On The Impact Of Structural Reforms On Output And Employment

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On the Impact of Structural Reforms on Output and Employment

Luiza Antoun de Almeida,Vybhavi Balasundharam
On the Impact of Structural Reforms on Output and Employment Book PDF

Author : Luiza Antoun de Almeida,Vybhavi Balasundharam
Publisher : International Monetary Fund
Page : 36 pages
File Size : 50,9 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484351772

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On the Impact of Structural Reforms on Output and Employment by Luiza Antoun de Almeida,Vybhavi Balasundharam Pdf

This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms.

When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies

MissAnna Rose Bordon,Mr.Christian Ebeke,Ms.Kazuko Shirono
When Do Structural Reforms Work On the Role of the Business Cycle and Macroeconomic Policies Book PDF

Author : MissAnna Rose Bordon,Mr.Christian Ebeke,Ms.Kazuko Shirono
Publisher : International Monetary Fund
Page : 28 pages
File Size : 46,5 Mb
Release : 2016-03-15
Category : Business & Economics
ISBN : 9781513589923

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When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies by MissAnna Rose Bordon,Mr.Christian Ebeke,Ms.Kazuko Shirono Pdf

Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.

Structural Reforms

Jakob de Haan,Jante Parlevliet
Structural Reforms Book PDF

Author : Jakob de Haan,Jante Parlevliet
Publisher : Springer
Page : 284 pages
File Size : 43,5 Mb
Release : 2018-03-22
Category : Political Science
ISBN : 9783319744001

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Structural Reforms by Jakob de Haan,Jante Parlevliet Pdf

This book presents a selection of contributions on the timely topic of structural reforms in Western economies, written by experts from central banks, the International Monetary Fund, and leading universities. It includes latest research on the impacts of structural reforms on the market economy, especially on the labor market, and investigates the results of collective bargaining in theory and practice. The book also comprises case studies of structural reforms. A literature survey on the topic serves as a valuable source for further research. The book is written by and targeted at both academics and policy makers.

Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina

Ms.Lusine Lusinyan
Assessing the Impact of Structural Reforms Through a Supply side Framework The Case of Argentina Book PDF

Author : Ms.Lusine Lusinyan
Publisher : International Monetary Fund
Page : 29 pages
File Size : 52,8 Mb
Release : 2018-08-03
Category : Business & Economics
ISBN : 9781484362990

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Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina by Ms.Lusine Lusinyan Pdf

The paper uses a supply-side framework based on a production function approach to assess the role of structural reforms in boosting long-term GDP growth in Argentina. The impact of product, labor, trade, and tax reforms on each supply-side channel—capital accumulation, labor utilization, and total factor productivity, proxied with an efficiency estimate—is assessed separately and then combined to derive the total impact on growth. The largest effect of structural reforms, involving regulatory changes that promote competition and facilitate flexible forms of employment, comes through the productivity/efficiency channel. Pro-competition regulation also improves labor utilization, while lower entry barriers and trade tariffs are important for capital accumulation. Structural reforms could have substantial effects on Argentina’s long-term GDP growth; for example, an ambitious reform effort to improve business regulatory environment would add 1–11⁄2 percent to average annual growth of GDP.

Labor and Product Market Reforms in Advanced Economies

Angana Banerji,Mr.Valerio Crispolti,Ms.Era Dabla-Norris,Mr.Romain A Duval,Mr.Christian H Ebeke,Davide Furceri,Mr.Takuji Komatsuzaki,Mr.Tigran Poghosyan
Labor and Product Market Reforms in Advanced Economies Book PDF

Author : Angana Banerji,Mr.Valerio Crispolti,Ms.Era Dabla-Norris,Mr.Romain A Duval,Mr.Christian H Ebeke,Davide Furceri,Mr.Takuji Komatsuzaki,Mr.Tigran Poghosyan
Publisher : International Monetary Fund
Page : 120 pages
File Size : 54,6 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475583977

