BizResearch

World of Work Report 2012

Source: ILO (International Labour Organization)

The World of Work Report 2012 provides a comprehensive analysis of recent labour market and social trends, assesses risks of social unrest and presents employment projections for the next five years. The report emphasizes that while employment has begun to recover slowly, job quality is deteriorating and there is a growing sense of unfairness. Moreover, given the pressure on governments to rein in expenditure, policy efforts have focused on structural reforms to boost employment creation. However, if policy instruments are not carefully designed, they could exacerbate the employment situation and aggravate further equity concerns, with potentially long-lasting adverse consequences for both the economy and society.

The report addresses the following questions:

• To what extent has the slow recovery aggravated social conditions, including falling incomes, deepening poverty and worsening inequality?
• Have countries gone too far, too fast with fiscal consolidation? How should they support recovery while meeting fiscal goals in the medium term?
• What can be expected from recent labour market reforms?
• How can investment be boosted so as to ensure a long-lasting recovery in both the economy and jobs?
• What have been the barriers to implementing a more job-centred and equity-enhancing policy approach?
• Why has the business-as-usual scenario maintained its centrality despite the increasing risk of social unrest?

This report calls for a carefully designed policy approach that takes into consideration the urgent need to create quality jobs while at the same time laying the ground for a more productive, fairer economy and labour market.

Click here to read the full report

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Measuring Financial Inclusion: The Global Findex Database

Source: World Bank

Policy Research Working Paper ; No 6025

From the summary:

This paper provides the first analysis of the Global Financial Inclusion (Global Findex) Database, a new set of indicators that measure how adults in 148 economies save, borrow, make payments, and manage risk. The data show that 50 percent of adults worldwide have an account at a formal financial institution, though account penetration varies widely across regions, income groups and individual characteristics. In addition, 22 percent of adults report having saved at a formal financial institution in the past 12 months, and 9 percent report having taken out a new loan from a bank, credit union or microfinance institution in the past year. Although half of adults around the world remain unbanked, at least 35 percent of them report barriers to account use that might be addressed by public policy. Among the most commonly reported barriers are high cost, physical distance, and lack of proper documentation, though there are significant differences across regions and individual characteristics.

Click here to read the full report

The Global Integrity Report: 2011

Source: Global Integrity Project

From the publication web page

The Global Integrity Report is an essential guide to anti-corruption institutions and mechanisms around the world, intended to help policymakers, advocates, journalists and citizens identify and anticipate the areas where corruption is more likely to occur.

The Report evaluates both anti-corruption legal frameworks and the practical implementation and enforcement of those frameworks, and takes a close look at whether citizen can effectively access and use anti-corruption safeguards.

The Report is prepared by local researchers, journalists and academics using a double-blind peer review process. More than 1,000 local contributors have participated in preparing the Report since 2004.

Each country assessment contained in the Global Integrity Report comprises two core elements: a qualitative Reporter's Notebook and a quantitative Integrity Indicators scorecard. An Integrity Indicators scorecard assesses the existence, effectiveness, and citizen access to key governance and anti-corruption mechanisms through 320 actionable indicators.

They are scored by a lead in-country researcher and blindly reviewed by a panel of peer reviewers, a mix of other in-country experts as well as outside experts. Reporter's Notebooks are reported and written by in-country journalists and blindly reviewed by the same peer review panel.

The insights from the close to a million words of text and 10,000 data points of each year’s Report help shape evidence-based policy reforms that can promote open and accountable government

Click here to read the report

Click here for datasets and previous reports

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Trade, Competition, and the Pricing of Commodities

Source: CEPR

Editors: Simon J Evenett, Frédéric Jenny

Summary:

After several decades of quiescence, global commodity prices almost doubled in 2008 and, after a brief fall, rose again in 2011. Over the longer term, the impact of population growth on demand, and of climate change on supply, makes it likely that commodity prices will continue to be an important issue on the global policy agenda.

The purpose of this volume, composed of papers presented at a conference co-organised by CEPR and CUTS in Geneva in September 2011, is to identify and assess the importance of the factors responsible for the recent increases in the levels and volatility of commodity prices

Click here to read the full report

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World Press Freedom Index 2011-2012

Source: Reporters Without Borders

Extract taken from publication web page

“This year’s index sees many changes in the rankings, changes that reflect a year that was incredibly rich in developments, especially in the Arab world,” Reporters Without Borders said today as it released its 10th annual press freedom index. “Many media paid dearly for their coverage of democratic aspirations or opposition movements. Control of news and information continued to tempt governments and to be a question of survival for totalitarian and repressive regimes. The past year also highlighted the leading role played by netizens in producing and disseminating news.

“Crackdown was the word of the year in 2011. Never has freedom of information been so closely associated with democracy. Never have journalists, through their reporting, vexed the enemies of freedom so much. Never have acts of censorship and physical attacks on journalists seemed so numerous. The equation is simple: the absence or suppression of civil liberties leads necessarily to the suppression of media freedom. Dictatorships fear and ban information, especially when it may undermine them…….

Within the European Union, the index reflects a continuation of the very marked distinction between countries such as Finland and Netherlands that have always had a good evaluation and countries such as Bulgaria (80th), Greece (70th) and Italy (61st) that fail to address the issue of their media freedom violations, above all because of a lack of political will. There was little progress from France, which went from 44th to 38th, or from Spain (39th) and Romania (47th). Media freedom is a challenge that needs addressing more than ever in the Balkans, which want to join the European Union but are suffering the negative effects of the economic crisis.

Click here to read the full report

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World Economic Situation and Prospects 2012

A joint product of the Department of Economic and Social Affairs, the United Nations Conference on Trade and Development and the five United Nations regional commissions

Extract from Publication Page

The world economy is on the brink of another major downturn. Global economic growth started to decelerate on a broad front in mid-2011 and is estimated to have averaged 2.8 per cent over the last year. This economic slowdown is expected to continue into 2012 and 2013. The United Nations baseline forecast for the growth of world gross product (WGP) is 2.6 per cent for 2012 and 3.2 per cent for 2013, which is below the pre-crisis pace of global growth.

Persistent high unemployment in the United States and low wage growth are holding back aggregate demand and, together with the prospect of prolonged depressed housing prices, this has heightened risks of a new wave of home foreclosures. Growth in the euro zone has slowed considerably since the beginning of 2011 and the ever-simmering sovereign debt crisis heavily weighs on consumer and business confidence across Europe. The failure of policymakers in developed countries to address unemployment and prevent sovereign debt distress and financial sector fragility from escalating has posed the most acute risk for the global economy in the outlook for 2012-2013, with renewed global recession being a distinct possibility.

Against this background, the report discusses several policy directions which could avoid a double-dip recession, including: optimal design of fiscal policies to stimulate more direct job creation and investment in infrastructure, energy efficiency and sustainable energy supply, and food security; stronger financial safety nets; better coordination between fiscal and monetary policies; and the provision of sufficient support to developing countries in addressing the fallout from the crisis and the coordination of policy measures at the international level.

Click here to read the full report

Click here for link to publications page (includes links to individual chapters)

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Global Economic Prospects 2012: Uncertainties and Vulnerabilities

Source: World Bank

Extract from Press Release

Developing countries should prepare for further downside risks, as Euro Area debt problems and weakening growth in several big emerging economies are dimming global growth prospects, says the World Bank in the newly-released Global Economic Prospects (GEP) 2012.
 
The Bank has lowered its growth forecast for 2012 to 5.4 percent for developing countries and 1.4 percent for high-income countries (-0.3 percent for the Euro Area), down from its June estimates of 6.2 and 2.7 percent (1.8 percent for the Euro Area), respectively. Global growth is now projected at 2.5 and 3.1 percent for 2012 and 2013, respectively.
 
Slower growth is already visible in weakening global trade and commodity prices. Global exports of goods and services expanded an estimated 6.6 percent in 2011 (down from 12.4 percent in 2010), and are projected to rise by only 4.7 percent in 2012. Meanwhile, global prices of energy, metals and minerals, and agricultural products are down 10, 25 and 19 percent respectively since peaks in early 2011. Declining commodity prices have contributed to an easing of headline inflation in most developing countries. Although international food prices eased in recent months, down 14 percent from their peak in February 2011, food security for the poorest, including in the Horn of Africa, remains a central concern.

Click here to read full report

Click here to go to publications pages (for topical appendices, regional appendices, and non-English materials

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2012 Index of Economic Freedom

Source: Heritage Foundation

Extract from Press Release

Economic freedom declined worldwide in 2011 as many countries attempted -- without success -- to spend their way out of recession, according to the 18th annual Index of Economic Freedom, released today by The Heritage Foundation and The Wall Street Journal.  The average economic freedom score for the 2012 Index stands at 59.5 (on a scale in which 100 represents the ideal), down two-tenths of a point from 2011.

