This study investigates the rationale for issuing complex securities to retail investors. We focus on a large market of investment products targeted exclusively at households: retail structured products in Europe. We develop an economic measure of product complexity in this market via a text...

China has made impressive strides in education in recent decades, even though the accumulation of human capital has lagged behind that of physical capital. Going forward, access to and quality of education will be key to sustain economic convergence with the most advanced economies and to offset...

Intergovernmental fiscal frameworks usually reflect fundamental societal choices and history and are not foremost geared towards achieving economic policy objectives. Yet, like most institutional arrangements, fiscal relations affect the behaviour of firms, households and governments and thereby...

The unemployment rate among young people has reached painfully high levels, in particular among those young people with low levels of education. There are two crucial policy priorities to improve employment prospects for youth in Spain. First, in the very short term, there is need for quick...

The rapid expansion of education in Korea is exceptional and has played a key role in its economic development. Sustaining Korea’s growth potential in the face of demographic headwinds requires further improving the education system to boost productivity growth. One priority is to upgrade...

Overall, the education system fares well by international comparison. Slovenia has one of the highest shares of the population aged 25 to 64 to have completed at least upper secondary education, and ranks high in international educational achievement tests. Nevertheless, in some areas, reforms...

The tertiary education system in Canada performs well in fostering a skilled workforce with generally good labour-market outcomes and is internationally recognised for its research contributions. Tertiary educational attainment is high, but participation rates will need to continue expanding to...