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This Selected Issues papers provide details of the sources and uses of the non-financial corporation saving and highlights the role of multinational corporations (MNCs). The paper also discusses the implications to the external sector assessment and policy recommendations. The large Dutch international investment position reflects its status as an international corporate center. The study shows that large trade surpluses and small primary income balances are consistent with the dominance of MNCs in the Netherlands’ external positions. Separating MNCs’ activities from the Dutch current account for the external sector assessment is expected to help identify underlying policy distortions. Separating MNCs’ activities would help identify imbalances of other economic sectors. The small and medium enterprises are stagnant and remain financially constrained. Small household net saving hides the fact that households are still highly leveraged, and their consumption constrained by a stagnating disposable income. Therefore, improving statistics and separating MNCs’ activities from both internal and external accounts would help identify domestic policy distortions and address imbalances effectively.

Netherlands --- Social conditions. --- Politics and government. --- Exports and Imports --- Investments: Stocks --- Labor --- Macroeconomics --- Public Finance --- Social Security and Public Pensions --- Labor Demand --- Nonwage Labor Costs and Benefits --- Private Pensions --- Aggregate Factor Income Distribution --- Wages, Compensation, and Labor Costs: General --- Pensions --- Labour --- income economics --- Investment & securities --- International economics --- Self-employment --- Pension spending --- Pension reform --- Income --- Expenditure --- National accounts --- Self-employed --- Stocks --- Labor costs --- Netherlands, The

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This Selected Issues paper analyzes the high household savings in Sweden. Preliminary evidence suggests that the large increase in savings after the financial crisis may reflect the rising cost of elder care. Econometric analysis appears to confirm anecdotal explanations that extended life expectancy and a preference for higher-quality residential care have contributed to higher savings. Further analysis using more granular data is needed to test alternative hypotheses for the rise in household savings. Anecdotal reports also indicate that parental assistance in young people’s home purchases could be behind the increased saving and serves as an additional bequest motive. Investigating this possibility would benefit significantly from household level data.

Labor --- Macroeconomics --- Demography --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Labor Economics: General --- Wages, Compensation, and Labor Costs: Public Policy --- Aggregate Factor Income Distribution --- Labour --- income economics --- Economic & financial crises & disasters --- Population & demography --- Wages --- Labor markets --- Real wages --- Wage bargaining --- Labor market --- Labor economics --- Income --- Global Financial Crisis, 2008-2009 --- Sweden

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This volume challenges the idea of wage employment as the global norm, comparing lived experiences of 'ordinary work' across conceptual and geographical boundaries, and opening up new possibilities for how work, income, identity and care might be woven together differently.

Wages --- Philosophy --- Employment (Economic theory) --- Economics --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices

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We examine the effect of size-dependent policies in developing economies by focusing on a set of regulations that are applicable to firms with 20 or more formal employees in Peru. Firms can adjust to the regulations by (a) reducing their size, (b) shifting employment composition, or (c) splitting into subunits that fall below the regulatory threshold. We show that these actions are consistent with observed discontinuities in the distributions of firm size and employment composition. We extend the framework proposed by Garicano et al. (2016) to model and estimate the Peruvian economy and perform counterfactual exercises. Size-dependent regulations are costly for the economy, especially in the presence of labor market rigidities, and lead to lower aggregate wages, profits, and output. We also find that access to informal labor does not mitigate the economic impact of the size-dependent regulations, as the increase in informal employment is largely offset by a decline in formal employment.

Business enterprises --- Corporate reorganizations --- Corporations --- Reorganization of corporations --- Industrial management --- Consolidation and merger of corporations --- Business organizations --- Businesses --- Companies --- Enterprises --- Firms --- Organizations, Business --- Business --- Government policy. --- Political aspects. --- Reorganization --- Labor --- Macroeconomics --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Wages, Compensation, and Labor Costs: General --- Labor Economics: General --- Labor Demand --- Labour --- income economics --- Labor demand --- Labor costs --- Labor economics --- Economic theory --- Labor market --- Peru

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The paper assesses the price and wage flexibility in Hong Kong SAR. At the aggregate level, it compares Hong Kong SAR with the United States, the United Kingdom and Singapore by examining the three commonly used macroeconomic relationships among inflation, unemployment, wage growth, and output fluctuations. At the industry level, the paper compares the distributions of labor earnings and price growth in Hong Kong SAR and the United States. It further estimates a model of wage formation under downward nominal wage rigidity to compare the extent of wage rigidity in Hong Kong SAR and the United States. Overall, the comparisons show that broadly speaking, price and wage adjustments are more flexible in Hong Kong SAR than other economies.

Wages --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Labor --- Macroeconomics --- Wage Level and Structure --- Wage Differentials --- Price Level --- Inflation --- Deflation --- Wages, Compensation, and Labor Costs: General --- Labor Economics: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Wage adjustments --- Labor markets --- Price adjustments --- Labor economics --- Labor market --- Hong Kong Special Administrative Region, People's Republic of China