Hong Kong and Singapore finished first and second in the rankings for the 18th straight year. Australia and New Zealand ranked third and fourth, and Switzerland fifth. Canada finished sixth, slipping almost a full point and falling out of the group of “free” economies into the “mostly free” category.

Greece’s Index score declined the most, plunging nearly five points to 55.4. This put it in the middle of the pack of “mostly unfree” economies. Many of Greece’s European neighbors also suffered from exploding government budgets; 37 of the 43 European countries ranked in the Index lost ground in the spending category.

The Index also studies economic freedom on a regional basis. In 2011, only the Sub-Saharan Africa and Asia-Pacific regions advanced. The other regions -- South and Central America/Caribbean, Europe, Middle-East North Africa and North America -- all declined

The Index measures economic freedom in 10 specific categories: labor freedom, business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights and freedom from corruption. Scores in these categories are averaged to create an overall score

Click here to read full report (pre-registration required)

Click to here for country rankings, data, and interactive features

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Applying a Gender Lens to Science, Technology, and Innovation

Source: UNCTAD

Extract from Press Release

This report was prepared as a contribution to the fifty-fifth session of the United Nations Commission on the Status of Women.

Based on an examination of women´s roles in a number of sectors such as agriculture, water, energy, and transport, the report argues that science, technology, and innovation - known by the acronym STI - will not have the broadly positive effects sought in less-wealthy regions of the world if STI policies do not specifically take into account the needs and talents of half the global population. Further gains in development depend on fully appreciating women´s engagement in economic life and in society, the report contends; policy should be attentive not only to the differing impacts STI can have on men´s and women´s lives, but also to the significant part women play in economic growth. This approach should be followed throughout the process of STI policymaking: from policy analysis and design to implementation, monitoring and follow-up. Recognizing this is what the report calls applying a "gender lens".

The report identifies three areas for policy action:

• Science for women: developing science and technology that support women´s development and livelihood activities, especially in areas such as agriculture, water, energy and transport;
• Women in science: promoting gender equality in science, technology and engineering education, careers and leadership;
• Women in innovation: encouraging and supporting the role of women in innovation, enterprise and entrepreneurship at the national and grassroots levels.

Among the report´s recommendations for national governments:

• Conduct impact assessments of policies related to STI for development to ensure that they benefit men and women equally;
• Take into account when developing STI policies the extensive work done by women in areas such as agriculture, water and energy use;
• Expand the education of women in scientific and technological fields, and in entrepreneurship, so that this reservoir of talent can boost economic growth and raise living standards;
• Ensure that women have equal access to financing, land and markets so that businesses they found and the science and research they perform can have their full developmental impacts;
• Support the participation of women in STI decision-making at all levels.

Click here to read the full report

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Global Digital Communication: Texting, Social Networking Popular Worldwide

Source: Pew Global Attitudes Project

Extract from Press Release

Cell phones are owned by overwhelmingly large majorities of people in most major countries around the world, and they are used for much more than just phone calls. In particular, text messaging is a global phenomenon – across the 21 countries surveyed, a median of 75% of cell phone owners say they text.

Texting is widespread in both wealthy nations and the developing world. In fact, it is most common among cell phone owners in two of the poorest nations surveyed: Indonesia and Kenya.

Many also use their mobile phones to take pictures or video. A median of 50% use their cell phones in this way in the 21 countries polled. Fully 72% of Japanese cell phone owners take pictures or video, as do roughly six-in-ten in Mexico (61%), Spain (59%) and Egypt (58%). Fewer users access the internet via cell phone, although more than four-in-ten mobile phone owners use their device to go online in Israel (47%), Japan (47%) and the United States (43%).

The survey by the Pew Research Center’s Global Attitudes Project, conducted March 21 to May 15, also finds that social networking is popular in many nations around the globe. This is especially true in Israel (53%) and the U.S. (50%), where half or more say they use social networking websites. More than four-in-ten use these sites in Britain (43%), Russia (43%) and Spain (42%).

Social networking is generally more common in higher income nations; however, this is largely driven by the fact that wealthier countries have higher rates of internet access. People in lower income nations who have online access use social networking at rates that are as high, or higher, than those found in affluent countries.

Click here to read full report

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UK: Understanding High Street Performance

Source: Department for Business Innovation and Skills (UK)

From Executive Summary

The study team considered the advantages and disadvantages of a range of analytical frameworks, including PESTL (Political, Economic, Social, Technological and Legal), Porter’s 5 Forces, and SWOT (Strengths, Weaknesses, Opportunities, Threats). The study team took the view that none of these frameworks could be applied to the evidence in a way which completely captured the wide range of performance on performance that occur on the high street. A bespoke analytical framework was therefore developed, based on an initial review of the evidence, and which was modelled on and not dissimilar to the PESTL approach. This framework includes:

Externalities – high streets are influenced by externalities that are generally outside user/occupier control. These might include macro-economic factors such as the recession/loss of consumer confidence, or centralised decision-making by property owners/retailers, but also micro-economic issues such as the loss of a major employer and its consequential impact on a local area;

Spatial and physical factors – high street performance is affected by factors such as the development of new residential areas or demographic changes; changes in the physical environment; accessibility related to car access and car parking and cycle/walking friendliness; amenity in terms of streetscape, public space and private/public space;

Market forces and competition – the development of the high street is undoubtedly affected by the emergence/presence of competitive alternatives to the high street, through a range of channels;

Demographics – changing demographic trends are likely to have important implications for our high streets. There are implications related to the impact of factors such as: ageing populations; transient populations such as students/immigrants; and the socio-economic catchment/level of disposable income that influence the face of high streets;

Regulation and legislation – a range of regulatory and legislative policy initiatives have impacted on high streets including planning policy and licensing legislation and the introduction of financial incentives;

Management - the management of high streets has the potential to affect change and can contribute to the differential impact of certain factors or events.

Click here to read the full report

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Least Developed Countries Report 2011

Source: UNCTAD (United Nations Conference on Trade & Development

The least developed countries (LDCs) are a group of countries that have been classified by the United Nations as least developed in terms of their low gross domestic product (GDP) per capita, weak human assets and high degree of economic vulnerability.

This Report argues that the LDCs need to go beyond business as usual in order to promote inclusive and sustainable development and it suggests how South–South cooperation supports such a transformational agenda. Findings show that despite strong GDP growth during the last decade, the benefits of growth were neither inclusive nor sustainable, mainly because growth was not complemented by structural transformation and employment creation. Growth and trade has not-recovered to pre-crisis levels after the global recession of 2009. Most LDCs continue to deepen their specialization in exports of primary commodities and low-value, labour-intensive manufacturing, rather than diversifying into more sophisticated products. Growth projections also indicate that the poorest countries of the world could face a more volatile and less expansive global economic environment in the coming decade.

Further, the Report examines how South–South cooperation could support development LDCs against this background. It shows that there are intensifying economic relationships between the LDCs and other developing countries and that these helped to buffer LDCs from the downturn in advanced economies. A major new trend in the pattern of integration over the last decade or so has been the deepening and intensification of economic and political ties with more dynamic, large developing countries, acting as growth poles for the LDCs. While intensifying South–South relations presents major new opportunities for LDCs in terms of markets, foreign direct investment, remittances and official financing, they also bring many challenges, ranging from extreme competition to de-industrialization. Therefore, the long-term impact of South–South economic relations on the LDCs still remains a puzzle.

Click here to read the full report

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Why the Rich Are Getting Richer

Source nef (new economics foundation)

Executive Summary

Economic inequality is a hot topic. Most people are now aware that the rich have got richer, leaving everyone else with less to share. However, most do not know why the situation has got so bad and what to do about it. Tax is the obvious remedy, but in the current context where demands are growing on shrinking public resources, this is not a realistic possibility.

nef’s research sets out to consider how to tackle inequality at its source. It explores pre-tax or market income inequality, bringing together the academic literature that identifies the key factors and processes that have caused inequality to grow in the UK. It also considers how more equal countries have successfully addressed causal factors. Finally, it uses these findings to highlight policy areas that offer potential direction for change.

Findings

There are multiple reasons why inequality has grown, and varying degrees to which each factor has mattered. In order to sort and make sense of these factors we have grouped them under five headings:

• Initial conditions: the economic situation that people are born into, including wealth and asset ownership.
• Channels of influence in early life: the routes that could potentially inflate unequal starting points, most notably early childhood education and care, primary and secondary education.
• External influences: globalisation and liberalisation are two major external forces that have both directly fuelled inequality and played a considerable role in shaping the UK economy and labour market.
• The national economic system: including the make-up of sectors and profile of the labour market.
• The political system and tax: the type of political system, namely if it is proportionally representative or not, dictates the likelihood of governments tackling inequality. This in turn influences the progressive or regressive tilt of tax policy.

