Denmark : 2016

Denmark 2016

Special Features: Macroeconomic and financial risk; Ageing and wellbeing.

Bibliographic Details
Corporate Author: Organisation for Economic Co-operation and Development, contributor (contributor)
Format: eBook
Language:Inglés
Published: Paris : OECD Publishing [2016]
Edition:2016th ed
Series:OECD Economic surveys (Series)
Subjects:
Economic history.
Denmark > Economic conditions.
Denmark > Economic policy.
See on Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009705876406719
Table of Contents:
  • Intro
  • Table of contents
  • Basic statistics of Denmark, 2014
  • Executive summary
  • High living standards but slow growth
  • Productivity and economic growth lag behind OECD best performers
  • New structural reforms to improve the balance between inclusiveness and work incentives needed
  • Social spending is high
  • Current monetary conditions call for more action in prudential policy
  • Households hold large balance sheets and their debt is among the highest in OECD
  • Assessment and recommendations
  • Annex. Progress in structural reforms
  • Fiscal policy
  • Financial system
  • Labour market
  • Integration of migrants
  • Education and skills
  • Competition
  • Entrepreneurship and innovation
  • Climate change
  • Figure 1. Denmark scores well in OECD's Better Life Index
  • Figure 2. GDP growth has been weak though other measures paint a better picture
  • Figure 3. Lagging productivity growth
  • Box 1. Areas for reviving productivity growth
  • Economic prospects have improved recently
  • Table 1. Macroeconomic indicators and projection
  • Figure 4. Recent macroeconomic developments
  • Figure 5. Current account at a historical high
  • Figure 6. Danish and Swiss central banks' foreign reserves
  • Box 2. Shocks that might affect economic performance
  • Figure 7. Potential macro-financial vulnerabilities have diminished
  • Monetary conditions are very accommodative
  • Figure 8. Housing market is volatile and poses a risk
  • Figure 9. Household indebtedness is high and decreasing only marginally
  • Figure 10. The financial sector is well capitalised
  • Fiscal policy is sustainable but could let automatic stabilisers work more freely
  • Figure 11. Property taxation does not fluctuate with house prices
  • Balancing inclusiveness, work incentives and sustainability in an ageing society
  • Figure 12. Inequality is low but has risen.
  • Figure 13. Social spending is high and has increased
  • Box 3. The flexicurity labour market model
  • Figure 14. The core elements of the flexicurity model
  • Box 3. The flexicurity labour market model (cont.)
  • Figure 15. Flexicurity supports high turnover rates and low structural unemployment
  • Box 4. Recent reforms of social institutions
  • Figure 16. The number of social assistance recipients has risen since the crisis
  • Figure 17. Scope for increasing employment is particularly high among immigrants
  • Figure 18. Inequality between foreign-born and native-born is high
  • Figure 19. Substantial employment gap between native and foreign origin youth
  • Table 2. Spending projections on health care and long term care
  • Cost effective policies to manage environmental pressures
  • Figure 20. Emissions are low and renewables play an important role
  • Figure 21. Other sustainability issues remain
  • Progress in structural reforms
  • Thematic chapters
  • Chapter 1. Macroeconomic and financial risks
  • Eliminating debt bias towards housing requires policy change
  • Figure 1.1. Housing market is volatile and poses a risk
  • Figure 1.2. Housing expenditures1 in OECD countries
  • Figure 1.3. Taylor rule estimated interest rates
  • Figure 1.4. Private rental market across OECD countries
  • Figure 1.5. Property taxation does not fluctuate with house prices
  • Household indebtedness increases consumption volatility
  • Figure 1.6. Gross household debt to income ratio
  • Debt is high, but affordable
  • Figure 1.7. Household assets and liabilities
  • Figure 1.8. Lending to households by type of loans
  • Figure 1.9. Distribution of the gross debt across income deciles
  • Risks in the financial sector should be addressed now
  • Figure 1.10. Potential macro-financial vulnerabilities have diminished
  • Figure 1.11. Financial sector assets as a % of GDP.
  • Box 1.1. Covered bonds at the heart of the Danish financial system
  • Figure 1.12. The financial sector is well capitalised
  • Box 1.2. Scope for improving the crisis management and resolution regime
  • Figure 1.13. Non-performing loans
  • Figure 1.14. Short-term policy and lending rates
  • Figure 1.15. Pension funds returns and assets allocation
  • Resource misallocation and increasing inequalities undermine inclusive growth
  • Figure 1.16. Simulated effect of a larger financial sector on household disposable income
  • Figure 1.17. Capital income has contributed to the increase in inequality
  • Figure 1.18. Residential mobility is high
  • Chapter 2. Getting the incentives right in an ageing society
  • Figure 2.1. Social spending and inactivity have increased over the past decade
  • Addressing barriers to employment for benefit recipients
  • Figure 2.2. Social institutions account for a large share of public spending
  • Box 2.1. Recent reforms of social institutions
  • Box 2.1. Recent reforms of social institutions (cont.)
  • Figure 2.3. Number of social assistance recipients has risen since the crisis
  • Figure 2.4. Scope for increasing employment is particularly high among immigrants
  • Box 2.2. The Danish unemployment insurance benefit system
  • Figure 2.5. Generous social assistance is combined with relatively high effective taxation
  • Box 2.3. Recent legislative changes for immigration and asylum seekers
  • Box 2.3. Recent legislative changes for immigration and asylum seekers (cont.)
  • Figure 2.6. Denmark receives less asylum seekers than Nordic neighbours
  • Figure 2.7. Inequality between foreign-born and native-born is high
  • Figure 2.8. Employment gap persists across generations and has widened
  • Box 2.4. Impact of immigration on public finances in Denmark
  • Figure 2.9. Employment rates of migrants improve with time.
  • Easing expenditure pressures on social institutions
  • Figure 2.10. Structural reforms1 to help cope with ageing according to national projections
  • Box 2.5. Assessing the impact of reforms on potential growth and labour force
  • Table 2.1. Projections for labour supply of the Danish government, OECD and European Commission
  • Box 2.6. The Danish pension system: main features and reforms
  • Figure 2.11. Gross pension levels and replacement rates are high
  • Box 2.6. The Danish pension system: main features and reforms (cont.)
  • Figure 2.12. The pension reforms have already an impact on employment rates of older workers
  • Figure 2.13. Pension savings of low-income earners are heavily taxed
  • Figure 2.14. Spending on health and long-term care is high
  • Table 2.2. The range of healthcare and long-term care spending projections is large
  • Figure 2.15. Large efficiency gains are possible in the healthcare and the long-term care sectors
  • Figure 2.16. Spending on health prevention is largely unchanged
  • Figure 2.17. The retail market for pharmaceuticals is more concentrated than in most OECD countries
  • Figure 2.18. Co-payments are quite low in the healthcare and the long-term care sectors
  • Recommendations to sustain effective social institutions.

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