Can the financial sector continue to be the main growth engine?

in OECD Economics Department Working Papers (2009)

The financial sector has emerged as the main economic engine over the past two decades. The comparative advantages of placing financial activities in Luxembourg have mostly been in terms of an adaptive ... [more ▼]

The financial sector has emerged as the main economic engine over the past two decades. The comparative advantages of placing financial activities in Luxembourg have mostly been in terms of an adaptive legislative and regulatory framework and low taxation. As a result, Luxembourg is today one of the main international centres for investment funds. Besides the sector’s direct and indirect employment effects, the most important effect is the large tax revenue generating capacity of the sector, accounting directly for over 20% of aggregate tax revenues. On the other hand, these tax revenues are volatile as the sector is highly sensitive to developments in international financial markets. Indeed, past downturns in international financial markets have tended to lead to a sharp slowdown of growth in the economy as well as in revenues, pointing to potential large risks associated with the current turmoil in international financial markets. Besides these short-term considerations, a lower trend growth rate of the sector is likely over the medium term. The main activities of the sector are in middle and back offices dealing with financial administration which, with new IT technologies, will tend to be increasingly outsourced. At the same time, the sector is having problems in attracting highly specialised talent to enter higher value front office activities. Over the longer term, international competition will continue to exert pressures that may eventually erode Luxembourg’s position. The extent of the decline in the sector’s trend growth depends on the ability to maintain and expand the attractiveness of investing and working in Luxembourg. Achieving this will depend on being able to adjust tax, infrastructure, and housing policies to attract foreign talent while updating and increasing the transparency of financial sector regulation. [less ▲]

Einblicke in das Befinden und Erleben von Lehrpersonen bei der Zusammenarbeit in der integrativen Schulform

Article for general public (2009)

Faire sens et faire science : deux missions conjointes des formations en aménagement-urbanisme ?

in Urbanisme (2009), (364), 53-55

Bilaterales Training im Sport: Sollen Ausführungsversuche mit der dominanten oder nicht-dominanten Körperseite überwiegen?

in Baumgärtner, S.; Hänsel, F.; Wiemeyer, J. (Eds.) Informations- und Kommunikationstechnologien im Sport (2009, January)

Analyse des acquis de l’expérience professionnelle des personnes faiblement qualifiées

Scientific Conference (2009, January)

Effekte einer partiellen Selbststeuerung auf individualtaktische Lernprozesse von Novizen und Experten

Scientific Conference (2009, January)

Selbst- vs. fremdgesteuertes extrinsisches Feedback bei der Optimierung der Gleichgewichtsleistung

Scientific Conference (2009, January)

About Pedagogization: From the Perspective of the History of Education

in Smeyers, Paul; Depaepe, Marc (Eds.) Educational Research: the Educationalization of Social Problems, 3 (2009)

« LU » - Etape importante entre « Fibeltest » et « Pirls »

in Mélanges pour Georges Wirtgen (2009)

Le secteur public

in Economie et Statistique (2009), 34

En presence d'une main-d'ceuvre etrangere de plus en plus nombreuse et qualifiee, les Luxembourgeois constituent desormais moins de trois salaries sur dix dans leur propre pays. Parmi les fonctionnaires ... [more ▼]

En presence d'une main-d'ceuvre etrangere de plus en plus nombreuse et qualifiee, les Luxembourgeois constituent desormais moins de trois salaries sur dix dans leur propre pays. Parmi les fonctionnaires et les salaries dont l'employeur est de droit public, ils sont pourtant surrepresentes. Ce constat a incite plusieurs analystes a parler d'un repli des Luxembourgeois dans un secteur refuge ou secteur "protege", sans qu'aucune definition precise du secteur, ni description chiffree de ce mouvement n'aient jamais ete donnees. La presente etude s'attache avant tout a exposer une definition du secteur public qui permette un suivi historique et des comparaisons dans le temps. La situation en 2008 sera decrite en detail et confrontee ensuite a celle de 1995. Par ailleurs, une analyse dynamique permettra d'identifier les mobilites professionnelles a destination du secteur public et au depart de celui-ci. [less ▲]