Click here to read the full report

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The Global Gender Gap Report 2011

Source:  World Economic Forum

Extract from Press Release

Over the last six years, while 85% of countries are improving their gender equality ratios, for the rest of the world the situation is declining, most notably in several African and South American countries. The sixth annual World Economic Forum Global Gender Gap Report 2011 shows a slight decline over the last year in gender equality rankings for New Zealand, South Africa, Spain, Sri Lanka and the United Kingdom this year, while gains are made in Brazil, Ethiopia, Qatar, Tanzania and Turkey.

Selected Findings:

• Nordic countries (Finland, Iceland, Norway and Sweden) continue to hold top spots having closed over 80% of their gender gaps
• Women hold less than 20% of all national decision-making positions
• India ranks lowest on gender parity among the BRICS countries
• USA continues to improve, moves up two places
• UAE ranks highest in the Arab World with Saudi Arabia improving the fastest over past 6 years
• Gender gap worsening in Nigeria, Mali, Colombia, Tanzania and El Salvador over past 6 years

The Global Gender Gap Index introduced by the World Economic Forum in 2006, assesses 135 countries, representing more than 93% of the world’s population, on how well resources and opportunities are divided amongst male and female populations. The Index benchmarks national gender gaps on economic, political, education- and health-based criteria, and provides country rankings that allow for effective comparisons across regions and income groups, and over time. The rankings are designed to create greater awareness among a global audience of the challenges posed by gender gaps and the opportunities created by reducing them. The methodology and quantitative analysis behind the rankings are intended to serve as a basis for designing effective measures for reducing gender gaps.

Click here to read the full report

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Reforming the International Monetary System

Source: CEPR (Centre for Economic Policy Research

Author(s): Emmanuel Farhi, Pierre-Olivier Gourinchas and Hélène Rey

Abstract:
The international financial and monetary system must adapt to the global economy’s upcoming challenges by laying down the foundations for renewed world macroeconomic and financial stability. The authors of this report present a set of concrete proposals aimed at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency. The recommendations outlined in the report include:

• Develop alternatives to US Treasuries as the dominant reserve asset, including the issuance of mutually guaranteed European bonds and (in the more distant future) the development of a yuan bond market.
• Make permanent the temporary swap agreements that were put in place between central banks during the crisis. Establish a star-shaped structure of swap lines centred on the IMF.
• Strengthen and expand existing IMF liquidity facilities. On the funding side, expand the IMF’s existing financing mechanisms and allow the IMF to borrow directly on the markets.
• Establish a foreign exchange reserve pooling mechanism with the IMF, providing participating countries with access to additional liquidity and, incidentally, allowing reserves to be recycled into productive investments.

To limit moral hazard, the report proposes the setting up of specific surveillance indicators to monitor “international funding risks” associated with increased insurance provision.

The report discusses the role of the special drawing rights (SDRs) and the prospects for turning this unit of account into a true international currency, arguing that it would not solve the fundamental problems of the international monetary system. The report also reviews the conditions under which emerging market economies may use temporary capital controls to counteract excessive and volatile capital flows. The potential for negative externalities requires mutual monitoring and international cooperation in terms of financial regulation and suggests that the mandate of the IMF should be extended to the financial account.

This report is available to current London Business School students, faculty and staff from CEPR Papers via the A-Z list of library databases within Portal.

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Special Eurobarometer 370 - Social Climate

Source: Public Opinion Analysis sector of the European Commission

Extract from introduction

Europe is still in a state of flux. The impact of the 2008 financial and economic crisis is still being felt, with bouts of speculation in relation to various EU Member States – and predictions of further economic problems making the headlines for every piece of good news about recovery.

In addition to this, there has been a renewed focus on environmental problems, resource use and the associated impact upon utility costs and people’s individual financial situations. Property prices continue to fluctuate, the employment situation remains unsteady and societal unrest continues.

This special Eurobarometer survey on the social climate gives answers to the following questions: how does this state of change affect the European public? How are European citizens responding to this changing economic situation? What is the impact on their daily lives?

This survey is the third of its kind to be conducted in the EU, following on from those conducted in 2009 and 2010. The Eurobarometer survey at hand intends to uncover these opinions and see whether or not there have been any changes since the last wave of analysis, in 2010. Around 1,000 people have been interviewed in each country3. This survey not only measures how Europeans perceive the current recession and its social impact, but also reveals interesting differences between countries which seem to reflect the strengths and weaknesses of national policies and institutions.

Click here to read the full report

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Economic Freedom of the World: 2011 Annual Report

Source: Cato Institute

This year's report notes that economic freedom fell for the second consecutive year. The average economic freedom score rose from 5.53 (out of 10) in 1980 to 6.74 in 2007, but fell back to 6.64 in 2009, the most recent year for which data are available. In this year's index, Hong Kong retains the highest rating for economic freedom, 9.01 out of 10, followed by Singapore, New Zealand, Switzerland, Australia, Canada, Chile, the United Kingdom, and Mauritius. The world's largest economy, the United States, has suffered one of the largest declines in economic freedom over the last 10 years, pushing it into tenth place. Much of this decline is a result of higher government spending and borrowing and lower scores for the legal structure and property rights components.

This year's report also contains new research comparing policies that promote "freedom" compared to "entitlement" in relation to economic development. The findings suggest that fundamental freedoms are paramount in explaining long-term economic growth. Countries that favor free choice - economic freedom and civil and political liberties - over entitlement rights are likely to achieve higher sustainable economic growth and to achieve many of the distinctive proximate characteristics of success identified by the Commission on Growth and Development (World Bank, 2008). In contrast, pursuing entitlement rights through greater coercion by the state is likely to be self-defeating in the long run. The report also includes findings on the positive relationship between increases in economic freedom and improvements in women's well-being.

The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields, from economics to political science, and from law to philosophy. This is the 15th edition of Economic Freedom of the World and this year's publication ranks 141 nations for 2009, the most recent year for which data are available.

Click here to read the full report

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Women, Business and the Law 2012: Removing Barriers to Economic Inclusion

Source: The World Bank & International Finance Corporation

From the World Bank press release:

Women, Business and the Law 2012: Removing Barriers to Economic Inclusion finds that while 36 economies reduced legal differences between men and women, 103 out of 141 economies studied still impose legal differences on the basis of gender in at least one of the report’s key indicators. The report also identifies 41 law and regulatory reforms enacted between June 2009 and March 2011 that could enhance women’s economic opportunities.
 
Globally, women represent 49.6 percent of the population but only 40.8 percent of the workforce in the formal sector. Legal differences between men and women may explain this gap. The report shows that economies with greater legal differentiation between men and women have, on average, lower female participation in the formal labor force.

The report measures such things as a woman’s ability to sign a contract, travel abroad, manage property, and interact with public authorities and the private sector. In all economies, married women face more legal differentiations than unmarried women. In 23 economies, married women cannot legally choose where to live, and in 29 they cannot be legally recognized as head of household.
 
Every region includes economies with unequal rules for men and women, although the extent of the inequality varies widely. On average, high-income economies have fewer differences than middle- and low-income economies. The Middle East and North Africa have the most legal differences between men and women, followed by South Asia and Africa. In Africa, a notable exception is Kenya, which leads globally with the most gender-parity reforms during the past two years. Regionally, the most improvements in gender parity occurred in Latin America and the Caribbean, Europe and Central Asia.

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Statistical Abstract of the United States: 2012

Source: US Census Bureau

From press release

This annual factbook contains more than 1,400 tables of social, political and economic facts about our nation and the world. Among the broad topics covered are marriage and divorce, health, education, law enforcement, national security, social insurance, business, science and technology, agriculture, natural resources, energy, information and communications, banking and international statistics. The source of the data is not limited to the Census Bureau -- statistics are also derived from other federal agencies and private sources. Data in this edition are generally for the most recent year or period available by spring 2011.

Selected Highlights

BUSINESS: In 2009, there were roughly 388,000 business startups (businesses less than 1 year old), which created 2.2 million jobs. While service industry firms aged 1-10 years experienced the largest number of firm deaths (212,000), the manufacturing industry experienced the greatest amount of job loss due to firm deaths and contractions, losing almost 1.3 million jobs. All industries together suffered a net job loss of 4.8 million in 2009.  Of the 27.1 million U.S. firms in 2007, nearly 7.8 million were women-owned and 5.8 million were minority-owned. Together, women and minority-owned businesses earned more than $2.2 trillion in sales.

