Salaires Résumé : There is a large consensus in the economic literature suggesting the positive impact of globalization on the aggregate well-being of a country. However, a clear-cut conclusion has not been reached on winners and losers from globalization. For this reason, international trade is often accused of increasing wage inequality in both developing and developed countries. A first stream of literature focused on workers characteristics to identify winners and losers from globalization. Workers with characteristics (e.g., education levels) intensively used in import-competing sectors are likely to suffer from international trade; while workers having characteristics intensively needed in exporting sectors will gain. This is a clear-cut explanation but it does not fit the data as the reality is much more complex. Labor market shocks caused by trade openness are diffuse, and it is difficult to group those who suffer/gain into well-identified categories. The firm and the type of task in which workers are employed definitely contribute to identify winners and losers from globalization. Recent CEPII research outputs, based on detailed French firm and worker-level data, confirm that identifying who lost and who gained with globalization is a very difficult task. En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=10063 Trade and Labor Market : What Do We Know? [document électronique] / Matthieu Crozet, Auteur ; Gianluca Orefice, Auteur . - Paris (113, rue de Grenelle, 75007, France) : CEPII, 2017 . - 16 p. - (Policy Brief; 15) .
Langues : Anglais (eng)
Tags : Libéralisation du commerce Emploi Salaires Résumé : There is a large consensus in the economic literature suggesting the positive impact of globalization on the aggregate well-being of a country. However, a clear-cut conclusion has not been reached on winners and losers from globalization. For this reason, international trade is often accused of increasing wage inequality in both developing and developed countries. A first stream of literature focused on workers characteristics to identify winners and losers from globalization. Workers with characteristics (e.g., education levels) intensively used in import-competing sectors are likely to suffer from international trade; while workers having characteristics intensively needed in exporting sectors will gain. This is a clear-cut explanation but it does not fit the data as the reality is much more complex. Labor market shocks caused by trade openness are diffuse, and it is difficult to group those who suffer/gain into well-identified categories. The firm and the type of task in which workers are employed definitely contribute to identify winners and losers from globalization. Recent CEPII research outputs, based on detailed French firm and worker-level data, confirm that identifying who lost and who gained with globalization is a very difficult task. En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=10063 Documents numériques
pb2017-15.pdfAdobe Acrobat PDF
Titre : Who is Afraid of the Brain Drain? : A Development Economist’s View Type de document : document électronique Auteurs : Hillel Rapoport, Auteur Editeur : Paris [France] : CEPII Année de publication : 2017 Collection : Policy Brief num. 14 Importance : 8 p Langues : Anglais (eng) Tags : Fuite des cerveaux Résumé : In “Debating Brain Drain”, Brock and Blake (2015) discuss the pros and cons of high-skill mobility prevention to curb the brain drain from developing countries from a legal and political perspective. I complement this discussion with the insights from recent economic research on brain drain, globalization and development. Two main results are emphasized: the fact that educational investments are higher when high-skill migration is not constrained, and the role of skilled diasporas in promoting the integration of migrants’ home countries into the global economy. Both results strengthen the rationale for letting skilled people go. En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=10052 Who is Afraid of the Brain Drain? : A Development Economist’s View [document électronique] / Hillel Rapoport, Auteur . - Paris (113, rue de Grenelle, 75007, France) : CEPII, 2017 . - 8 p. - (Policy Brief; 14) .
Langues : Anglais (eng)
Tags : Fuite des cerveaux Résumé : In “Debating Brain Drain”, Brock and Blake (2015) discuss the pros and cons of high-skill mobility prevention to curb the brain drain from developing countries from a legal and political perspective. I complement this discussion with the insights from recent economic research on brain drain, globalization and development. Two main results are emphasized: the fact that educational investments are higher when high-skill migration is not constrained, and the role of skilled diasporas in promoting the integration of migrants’ home countries into the global economy. Both results strengthen the rationale for letting skilled people go. En ligne : http://www.cepii.fr/CEPII/fr/publications/pb/abstract.asp?NoDoc=10052 Documents numériques
pb2017-14.pdfAdobe Acrobat PDF
