Switzerland 2015

Special features: Policies to tame the housing cycle; Raising public spending efficiency.

Detalles Bibliográficos
Autor Corporativo:	Organisation for Economic Co-operation and Development, contributor (contributor)
Formato:	Libro electrónico
Idioma:	Inglés
Publicado:	Paris : OECD Publishing [2015]
Colección:	OECD Economic surveys (Series)
Materias:	Economic history. Switzerland > Economic conditions. Switzerland > Economic policy.
Ver en Biblioteca Universitat Ramon Llull:	https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009706058606719

Tabla de Contenidos:

Intro
Table of contents
Basic statistics of Switzerland, 2014
Abbreviations and acronyms
Executive summary
The economy has performed well, but productivity growth has been weak
The economy has been performing well
Taming the housing market cycle
Growth in real house prices
Improving the efficiency of public spending
Government spending
Assessment and recommendations
Figure 1. Real GDP growth and its main components
Figure 2. The OECD Better Life Index for Switzerland
Recent macroeconomic developments and prospects
Figure 3. Components of GDP growth and exchange rates
Figure 4. Macroeconomic indicators
Table 1. Macroeconomic indicators and projections
Figure 5. Monetary policy has been stimulative
Stability of the financial sector
Growth is expected to recover in 2016
Recommendation for macroeconomic policies
Boosting medium-term growth prospects
Figure 6. GDP per capita is one of the highest in the OECD due to high labour resource utilisation, 2013
Productivity issues
Figure 7. Real hourly wages have decoupled from labour productivity growth
Figure 8. Public ownership of telecommunications and utilities, and insolvency in the OECD
Demographic issues
Box 1. The popular initiative against mass immigration
Figure 9. Foreign-born population by origin, 2000 and 2010
Recommendations for boosting productivity and medium-term growth
Climate change issues
Figure 10. GHG emissions by sector and targets in Switzerland
Recommendations for climate change
Policies to tame the housing cycle
Figure 11. Real house price and rent indicators
Figure 12. Growth in domestic mortgage lending
Managing risks from the housing market
Figure 13. Share of new mortgages with high loan-to-value and implied debt-service-to-income ratios.
Recommendations for managing the housing cycle
Raising efficiency in public spending
Making the education system more inclusive and responsive to changes in the labour market
Fostering value-based competition and better governance in health care
Figure 14. Share of generics in the total pharmaceutical market, 2013 (or nearest year)
Transport infrastructure is also a good candidate for raising spending efficiency
Broadening the use of public tendering
Addressing rising welfare expenditure
Figure 15. Public expenditure on health care is set to increase in the medium term
Improving fiscal equalisation
Recommendations for increasing public spending efficiency and improving the fiscal framework
Adjusting to international best practice on tax issues, including information exchange
Cantonal tax regimes and ring fencing
The OECD's Base Erosion and Profit Shifting (BEPS) initiative
Implementing international standards regarding exchange of information in tax matters
Recommendations on international tax issues and information sharing
Bibliography
Annex. Progress in structural reform
Thematic chapters
Chapter 1. Policies to tame the housing cycle
Introduction
Figure 1.1. Affordability and absolute cost of housing in selected OECD countries, 2011
Developments in the Swiss housing market
Figure 1.2. House prices in Switzerland over recent cycles
Figure 1.3. Real estate prices by canton
Figure 1.4. Vacancy rates across cantons
The structure of the Swiss housing market
Figure 1.5. Ownership structure across countries
Figure 1.6. Housing expenditures in OECD countries
Home ownership rates are low but increasing
Figure 1.7. Home ownership in selected European countries, 2014
Figure 1.8. Pension and life insurance assets in OECD countries, 2013.
Drivers of developments in the housing market
Mortgage interest rates and affordability
Figure 1.9. Mortgage interest rates in Switzerland
Figure 1.10. Housing price-to-income ratios
Figure 1.11. Housing affordability and costs
Mortgage availability
Figure 1.12. Mortgage volumes and household disposable income
Demographics
Figure 1.13. Migration and natural population growth
Box 1.1. Changes in Swiss migration policy
Household income growth
Search for yield
Demand from non-residents
Box 1.2. Regulations for foreigners on the Swiss housing market ("Lex Koller")
Supply
Figure 1.14. Housing investment in selected countries
Figure 1.15. Housing supply responsiveness in selected countries
Spatial planning
Environmental standards
Taxation of housing
Taxation of owner-occupied housing services, real estate wealth and property transactions
Lock-in effects from capital gains taxation
Reform of the taxation of owner-occupied housing
Tenancy law and low rental yields
Figure 1.16. Rental yields in premier cities in selected OECD countries, mid-2014
Non-profit co-operatives and social housing
Table 1.1. Apartments owned by non-profit co-operatives, 2013
Macroeconomic risks from the housing market
Box 1.3. The 1990s Swiss banking crisis
Figure 1.17. Stock of residential loans relative to total bank loans and GDP
Figure 1.18. Total mortgage loans by bank type
Box 1.4. One hundred years of Raiffeisen banks in Switzerland
Table 1.2. Raiffeisen Group balance sheet and mortgage share
Prudential measures in the mortgage market
Table 1.3. Regulation and "self" regulation in the mortgage sector
Figure 1.19. Share of new mortgages with high loan-to-value and implied debt-service-to-income ratios
Risks to households
Figure 1.20. Household debt in OECD countries.
Recommendations to mitigate risks in the housing market
Bibliography
Chapter 2. Raising public spending efficiency
Introduction
Figure 2.1. Government spending and employment
Box 2.1. Data Envelopment Analysis
Figure 2.2. Output inefficiency in secondary education, 2012
Figure 2.3. Output inefficiency in health care, 2012
Increasing production efficiency
Making the education system more inclusive and responsive
Figure 2.4. Enrolment rates in early childhood and primary education at the age of three
Box 2.2. MigraMENTOR
Figure 2.5. Premature exit from baccalaureate schools by canton
Box 2.3. Vocational education and training
Figure 2.6. Match between job requirements and training one year after graduation from a UAS, 2011
Recommendations for promoting efficiency in education spending
Fostering value-based competition and better governance in health care
Figure 2.7. Decomposition of health expenditure developments and projections
Figure 2.8. Number of insurers by size of their portfolio of insured people
Table 2.1. Acute-care sector statistics in Switzerland
Figure 2.9. Share of generics in the total pharmaceutical market, 2013 (or nearest year)
Recommendations for promoting efficiency in health-care expenditure
Optimising the use of transport infrastructure
Figure 2.10. Hourly distribution of train passengers, Zurich Hauptbahnhof, 2014
Recommendation for promoting efficiency in transport
Enhancing competitiveness and efficiency in agriculture
Figure 2.11. Low productivity and high support in agriculture
Box 2.4. Direct payments in Swiss agriculture
Recommendations for promoting efficiency in agriculture
Allocating public expenditure efficiently
Figure 2.12. Trends in the gross debt-to-GDP ratio by level of government, 1990-2014.
Tackling the rise in pension expenditure
Figure 2.13. Public finance projections
Recommendations for tackling the rise in pension expenditure
Improving the efficiency of fiscal equalisation
Recommendations for improving efficiency in fiscal equalisation
Increasing the share of public procurement put out to tenders
Recommendations for using procurement to raise public spending efficiency
Bibliography.

Switzerland 2015

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