ENERGY: In 2009, passenger cars, light trucks, vans, and SUVs consumed more than 15.2 quadrillion Btus and 86 million gallons of gasoline, more than all other modes of transportation, including air, transit, rail, water, and pipeline, put together.  Renewable energy production has almost doubled from 4.69 quadrillion Btus in 1975 to 8.06 quadrillion Btus in 2010. More than half of the renewable energy produced in 2010 was from organic non-fossil materials of biological origin, known as biomass (4.31 quadrillion Btu).

Click here to view the publication

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Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers

Source: Ewing Marion Kauffman Foundation

Extract from press release

Research shows that startup companies – particularly high-growth startups – are the most fruitful source of new U.S. jobs and offer the economy's best hope for recovery. However, despite the fact that about 46 percent of the workforce and more than 50 percent of college students are female, and that women have risen to top positions in corporate and university hierarchies, they represent only about 35 percent of startup business owners. Their firms also tend to experience less growth and prosperity than do firms started by men.

"Overcoming the Gender Gap: Women Entrepreneurs as Economic Drivers," a new paper from the Ewing Marion Kauffman Foundation, explores the reasons behind lower business startup rates among women and proposes actions that would help to realize the promise of female entrepreneurs in escalating the economy

"There are plenty of highly qualified women in science and technology – industries from which the majority of high-growth companies are born," said Lesa Mitchell, Kauffman Foundation vice president, advancing innovation, and the paper's author. "More women are entering these fields than ever before. However, while women have broken through the glass ceiling, they seem to encounter ‘glass walls' that keep them from venturing out of big companies or structured academic settings to launch their own firms at the same rate men do."

In fact, early in the startup process, women take fewer steps to position themselves to start high-growth companies, according to "Gender Differences in Patenting in the Academic Life Sciences," a landmark study released in 2006 that tracked the careers of more than 4,000 life science research faculty at U.S. universities over 30 years.

Click here to read the full report

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Key Indicators for Asia and the Pacific 2011

Source: Asian Development Bank

The Key Indicators for Asia and the Pacific 2011 (Key Indicators 2011), the 42nd edition of this series, is a statistical data book presenting economic, financial, social, and environmental indicators for the 48 regional members of the Asian Development Bank (ADB). This issue of the Key Indicators presents in Part I a special chapter—Toward Higher Quality Employment in Asia—followed by statistical tables in Parts II and III with short, nontechnical commentaries on economic, financial, social, and environmental developments. Part II comprises the first set of statistical tables and commentaries, which look at the MDGs and progress in the region toward achieving key targets. The second set of tables, which are in Part III, is grouped into seven themes providing a broader picture of economic, financial, social, and environmental developments. The aim of the publication is to provide the latest key statistics on development issues concerning Asian and Pacific economies to a wide audience including policy makers, development practitioners, government officials, researchers, students, and the general public.

This year, the ADB also presents the Framework of Inclusive Growth Indicators, a special supplement to the Key Indicators

Click here for direct link to report

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World Development Report 2012: Gender Equality and Development

Source:  World Bank

Extract from Press Release No: 2012/065/DEC

The World Development Report 2012: Gender Equality and Development details big strides in narrowing gender gaps but shows that disparities remain in many areas. The worst disparity is the rate at which girls and women die relative to men in developing countries: Globally, excess female mortality after birth and “missing” girls at birth account for an estimated 3.9 million women each year in low- and middle-income countries. About two-fifths are never born due to a preference for sons, a sixth die in early childhood, and over a third die in their reproductive years. These losses are growing in Sub-Saharan Africa, especially in countries hard-hit by HIV/AIDS.

The report also notes that the world has made significant progress in narrowing gender gaps in education, health and labor markets over the past 25 years.  Disparities between boys and girls in primary education have closed in almost all countries. In secondary education, these gaps are closing rapidly, and in many countries, especially in Latin America, the Caribbean and East Asia, it is now boys and young men who are disadvantaged. Among developing countries, girls now outnumber boys in secondary schools in 45 countries, and there are more young women than men in universities in 60 countries. Similar progress can be seen in life expectancy where women in low-income countries not only outlive men but live 20 years longer than they did in 1960.  And in much of the world, gaps in labor force participation have narrowed with over half a billion women having joined the workforce in the last 30 years.
 
Remaining gaps include the lower school enrollments of disadvantaged girls; unequal access for women to economic opportunities and incomes, whether in the labor market, agriculture or entrepreneurship; and large differences in voice between women and men both in households and societies.

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Financial Access and Stability: A Road Map for the Middle East and North Africa

Source: World Bank
 
This new World Bank report lays out recommendations for reforming the financial sector in the region. It argues that while this sector has been resilient to the global financial crisis and the subsequent political shocks of the Arab spring, it has failed to provide broad, sound and equitable access to finance.

With recent turmoil in the region and deep-seated frustration among the large youth population, this failure might have been a factor in these outcomes. The report notes that lack of access to finance is due to weaknesses in financial infrastructure, insufficient competition in the banking sector. It recognizes that the structure of MENA’s banking systems is evolving in the right direction, but levels of competition are still weak.

It goes on to describe MENA’s financial sectors as dominated by large, well-capitalized banks, but largely undiversified and uncompetitive. With very high loan concentration ratios, banks focus on providing loans to large and well-connected enterprises and industrial groups. Add to that, essential non-banking financial institutions such as insurance companies, mutual and pension funds, leasing, and factoring, are under developed with few exceptions.

The report recommends that efforts to develop a new growth agenda for the region must include a significant component of financial sector reforms. It points out the importance of implementing a comprehensive and integrated agenda for both improving access and preserving stability.

Publication website with chapter-by-chapter link

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Global Competitiveness Report 2011-2012

Source: World Economic Forum

Switzerland tops the overall rankings in The Global Competitiveness Report 2011-2012. Singapore overtakes Sweden for second position. Northern and Western European countries dominate the top 10 with Sweden (3rd), Finland (4th), Germany (6th), the Netherlands (7th), Denmark (8th) and the United Kingdom (10th). Japan remains the second-ranked Asian economy at 9th place, despite falling three places since last year.

The United States continues its decline for the third year in a row, falling one more place to fifth position. In addition to the macroeconomic vulnerabilities that continue to build, some aspects of the United States’ institutional environment continue to raise concern among business leaders, particularly related to low public trust in politicians and concerns about government inefficiency. On a more positive note, banks and financial institutions are rebounding for the first time since the financial crisis and are assessed as somewhat sounder and more efficient.

Germany maintains a strong position within the Eurozone, although it goes down one position to sixth place, while the Netherlands (7th) improves by one position in the rankings, France drops three places to 18th, and Greece continues its downward trend to 90th. Competitiveness-enhancing reforms will play a key role in revitalizing growth in the region and tackling its key challenges, fiscal consolidation and persistent unemployment.

The results show that while competitiveness in advanced economies has stagnated over the past seven years, in many emerging markets it has improved, placing their growth on a more stable footing and mirroring the shift in economic activity from advanced to emerging economies.

The People’s Republic of China (26th) continues to lead the way among large developing economies, improving by one more place and solidifying its position among the top 30. Among the four other BRICS economies, South Africa (50th) and Brazil (53rd) move upwards while India (56th) and Russia (66th) experience small declines. Several Asian economies perform strongly, with Japan (9th) and Hong Kong SAR (11th) also in the top 20.

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Quid Pro Quo: Redressing the privileges of the banking industry

Source: nef

Extract from Executive Summary

A fair deal for taxpayers?

Banks occupy a unique position in our economy and enjoy privileges that other industries can never hope for. This is most obvious in the way that major banks – Northern Rock, Royal Bank of Scotland, and Lloyds TSB – were bailed out by the government during the financial crisis, moves that have prompted a great deal of public concern.

But these bail-outs were just the tip of the iceberg. All the large banks also benefit from an implicit subsidy from taxpayers; because they will be bailed out, if necessary, markets view lending to them as low risk. This report quantifies this ‘too big to fail’ (TBTF) subsidy using methodology developed by the Bank of England. We found that while the TBTF subsidy has fallen from its mid-2009 peak, the ‘big five’ UK banks still enjoyed a combined TBTF subsidy of £46 billion in 2010. The TBTF subsidy in the UK is 62 per cent higher than in Germany, despite the latter having a significantly larger economy.

Barclays, Lloyds, RBS, HSBC, and Nationwide enjoyed subsidies of £10 billion, £15 billion, £13 billion, £7 billion, and £1 billion respectively. Whilst the government does not transfer these funds directly to the banks, it does pay for the subsidy indirectly through its own borrowing costs, which increase to reflect the additional risk it is taking on board.

