Policymakers should encourage financial innovation by using regulatory processes and approaches that promote flexible oversight, including stakeholder engagement, coordination, experimentation, alternative supervision, and regtech.
Innovation Policy
November 4, 2019
October 17, 2019
Restrictive rules holding back innovation in the financial sector should be updated to bolster Canada’s productivity. The authors examine the contribution of the financial services sector to Canada’s productivity growth and find it has been underwhelming, considering its potential. The financial services sector employs relatively more Canadians with postsecondary and postgraduate education than do other sectors, and promotes growth and productivity within the other complementary sectors that serve it. As a result, any increase of productivity in the financial sector has an outsized effect on Canada’s productivity at large. The report lays out how regulatory changes could improve the contribution of the financial sector to productivity by increasing competition through the development of fintechs (financial technology), and by bolstering lending to small and medium sized businesses (SMEs), through measures including a switch from a focus on mortgage lending to business lending.
October 17, 2019
The India Innovation Index examines the innovation ecosystem of Indian states and union territories. The objective of the Index is to help policymakers design policies aimed at driving innovation across regions. For a country as large as India, the state of innovation needs to be understood at the regional level for effective policy formulation. A policy just at the national level is not enough. Each state needs to formulate its own policy, based on its unique resources and strengths and which caters to its specific needs.
October 15, 2019
The use of robotics will increase productivity and has the potential to bring more manufacturing production work back to developed countries. As productivity increases, labor is likely to receive a significant share of the benefits.
October 11, 2019
Canada lags behind other developed nations when it comes to innovation. From declining investments in research and development to a lack of competitive productivity, our economy seems to show clear symptoms of “innovation sickness.” Ottawa’s traditional approach to innovation has focused on deficit spending, corporate welfare, and subsidies toward certain favoured businesses. In large part, these policies have failed to spur meaningful increases in productivity or inspire serious gains in innovation as they fail to address the core drivers of innovation. If a new government wants to really boost innovation in Canada, it should do more to strengthen IP rights and curb IP theft and counterfeiting, lower taxes, direct funding to basic research, and encourage commercialization of university research.
September 26, 2019
The advent of the digital age has radically changed the way Canadians create and consume cultural content. However, despite the radical changes in economic and technological forces, Canada’s broadcasting and cultural policy frameworks remain stuck in the 1960s. Because of this outdated, domestic-facing policy framework, the paper makes the case that Canadian creators and producers are falling behind in the new, dynamic global marketplace. Rather than promoting Canadian content, the current model effectively serves to limit high-quality Canadian-created or produced movies, shows, and other products. Thus, Golick and Speer argue that policy-makers ought to act ambitiously when it comes to updating the cultural policy framework for the digital age. This would require leveraging the new and evolving digital revolution to cultivate a dynamic and ultimately self-sufficient cultural industry.
September 23, 2019
Despite concern over climate change, global carbon emissions continue to rise. Reversing the trend requires clean energy innovation. It is time for Mission Innovation member nations to make good on their commitment to double clean energy RD&D.
September 18, 2019
The training participation of the low-skilled has increased significantly in recent decades.In order to further strengthen the continuing education participation of semi-skilled and unskilled workers, all stakeholders are in demand: Companies should increasingly offer jobs on which workplace-oriented learning is possible and competences can be acquired. Even learning guides who ensure that certain skills are learned as part of the daily work process are important for the low-skilled.
September 2, 2019
The Greens, Intelligent and Creative Cities (VIC) are living organisms that grow, develop and evolve to the extent that its residents make them. They must be understood as complex social, economic and political ecosystems , highly dynamic and subject to the accelerated transformations of the Fourth Industrial Revolution.
July 10, 2019
The Philippine Institute for Development Studies (PIDS) has released its annual report for 2018 detailing its accomplishments in research, policy recommendation, and collaboration in the following fields: Agriculture, natural resources, and environmental management; human development, labor markets, and poverty; institutions, law, and economics; macroeconomics, finance, and growth; public economics and governance; regional, urban, and rural development; science, technology, and innovation; and trade and industry and international economy.