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Labor and Product Market Reforms in Advanced Economies by Angana Banerji,Mr.Valerio Crispolti,Ms.Era Dabla-Norris,Mr.Romain A Duval,Mr.Christian H Ebeke,Davide Furceri,Mr.Takuji Komatsuzaki,Mr.Tigran Poghosyan Pdf

Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns about their distributive and short-term economic effects. Our analysis, based on new empirical and numerical analysis and country case-studies shows that most labor and product market reforms can improve public debt dynamics over the medium-term. This because reforms raise output by boosting employment and/or labor productivity. But the effect of some labor market reforms on budgetary outcomes and fiscal sustainability depends critically on business cycle conditions. Our evidence also suggests that some temporary and well-designed up-front fiscal stimulus can help enhance the economic impact of reforms. In the past, countries have used fiscal incentives in the past to facilitate reforms by alleviating transition and social costs. But strong ownership of reforms was crucial for their successful implementation.

Structural Reform Packages, Sequencing, and the Informal Economy

Zsuzsa Munkacsi,Mr.Magnus Saxegaard
Structural Reform Packages Sequencing and the Informal Economy Book PDF

Author : Zsuzsa Munkacsi,Mr.Magnus Saxegaard
Publisher : International Monetary Fund
Page : 54 pages
File Size : 55,6 Mb
Release : 2017-05-26
Category : Business & Economics
ISBN : 9781484302101

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Structural Reform Packages, Sequencing, and the Informal Economy by Zsuzsa Munkacsi,Mr.Magnus Saxegaard Pdf

This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequencing. The unofficial sector is a major determinant of the sign, and, in particular, the magnitude of responses. South Africa, an emerging country, is considered when Bayesian estimating the model. Regarding the long run, both labor and product market reforms considerably increase output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs, for example, a decrease in household consumption, net exports or output, or a decrease in competition. Combining reforms, especially with product market deregulation, are good at reducing short-term costs. Finally, concerning the speed of adjustment, it is usually better to start with a labor market reform.

Economic Reforms, Growth and Employment

Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Economic Reforms Growth and Employment Book PDF

Author : Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean
Publisher : Santiago, Chile : ECLAC
Page : 228 pages
File Size : 55,6 Mb
Release : 2001
Category : Capital market
ISBN : UCSD:31822029884756

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Economic Reforms, Growth and Employment by Jürgen Weller,United Nations. Economic Commission for Latin America and the Caribbean Pdf

In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Analysing the impact of the reforms on employment it is argued that expectations were not fulfilled with respect to the operation of the labour markets. The reforms limited the expansion of employment in some sectors, particularly in tradeable goods. They also created a bias in labour demad for better educated workers which exacerbates inequality. It is thus made clear that the region faces major challenges both in increasing the number of jobs and improving job equality.

On the Impact of Structural Reforms on Output and Employment

Luiza Antoun de Almeida,Vybhavi Balasundharam
On the Impact of Structural Reforms on Output and Employment Book PDF

Author : Luiza Antoun de Almeida,Vybhavi Balasundharam
Publisher : International Monetary Fund
Page : 35 pages
File Size : 40,7 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484350393

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On the Impact of Structural Reforms on Output and Employment by Luiza Antoun de Almeida,Vybhavi Balasundharam Pdf

This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms.

Structural Reform in Germany

Mr.Tom Krebs,Mr.Martin Scheffel
Structural Reform in Germany Book PDF

Author : Mr.Tom Krebs,Mr.Martin Scheffel
Publisher : International Monetary Fund
Page : 59 pages
File Size : 55,7 Mb
Release : 2016-04-26
Category : Business & Economics
ISBN : 9781484340059

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Structural Reform in Germany by Mr.Tom Krebs,Mr.Martin Scheffel Pdf