This is not all, banks benefit from further special treatment:

• No VAT. Banks and other financial services enjoy exemption from VAT which likely saves them billions of pounds each year.
• Subsidised deposit insurance. In addition to bailing out a number of banks, taxpayers bailed out the UK’s deposit guarantee scheme to the tune of £19 billion during the financial crisis. The government does not promise to pay the debts of non-financial companies when they fail.
• Access to the Bank of England as lender-of-last-resort. Banks can borrow from the central bank when other banks will not lend to them. There is no such lender of last resort for other industries.
• Privatised gains and socialised losses. Taxpayers are deeply out of pocket not just for the bank bail-out, but also £5 billion per year in ongoing financing charges for these schemes. This is not helped by corporation tax cuts, which are likely to cancel out revenue brought in by the recently introduced Bank Levy.

The ICB’s primary prescription for tackling the TBTF issue is to ring-fence retail banking from investment banking activities. Yet the Commission admits that ringfencing will only reduce and not eliminate the subsidy.

Click here to read the full report

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UK: Income inequality: Trends and Measures

Source: The Equality Trust

Key Points

• UK income inequality increased by 32% between 1960 and 2005. During the same period, it increased by 23% in the USA, and in Sweden decreased by 12%.


• In the 1960s Sweden and the UK had similar levels of income inequality. By 2005 the gap between the two had increased by 28%.


• Since the 1980s income inequality in the United States and the UK has increased substantially and has returned to levels not seen since the 1920s.

The growth in inequality in the last 30 years has been driven by the top 1% of wage incomes.
• Inequality measures drawn from standard household surveys underestimate income inequality by as much as 10 percentage points, due to the under-representation of the top 1% of incomes.


• There is scope for governments to tackle inequality. Large income inequalities are not inevitable; Sweden owes its high levels of equality to policies introduced since the 50s.

Equality trust research digest: trends & measures 2:2011

 

Sex & Power 2011

Source: Equality and Human Rights Commission

Extract from Press Release

A new report published by the Commission, shows a continuing trend of women being passed over for top jobs in Britain. More than 5,400 women are missing from Britain’s 26,000 most powerful posts. The report, Sex & Power 2011, measures the number of women in positions of power and influence across 27 occupational categories in the public and private sectors.

Worryingly, the results of this year’s report differ very little from those in the previous report of 2008. Figures from this year’s report reveal that, while women are graduating from university in increasing numbers and achieve better degree results than men, and despite level pegging with men in their twenties, they are not entering management ranks at the same rate, and many remain trapped in the layer below senior management. Among this year’s findings were:

In business women represent:

• 12.5% of directors of FTSE 100 companies (up from 11% in 2008)
• 7.8% of directors in FTSE 250 companies (up from 7.2% in 2008)

In media and culture, women represent:

• 9.5% of national newspaper editors (down from 13.6% in 2008)
• 6.7% of chief executives of media companies in the FTSE 350 and the director general of the BBC (down from 10.5% in 2008)
• 26.1% of directors of major museums and art galleries (up from 17.4% in 2008)

Studies have shown that outdated working patterns where long hours are the norm, inflexible organizations and the unequal division of domestic responsibilities are major barriers to women’s participation in positions of authority.

The British economy is paying the price for this exclusion.  It has been suggested that greater diversity on corporate boards would improve business performance and increase levels of corporate social responsibility

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The Elephant That Became a Tiger: 20 Years of Economic Reform in India

Source: CATO Institute

Author:  Swaminathan S. Anklesaria Aiyar

Executive Summary

A foreign exchange crisis in 1991 induced India to abandon decades of inward-looking socialism and adopt economic reforms that have converted the once-lumbering elephant into the latest Asian tiger. India’s gross domestic product (GDP) growth rate has averaged over 8 percent in the last decade, and per capita income has shot up from $300 to $1,700 in two decades. India is reaping a big demographic dividend just as China starts aging, so India could overtake China in growth in the next decade.

When the reforms began in 1991, critics claimed that India would suffer a “lost decade” of growth as in African countries that supposedly followed the World Bank-IMF model in the 1980s. They warned that opening up would allow multinationals to crush Indian companies, while fiscal stringency would strangle social spending and safety nets, hitting poor people and regions. All of these dire predictions proved wrong. Indian businesses more than held their own, and many became multinationals themselves. Booming revenue from fast growth has financed record government spending on social sectors and safety nets, even if these areas are still dogged by massive corruption and waste. Still, poverty is down from 45.3 percent in fiscal year 1994 to 32 percent in fiscal year 2010, and the literacy rate is up from 52.2 percent to 74 percent in two decades, India’s fastest improvement ever. Several of the poorest states have doubled or tripled their growth rates since 2004, and their wage rates have risen by over 50 percent in the last three years.

However, India continues to be hampered by poor business conditions and misgovernance. Almost a quarter of Indian districts have recorded some sort of Maoist violence, and corruption is a major issue. India ranks very low on ease-of–doing-business indicators. Rigid labor laws prevent Indian companies from setting up large factories for labor-intensive exports, as in China. Both governance and economic reforms are needed, but progress on the former lags far behind, is thus more urgent, and can help sustain and promote economic reform

Development Policy Analysis no. 13

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Euro Area Cross-Border Financial Flows & the Global Financial Crisis

Source: European Central Bank (ECB)

Authors: Katrin Forster, Melina Vasardani &Michele Ca’ Zorzi

NON-TECHNICAL SUMMARY

The global financial crisis that started in 2007 and intensified after the collapse of Lehman Brothers in September 2008 abruptly interrupted the more than two-decade-long process of increasing world financial integration. With the complex web of global interlinkages contributing to the spreading of the turmoil from the United States to the rest of the world, the crisis led to unprecedented declines, or even reversals,
in global cross-border capital flows. Although financial markets have bounced back from their lows, cross-border capital flows have generally remained well below their pre-crisis levels.

The advanced economies, which have traditionally dominated global capital flows and were considered immune from sudden capital withdrawals, were particularly affected. Prior to the crisis, the euro area current account was close to balance, with cross-border financial flows mostly cancelling out when all components are summed. In net terms this indicated that the euro area was neither receiving nor exporting large capital flows, although significant developments were occurring in gross terms. The financial crisis, however, affected not only those countries with large current account deficits but all countries with open capital accounts.

The aim of this paper is to highlight the unprecedented adjustments triggered by the financial crisis in euro area cross-border financial flows.

ECB Occasional paper series ; NO 125

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World Investment Report 2011

WIR2011: Non-Equity Modes of International Production and Development

Source: UNCTAD (United Nations Conference on Trade and Development)

Global foreign direct investment (FDI) has not yet bounced back to pre-crisis levels, though some regions show better recovery than others. The reason is not financing constraints, but perceived risks and regulatory uncertainty in a fragile world economy.

The World Investment Report 2011 forecasts that, barring any economic shocks, FDI flows will recover to pre-crisis levels over the next two years. The challenge for the development community is to make this anticipated investment have greater impact on our efforts to achieve the Millennium Development Goals.

In 2010 – for the first time – developing economies absorbed close to half of global FDI inflows. They also generated record levels of FDI outflows, much of it directed to other countries in the South. This further demonstrates the growing importance of developing economies to the world economy, and of South-South cooperation and investment for sustainable development.

Increasingly, transnational corporations are engaging with developing and transition economies through a broadening array of production and investment models, such as contract manufacturing and farming, service outsourcing, franchising and licensing. These relatively new phenomena present opportunities for developing and transition economies to deepen their integration into the rapidly evolving global economy, to strengthen the potential of their home-grown productive capacity, and to improve their international competitiveness.
Unlocking the full potential of these new developments will depend on wise policymaking and institution building by governments and international organizations. Entrepreneurs and businesses in developing and transition economies need frameworks in which they can benefit fully from integrated international production and trade. I commend this report, with its wealth of research and analysis, to policymakers and businesses pursuing development success in a fast-changing world.

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Missing out: Why ordinary workers are experiencing growth without gain

Source: Resolution Foundation

Executive Summary

It is a central assumption of modern, democratic economies that economic growth leads to rising living standards for the great majority of people. Now, evidence is emerging that questions that assumption. Median wages in the UK were stagnant from 2003 to 2008 despite GDP growth of 11% in the period. Similar trends are evident in other advanced economies from the US to Germany. For some time, the pay of those in the bottom half of the earnings distribution has failed to track the path of headline economic growth.

If a central goal of government is to secure a new period of rising living standards then these trends point to one of the great economic challenges of our time: the need to restore the link between economic growth and the pay of ordinary working people. That challenge raises a number of immediate questions. Which factors decide whether the pay of ordinary workers rises when the economy grows? How have these factors changed over time in the UK? How have changes in the UK’s industrial make-up affected these trends?

This paper builds on our earlier work by considering these questions in more detail. We use the wages of those in the bottom half of the earnings distribution as a proxy for the earnings of people on low-to-incomes. Our focus is specifically on earnings and the outcomes of the jobs market before the redistribution that is carried out by government through taxes and benefits. As with all of the work of the Commission on Living Standards, our concern is not the immediate fallout from the recent recession but longer term trends.

Click here to read the full report

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India Philanthropy Report

Source: Bain & Company

From Introduction

A year ago, Bain & Company published the first edition of the India Philanthropy Report. We were surprised by the chord that it struck and the conversation it provoked about the state of philanthropy in the country. Our perspective last year was that private giving in India—both individual and corporate—lagged significantly behind global benchmarks, largely for valid economic, cultural and systemic reasons. As we set out this year to revisit the issues raised more than a year ago, we decided to take a different approach and speak to private donors to better understand their perspective.

As part of our research for the India Philanthropy Report 2011, we interviewed and surveyed more than 20 philanthropists and experts on philanthropy in India. We also conducted a survey of more than 300 wealthy individuals in three major cities across India, including nearly 100 high-net-worth individuals (HNWIs) with assets of more than $1 million (excluding primary residence, collectibles and consumables). This year, our research has focused only on private donations, not government contributions, because private giving defines philanthropy globally. This ground-level view has provided critical insights into the current state of Indian philanthropy.

Although the human conditions in India remain difficult for many, we can confidently say that, over the course of last year, the attitude towards giving has started to shift. Our research charts a significant trend: wealthy individuals are giving more—and intend to give even more—as major obstacles are addressed. As a percentage of the gross domestic product (GDP), private charitable giving has increased 50% since 2006. This is a significant achievement.

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A Golden Opportunity

Visa Europe have just published an Economic Impact Report on the likely impact of increased consumer spending generated by the London 2012 Olympic and Paralympic Games in London and the whole of the UK. The findings of this report show that London 2012 will be a once in a generation opportunity for the British public to support Team GB and ParalympicsGB on home territory, it is also a unique opportunity for British businesses to capitalise on the increase in expenditure and wider economic impact

Report highlights

This report projects a £750 million additional consumer spending increase during the seven week Games period. It considers the impact this consumer spending increase will have on the wider economy, including economic outputs and incomes, both during the seven week Olympic and Paralympic Games period and beyond. The report concludes that the increased consumer spending generated by the London 2012 Olympic Games will have a significant impact on the UK economy.

Over the seven week period, international visitors are expected to spend a total of £709 million in the UK, an 18% increase on what would be expected if The Games were not taking place. Domestically, a £41 million spending boost is expected from UK cardholders during the seven week period of The Games. This is a first for an Olympic Games host market, which usually experience a domestic spending slump during The Games. This will be driven by the public’s enthusiasm for The Games, demonstrated by the high demand for Olympic tickets. British residents are likely to switch from traditional patterns of summer spending to getting into the Olympic spirit by stocking up on supplies and entertaining at home. Supermarkets will be particular beneficiaries of this. Overall, the retail, leisure and travel sectors look set to be the biggest winners from The Games, benefiting from a combined spending injection of £508.4 million in seven weeks

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The Ratio: Common Sense Controls for Executive Pay and Revitalising UK Business

Source: nef

Extract from executive summary

This report covers the issue of the widening gap between pay at the top and bottom of corporations, the effect that has on society and the economy, and the effect it has on the companies concerned. In particular it covers how the ratio between the bottom and the top might be used in order to bring more pressure to bear, both moral and practical, on the problem.

One of the central concerns of the co-operative movement is to distribute more evenly the benefits of economic activity. Their relative success during the recent banking crisis and ensuing economic recession is testimony to the greater resilience of more fair and equal models of corporate governance. But, whilst the co-operative sector is enjoying a renaissance, a greater creeping inequality continues to spread more widely in the corporate sector, bringing with it a range of economic and social costs, and dysfunction. This report suggests how we might begin to reverse that tide.

The publication of the crucial ratio between lowest and highest paid in every public company would encourage debate about pay and corporate responsibility. It would, we believe, kickstart a more informed debate about what kind of pay gap is acceptable and what is simply divisive and inflationary. It would also have a healthy effect on both fairness and equity in the UK, and on the companies themselves. One of the more surprising revelations, shocking even, is the absence of any evidence to support and justify high pay ratios, compared to the large body of evidence concerning the costs of inequality. We believe that the burden of proof should shift, so that companies operating a ratio above 1:20, or even 1:10 (this is the debate we need to have), would need to show how the economic and social benefits of doing so outweighed the costs.

Click here to read the full report

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E-reader Ownership Doubles in Six Months

Source: Pew Research Center’s Internet & American Life Project

Highlights from report

The share of adults in the United States who own an e-book reader doubled to 12% in May, 2011 from 6% in November 2010. E-readers, such as a Kindle or Nook, are portable devices designed to allow readers to download and read books and periodicals. This is the first time since the Pew Internet Project began measuring e-reader use in April 2009 that ownership of this device has reached double digits among U.S. adults.

Tablet computers—portable devices similar to e-readers but designed for more interactive web functions—have not seen the same level of growth in recent months. In May 2011, 8% of adults report owning a tablet computer such as an iPad, Samsung Galaxy or Motorola Xoom. This is roughly the same percentage of adults who reported owning this kind of device in January 2011 (7%), and represents just a 3 percentage-point increase in ownership since November 2010. Prior to that, tablet ownership had been climbing relatively quickly.

Both e-book reader and tablet computer adoption levels among U.S. adults are still well below that of other tech devices that have been on the market longer. Cell phones are far and away the most popular digital device among U.S. adults today, followed by desktop and laptop computers, DVRs, and MP3 players.

This report is based on the findings of a survey on Americans' use of the Internet. The results in this report are based on data from telephone interviews conducted by Princeton Survey Research Associates International between April and May, 2011, among a sample of 2,277 adults, age 18 and older.

Click here to read the full report

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World Report on Disability

Source: World Health Organization

The first ever World report on disability, produced jointly by WHO and the World Bank, suggests that more than a billion people in the world today experience disability.  People with disabilities have generally poorer health, lower education achievements, fewer economic opportunities and higher rates of poverty than people without disabilities. This is largely due to the lack of services available to them and the many obstacles they face in their everyday lives. The report provides the best available evidence about what works to overcome barriers to health care, rehabilitation, education, employment, and support services, and to create the environments which will enable people with disabilities to flourish. The report ends with a concrete set of recommended actions for governments and their partners.

The first ever WHO/World Bank World report on disability reviews evidence about the situation of people with disabilities around the world. Following chapters on understanding disability and measuring disability, the report contains topic-specific chapters on health; rehabilitation; assistance and support; enabling environments; education; and employment. Within each chapter, there is a discussion of the barriers confronted, and case studies showing how countries have succeeded in addressing these by promoting good practice. In its final chapter, the report offers nine concrete recommendations for policy and practice which if put in place could lead to real improvements in the lives of people with disability.

Click here to read the full report

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2011 European Attractiveness Survey

Source: Ernst & Young

Extract from Executive Summary

The world has a growing number of important spheres of economic influence. The European Union's share of foreign direct investment (FDI) inflows (26%, first place) now equals its share of world GDP. Its recovery, however, remains mixed and tentative.

In 2010, emerging markets collectively reaped more than half of global inward FDI for the first time, although their performance was mixed: while the value of FDI into Brazil grew 16.3% on the back of commodities and consumption, capital inward investment in India fell 31.5%,2 slowed by strong internal competition for investments projects. Growth of FDI in China was sustained because investors there are benefiting from stable returns on investment (ROI).

When considering where to invest in 2010, companies view transport and logistics infrastructure (63%), telecommunications infrastructure (62%) and stability and transparency of the political, legal and regulatory environment (62%) as the most critical factors.

The UK and France remain FDI leaders in Europe, but they are losing market share to countries such as Germany and a host of smaller more cost-competitive countries, for example, Poland, Hungary and the Baltics.

Click here to read the full report

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Cities of Opportunity 2011

The Cities of Opportunity report, produced by PwC and the Partnership for New York City has just been published. This year the report covers 26 cities and presents in-depth results covering 10 different indicators and 66 variables

Key findings: Balance characterizes the top 10 cities

Only one of the Top 5, New York, might be called an economic powerhouse.
The successful modern city relies on intelligence and social well-being as much as economic clout—a conclusion that seems not so much to challenge any theory as to confirm common sense.   New York wins only narrowly, with its real key to success the balance that may have helped it weather the Great Recession

Toronto, San Francisco, Stockholm, Sydney round out the Top 5.
Livability and balance mark these four cities. Arguably that's just 'the right stuff' for a world less dependent on geography and historic connections and more reliant on holistic approaches to attracting and keeping creative minds and businesses that will build the future with fresh eyes.