This paper provides a quantitative evaluation of the macroeconomic, distributional, and fiscal effects of three reform proposals for Germany: i) a reduction in the social security tax in the low-wage sector, ii) a publicly financed expansion of full-day child care and full-day schooling, and iii) the further deregulation of the professional services sector. The analysis is based on a macroeconomic model with physical capital, human capital, job search, and household heterogeneity. All three reforms have positive short-run and long-run effects on employment, wages, and output. The quantitative effects of the deregulation reform are relatively small due to the smal size of professional services in Germany. Policy reforms i) and ii) have substantial macroeconomic effects and positive distributional consequences. Ten years after implementation, reforms i) and ii) taken together increase employment by 1.6 percent, potential output by 1.5 percent, real hourly pre-tax wages in the low-wage sector by 3 percent, and real hourly pre-tax wages of women with children by 2.7 percent. The two reforms create fiscal deficits in the short run, but they also generate substantial fiscal surpluses in the long-run. They are fiscally efficient in the sense that the present value of short-term fiscal deficits and long-term surpluses is positive for any interest (discount) rate less than 9 percent.

Assessing the Macroeconomic Impact of Structural Reforms in Chile

Metodij Hadzi-Vaskov
Assessing the Macroeconomic Impact of Structural Reforms in Chile Book PDF

Author : Metodij Hadzi-Vaskov
Publisher : International Monetary Fund
Page : 25 pages
File Size : 42,5 Mb
Release : 2018-12-14
Category : Business & Economics
ISBN : 9781484392508

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Assessing the Macroeconomic Impact of Structural Reforms in Chile by Metodij Hadzi-Vaskov Pdf

This study investigates the likely macroeconomic impact of various structural reforms that align the Chilean regulatory framework with international best practices. In this context, the analysis: i) presents a comparison across a large set of structural indicators; ii) identifies policy gaps with respect to OECD countries; and iii) provides quantification of the likely growth and fiscal impact of policy reforms needed to close the gaps. Chile’s economy is likely to benefit from streamlining business regulation and licensing, strengthening innovation and R&D capacity, improving labor market flexibility, and enhancing active labor market policies. Overall, the study presents a scenario in which Chile closes structural gaps with OECD’s 25th percentile over five years, with up to 6 percent higher output level and a cumulative net fiscal gain of about 1⁄2 percent of GDP.

Structural Reform and Macroeconomic Policy

R. Solow
Structural Reform and Macroeconomic Policy Book PDF

Author : R. Solow
Publisher : Springer
Page : 170 pages
File Size : 50,6 Mb
Release : 2004-06-29
Category : Business & Economics
ISBN : 9780230524446

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Structural Reform and Macroeconomic Policy by R. Solow Pdf

The relation between structural reform and macroeconomic policy underlies the widespread perception that the large European economies have under-performed in the past decade in comparison both with their own standards and with the contemporaneous performance of the United States. This book, edited and introduced by Noel Laureate Robert M. Solow, provides analyses of how these economies could take a co-ordinated and simultaneous approach to reform in labour and product markets and the demand side.

Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco

Hippolyte W. Balima,Olivier Bizimana,Ananta Dua
Assessing the Impact of Structural Reforms on Potential Output The Case of Morocco Book PDF

Author : Hippolyte W. Balima,Olivier Bizimana,Ananta Dua
Publisher : International Monetary Fund
Page : 34 pages
File Size : 47,8 Mb
Release : 2023-10-27
Category : Business & Economics
ISBN : 9798400258411

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Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco by Hippolyte W. Balima,Olivier Bizimana,Ananta Dua Pdf

This paper assesses Morocco’s potential output and the scope for structural reforms to reverse the downward trend in economic performance observed since the Global Financial Crisis. Using multivariate filtering (MVF) techniques, our analysis finds that the downward secular trend in potential growth was primarily driven by the decline in the contribution of labor inputs. We then combine production function and general equilibrium model approaches to provide estimates of the potential macroeconomic impact of Morocco’s structural reform agenda. The results suggest that the planned structural reforms could deliver sizable output gains in the medium to long term with reforms that would reduce the large gender gap in Morocco’s labor market yielding the greatest payoffs.