The other 'alpha' cities -- London, Paris, Tokyo -- finish 6th to 14th overall
They're not bunched at the top as might be expected. London, 6th, leads in economic clout. Paris, 8th, tops infrastructure and transportation. Tokyo falls to 14th

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Saga Quarterly Report

Source: Saga

From the Introduction and Key Findings:

This second Saga Quarterly Report once again combines Saga survey data (a nationwide Survey of 11,800 over 50s) with economic analysis and interpretation of official statistics to produce as accurate a picture of life for the over 50s in the UK as we can. As well as examining issues such as income, unemployment and inflation affecting the Saga age groups, it features the Saga Quality of Life Index which measures perceptions of happiness, standards of living and health. All survey comparisons are made with one year previously unless stated otherwise.

The Saga Quarterly Reports are designed to keep track of the wellbeing of the UK’s over 50s.
Government has placed increasing emphasis on monitoring measures of happiness and quality of life, in addition to measuring traditional economic growth factors. Saga aims to assist the Government in its task by providing regular updates from its exclusive over 50s survey data and combining these qualitative measures with the quantitative official statistics on growth, employment and inflation which are more generally used to track the nation’s wellbeing.

Key findings

• Over 50s’ quality of life and economic indicators have worsened over the past year.
• The Saga Quality of Life Index deteriorated between the first and second quarters of 2011 indicative of the significant financial squeeze on households so far this year.
• The deterioration in quality of life is most pronounced among 50 to 59 year-olds, especially with respect to their standard of living.
• Although the Quality of Life Index for the top socio-economic group did not fall further this quarter, inequalities are growing as it deteriorated again for all other socio-economic groups.
• Real incomes in Q1 2011 were lower than a year ago for all over 50s age bands – as income growth failed to keep up with inflation.
• More over 50s report the rising cost of living (56%), savings income (46%) and interest rates (40%) as a greater concern than 12 months ago, than reported health and crime as a greater concern.
• The over 50s have cut their discretionary spending, with four in ten reducing spending on eating out and entertainment and also using their cars less especially among lower socio-economic groups.
• Employment among the over 65s has risen by 35% over the last three years – with more over 65s staying in work, partly for economic reasons but also because they enjoy working.
• 63% of over 50’s want the Bank of England to raise interest rates.

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Inflation Report May 2011

Source: Bank of England 

Extract from overview:

CPI inflation remained well above the 2% target but the recent weakness in underlying output growth persisted. The recovery in the world economy was maintained and is expected to support growth in the United Kingdom, as should the considerable stimulus from monetary policy and the current level of sterling. But the continuing squeeze on households’ real incomes is likely to weigh on demand, especially over the next year or so. Further ahead, the chances of four-quarter GDP growth being either above or below its historical average rate are judged to be roughly balanced.

CPI inflation is likely to rise further this year and is more likely than not to remain above the target throughout 2012. The near-term profile is markedly higher than in February, largely reflecting renewed increases in energy prices. Inflation is likely to fall through 2012 into 2013 as the impact of external price pressures and the increase in VAT dissipates and some downward pressure from a margin of spare capacity persists. But the timing and extent of that decline in inflation are both highly uncertain.

Click here to read the full report

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Happiness Economics: A New Road to Measuring and Comparing Happiness

Foundations & Trends in Microeconomics: Vol. 6(1) pp 1-97

Authors: Bernard M. S. Van Praag; Ada Ferrer-i-Carbonell

Abstract
This paper deals with the concept of happiness in economics. Of late there has come into life a branch of happiness economics and it is this field that will be our concern. Actually, not only economists are interested in quantifications of happiness but also researchers in other disciplines. Notably there are several psychologists who investigate happiness as well. We mention Schimmack et al. (2002), Kahneman et al. (1999, 2006), Kahneman and Krueger (2006), Clark et al. (2008) and Lucas and Schimmack (2009). There are also some interconnections between happiness economists and psychologists as in the citations just mentioned. In this paper we will focus on happiness economics, although we will sometimes refer to work in other disciplines as well. Happiness economics is up to now an empirically oriented field. There is no attention for philosophical contemplations on happiness, the sense of life, etc. as we find in philosophy and religious studies (see, e.g., Feldman (2010), Nussbaum and Sen (1993), Haybron (2010) and Bok (2010) for a philosophical approach). We shall not touch on these issues in this tract.

Foundations and Trends can be found on the A-Z list of library databases in the library area of the Portal. It is available to available to current staff, students and faculty of the London Business School.

European Demographic Report 2010

Extract from Summary

Since the last 2008 Demography Report was published in 2008, the EU population has passed the 500 million mark while continuing to develop along lines that were already discernible two years ago. The EU’s demographic picture has become clearer: growth is fuelled mainly by immigration, whereas the population is becoming older and more diverse.

The impact of the economic crisis is still difficult to assess. In its October 2006 Communication entitled ‘The Demographic Future of Europe — from Challenge to Opportunity’, the Commission presented its views on the demographic challenges the EU was facing and on options for tackling them. The Communication expressed confidence in Europe’s ability to cope with demographic change and an ageing population in particular, but also stressed the need to act in five key policy areas: demographic renewal, employment, productivity, integration of migrants and sustainable public finances.

This third Demographic Report aims to provide the latest facts and figures that are needed for an informed debate on these issues. In addition to the EUlevel overview, data are provided as far as possible for each EU-27 Member State, enabling policy makers and stakeholders to compare their own country's situation with that of other Member States, to understand the specific characteristics of their country and, possibly, to identify other countries that could provide interesting experiences from which to learn.

This year the report is a joint undertaking between the Directorate General for ‘Employment, social affairs and inclusion’ and Eurostat, and draws on Eurostat's experience in demographic analysis. It consists of two parts, a short annex on migration in the recession and a country annex.

Part I looks at historical and recent trends in fertility, life expectancy and migration - the three drivers of population change. It includes a review of population structure by age and family composition.

Part II explores an increasingly important phenomenon that was identified in a recent Eurobarometer survey: the increasing number of European citizens who seek opportunities across national borders for study, work, life experience and inspiration, resulting in different forms of international connectedness across national borders

Click here to read the full report

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Is the Global Economy in Danger of Overheating?

Source Oxford Economics

Executive Summary

The recovery in the world economy has been stronger than we expected a year ago, driven by the rebound in growth in emerging markets. The Asian trade boom, which kick-started the recovery in emerging markets, is now less dynamic than the heady pace of a year ago, but large domestic markets have insulated many emerging markets from the slow recovery in the advanced economies. And this strong pace of growth in domestic demand in emerging markets is expected to continue.

But the strength of domestic demand in emerging market economies also lies behind one of the most likely risks to the global economy. With the level of inflation already at uncomfortable levels, particularly within the BRICs, there is a significant risk of overheating in emerging markets. Under this scenario, global growth could slow by more than 1 percentage point next year.

The global shift towards inflation concerns has been exacerbated by sharp rises in commodity prices with oil now at $116 per barrel compared with $94 at the end of December. Our measure of the non-oil commodity price index has also risen sharply over the past six months and is now well above the peak in 2008.

The rise in commodity prices is a particular threat to emerging markets where commodities constitute a bigger proportion of production and consumption, and where capacity constraints are already tight. In contrast, the inflation threat in advanced economies is likely to be short-lived and an early tightening of policy there could derail the recovery.

The global dependency on oil has been highlighted by the developments in the MENA region. A further escalation of tensions in the Middle East would mostly impact on the global economy through higher oil prices and financial contagion. Under a crisis scenario where oil reaches $200 per barrel, global growth could slow by nearly 2 percentage points next year.

A Middle East crisis could also trigger the crystallisation of sovereign credit risks in the Eurozone. Recent weeks have already seen growing concerns in Portugal and Ireland, with a slew of further ratings downgrades. A full-blown Eurozone sovereign debt crisis, should it occur, would plunge the Eurozone back into recession and could halve global growth.

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Cities and Climate Change: An Urgent Agenda

Source: World Bank

Climate change is affecting cities and their residents, especially the poor, and more severe impacts are expected as climate extremes and variability increase. Cities are often already overwhelmed by the number and complexity of services they need to provide. Adding climate change mitigation and adaptation to the other challenges facing cities is an enormous burden; and at the same time cities must accommodate another three million new residents every week. Cities and Climate Change: An Urgent Agenda discusses the link between climate change and cities, why cities should be concerned about climate change and adopt early preventative policies, and how the World Bank and other organizations can provide further support to cities on climate change issues.

Residents of cities are responsible for as much as 80% of global greenhouse gas emissions while at the same time residents of cities are facing significant impacts from climate change. Up to 80 percent of the expected $80 billion to $100 billion per year in climate change adaptation costs are expected to be borne in urban areas; see the World Bank's Economics of Adaptation to Climate Change study. Nevertheless, climate change offers cities opportunities to alter course, implement smart policies, and develop sustainable communities. Well managed, well designed, dense cities are also the only way to meet GHG emission mitigation targets, while providing an acceptable quality of life for the soon-to-be 6.5 billion urban residents.

Included in this report is a living table of city-level per capita greenhouse gas emissions data which will be regularly updated online as new city data is available.

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e-Atlas of Global Development

The World Bank have just launched the e-Atlas of Global Development, a free, online, interactive tool which lets you map more than 175 indicators for up to 200 countries over time including creating two maps to compare progress.

Developed in collaboration with HarperCollins, the e-Atlas of Global Development allows users to easily and quickly map and chart economic and social indicators and compare country outcomes. This eAtlas, an online companion to Atlas of Global Development, third edition, builds on the Atlas topics, allowing you to visualize and analyze a wider variety of data in greater depth, over a longer time period. You can:

• Map more than 175 World Bank indicators worldwide
• Compare and view two maps simultaneously
• Animate maps to show change over time
• View all data in ranking tables and charts alongside maps
• Export maps and data for use in presentations and more
• Import your own data

Critical issues such as poverty, food production, population growth, climate change, international trade, and foreign direct investment are covered.

Photo from Creative Commons: Flickr: Malin Helene

Subverting Safer Finance: How the UK Holds Back Global Financial Regulation

Executive Summary

In areas including potentially damaging commodity speculation, the Alternative Investment Market, naked short-selling and the operations of British tax havens, the UK is holding back urgently needed regulation. Subverting Safer Finance finds that:

• London is a major centre for commodity trading, yet instead of demonstrating leadership, the UK is lagging ever further behind the US. And while the EU is trying to support global regulation by raising standards towards those of US legislation, the UK’s response is to block any attempt at reform.


• A London exchange called the Alternative Investment Market (AIM), has pursued a strategy of winning new business by driving down standards of transparency, governance and investor protection.


• The US banned naked short-selling (a form of trading that many argue increases market volatility and instability) in 2008. The European Parliament is seeking to impose an EU-wide ban on naked short-selling. But, the UK government is trying to derail this initiative.


• While the UK claims it cannot influence tax havens, many of which territories are in fact UK Crown Dependencies or Overseas Territories, a past history of intervention suggests otherwise. An HM Treasury review confirms that the UK has reserve powers enshrined in the constitutions of the Overseas Territories to affect and block legislation. The UK also has the power to intervene to uphold ‘good governance’ in the Crown Dependencies. This means that in several cases the UK is actively choosing to not tackle tax havens.

In order for the UK to demonstrate that it wants a to deliver a safer financial system, we believe the minimum necessary actions include:

• Bring standards up to US levels by introducing position limits on speculators in commodity markets and creating a UK equivalent of the US Commodities Futures Trading Commission.
• Eliminate tax havens that are under UK control, and work with the US, the EU and other international authorities to co-ordinate regulation of global tax evasion and avoidance.
• Ban naked short-selling to bring the UK into line with the US, Japan, Hong Kong, India and Australia.

Source: nef  (the new economics foundation)

Photo from Creative Commons: Flickr: nimbu

Understanding Society: A Summary of First Findings

The first findings of Understanding Society have been published, covering a wide range of areas of people's lives and experiences. The survey, funded by the Economic and Social Research Council (ESRC) and run by the Institute for Social and Economic Research (ISER). will follow 40,000 UK households. It is a major social science investment in longitudinal studies with potentially huge long-term implications for the understanding of the UK in the early 21st century.

These first findings include a wealth of information across a wide range of topics, from family life, employment during the recession to young people's attitudes to climate change. We learn how bullying often begins at home and how certain social groups are excluded from some types of social participation; who gets the best night's sleep and how where you live can affect you life chances.

Understanding Society builds on the achievement of the highly successful British Household Panel Survey (BHPS) which is heavily used by government departments and by researchers within and outside the UK. It has been accessed by more than 2,000 users and generates more than 150 publications per year.

The ambitions of Understanding Society go well beyond what has been achieved with the BHPS to support a much wider range of research. It is an important addition to the UK's rich portfolio of longitudinal studies and continues the UK’s contribution to an international network of household panel studies.

Photo from Creative Commons: Flickr: Leo Reynolds

Future of Transport: Analytical Report

This Flash Eurobarometer “Future of transport” (No 312) was conducted at the request of Directorate General Mobility and Transport in the 27 EU Member States. 

Initially the survey examined the current means of transport that EU citizens used to get around on a daily basis. These ranged from a car or motorbike, to public transport, cycling and walking.

The survey then looked at various transport policy issues and asked EU citizens for their views. These topics included:

• the level of support for “pay-as-you-drive” policies
• people’s readiness to buy a “cleaner” vehicle as opposed to a traditional one
• car users’ reasons for not using public transport
• ideas for making public transport easier to use
• ideas that could encourage car users to consider reducing the amount they use their car.

Selected Findings

53% of EU citizens said they used a car as their main mode of transport and about one in five (22%) used public transport. “Walking” was mentioned by 13% of EU citizens and 7% selected “cycling”. The least popular choice was a motorbike, mentioned by 2%.

In a majority of countries (19 out of 27), about three-quarters – or more – of car users felt that public transport was not as convenient as a car. In all Member States, at least half of car users said that they did not use public transport because of a lack of connections.

Men were more likely to say that they used a car to get around on a daily basis (59% vs. 47% of women). Women more frequently said they usually walked (16% vs. 9% of men) or used public transport (25% vs. 18%).

Almost two-thirds (64%) of rural residents said that they used a car to get about on a day-to-day basis; metropolitan residents, on the other hand, were almost as likely to mention public transport as they were to say they used a car as their main mode of transport (37% vs. 43%).

Photo from Creative Commons: Flickr: Fenners1984

International World Water Day

International World Water Day is held annually on 22 March as a means of focusing attention on the importance of freshwater and advocating for the sustainable management of freshwater resources. Each year a specific aspect of freshwater is highlighted. This year’s theme is ‘Water and Urbanisation’, reflecting the importance of water in ever-growing urban populations around the world. Accordingly, the objective of WWD 2011 is to focus international attention on the challenges and opportunities of urban water and sanitation management. It seeks both to alert the world to the adverse global situation in urban water management, and to encourage decision-makers to seize opportunities to address these formidable challenges.

Facts (taken from UN World Water website)

The world’s cities are growing at an exceptional rate and urbanisation is a continuum. The main reason they are growing is because of natural increase in urban population, but also due to rural-to-urban migration and reclassification of rural areas to urban areas.

93% of the urbanization occurs in poor or developing countries, and nearly 40% of the world’s urban expansion is growing slums. Between 1990-2001 the world’s slums increased at a rate of 18 million people a year, and is projected to increase to 27 million new slum citizens per year between 2005-2020.

Investments in infrastructure have not kept up with the rate of urbanization, while water and waste services show significant underinvestment. The central problem is therefore the management of urban water and waste. Piped water coverage is declining in many settings, and the poor people get the worst services, yet paying the highest water prices.

Few urban authorities in developing countries have found a sustainable solution to urban sanitation, and utilities cannot afford to extend sewers to the slums, nor can they treat the volume of sewage already collected. Solid waste disposal is a growing threat to health and the environment

Photo from Creative Commons: Flickr: rubatacchini

Climate Change Policy & Business in Europe: Evidence from Interviewing Managers

Source: Centre for Economic Performance occasional paper ; No 27

Abstract:
This report presents new evidence relating to the effects of climate policy in Europe, particularly the European Union Emissions Trading Scheme (EU ETS). The evidence is based on new data from almost 800 phone interviews we conducted with managers in manufacturing plants in six European countries: Belgium, France, Germany, Hungary, Poland and the UK. The interview design follows an innovative method that has recently emerged in the study of management practices and that mitigates well-known biases found in more conventional survey designs such as paper-based or web-based questionnaires. This report describes the interview design in detail and summarises the responses. For further analysis, we link the interview data with company data from a range of secondary sources including transaction data from the official EU ETS registry and performance data from both commercial and government sources. We use the combined data to analyse three aspects of the EU ETS in depth, namely (i) the behaviour of firms in the EU ETS, (ii) the vulnerability of firms in terms of negative impacts on employment and carbon leakage, along with an assessment of how well the proposed EU legislation to protect vulnerable firms does at identifying them, and (iii) alternative criteria for the allocation of free emission permits during the next phase of the EU ETS.