Structural Reforms Without Prejudices

Tito Boeri,Micael Castanheira,Riccardo Faini,Vincenzo Galasso
Structural Reforms Without Prejudices Book PDF

Author : Tito Boeri,Micael Castanheira,Riccardo Faini,Vincenzo Galasso
Publisher : OUP Oxford
Page : 328 pages
File Size : 55,7 Mb
Release : 2006-06-15
Category : Business & Economics
ISBN : 9780191525315

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Structural Reforms Without Prejudices by Tito Boeri,Micael Castanheira,Riccardo Faini,Vincenzo Galasso Pdf

Our economies face constant challenges from many different directions. Structural reforms are implemented every day, either to grasp the benefits of globalization and technological change, or to avoid foundering on unaffordable welfare systems or the rise of new economies. Despite this flurry of reforms, many of their effects are insufficiently understood. What makes reforms a success or a failure? Why do we witness systematically ambivalent attitudes to reforms? Can governments implement reforms differently, without inflicting prejudice to large fringes of the population? This book explores these issues by comparing a number of reforms, across a large set of countries and sectors. First, through an innovative multisectorial input-output analysis, the authors compare the effects of liberalisation reforms in the telecommunication and electricity sectors across Europe. Surprisingly, they find that very similar and well-intended reforms can generate highly contrasted outcomes. It is also shown that governments must consider the effects of each reform on all sectors of the economy. Second, the authors explore how governments can tailor their reform strategy to alter the redistributive effects of reforms. They show that the government's approach to reforms has been very different across time and across countries. A government's approach depends on local institutions, on the nature of the opposition, and on the scope of the reform under way. The authors, however, show that governments do have alternatives. Often, there are ways to tailor reforms so as to protect specific parts of the population; and there are ways to experiment gradually, to avoid costly policy mistakes.

Who Dares, Wins

Mr.Christian H Ebeke
Who Dares Wins Book PDF

Author : Mr.Christian H Ebeke
Publisher : International Monetary Fund
Page : 33 pages
File Size : 51,5 Mb
Release : 2017-06-28
Category : Business & Economics
ISBN : 9781475595857

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Who Dares, Wins by Mr.Christian H Ebeke Pdf

The paper shows that investors value the adoption of structural reforms by lending at lower cost. The reform-induced reduction of long-term yields is bigger when reforms are initiated in good times and in countries facing high borrowing costs. Importantly, there is no statistical evidence that markets systematically punish countries that launch reforms concomitantly with fiscal stimulus. The paper also finds that the social context matters: structural reforms lead to a short-lived overshooting of yields when followed by strikes or lockouts. Controlling for endogeneity issues does not reject the central finding of the paper. These results are economically plausible and confirmed even after using sovereign credit ratings as an alternative dependent variable. These results have two main implications: (i) on average, labor market reforms lower borrowing costs; and (ii) country-specific circumstances also play a role.

Staff Note for the G-20—A Guiding Framework for Structural Reforms

International Monetary Fund
Staff Note for the G 20 A Guiding Framework for Structural Reforms Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 16 pages
File Size : 46,9 Mb
Release : 2016-01-04
Category : Business & Economics
ISBN : 9781498345798

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Staff Note for the G-20—A Guiding Framework for Structural Reforms by International Monetary Fund Pdf

This note responds to a request from the G20 for IMF assistance in helping develop priorities and guiding principles for structural reforms. Structural reforms have long been a central element of the G20’s strategy of achieving job-rich growth, and G20 countries have made over 1,000 structural policy commitments in their national growth strategies. However, implementation of these commitments has been relatively weak so far. Faster progress on structural reforms is therefore needed to support growth in the near term and bolster potential growth in the medium term—and more generally to make economies more innovative, flexible, and resilient.