The Short Term Impact Of Product Market Reforms

The Short Term Impact Of Product Market Reforms Book in PDF, ePub and Kindle version is available to download in english. Read online anytime anywhere directly from your device. Click on the download button below to get a free pdf file of The Short Term Impact Of Product Market Reforms book. This book definitely worth reading, it is an incredibly well-written.

The Short-Term Impact of Product Market Reforms

Peter N. Gal,Alexander Hijzen
The Short Term Impact of Product Market Reforms Book PDF

Author : Peter N. Gal,Alexander Hijzen
Publisher : International Monetary Fund
Page : 71 pages
File Size : 41,9 Mb
Release : 2016-06-10
Category : Business & Economics
ISBN : 9781475516852

Get Book

The Short-Term Impact of Product Market Reforms by Peter N. Gal,Alexander Hijzen Pdf

This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level data based on Orbis. It provides four key insights. First, product market reforms have positive effects on capital, output and employment and their effects increase over time. After two years, they raise capital by 4%, output by 3% and employment by 1.5%. Second, differences in production technology and the nature of product market regulations across sectors generate important differences in the mechanisms through which reforms operate. In network industries, reforms tend to benefit small firms, while the opposite is observed in retail trade. Product market reforms also promote firm entry, particularly those that reduce entry barriers. Third, credit constraints can play an important role in weakening the positive impact of product market reform on investment. Fourth, product market reforms also tend to have positive effects on firms in downstream sectors—both at home and abroad—that make intensive use of intermediate inputs from deregulated sectors.

Product Market Deregulation and Growth

Romain Bouis,Mr.Romain A Duval,Johannes Eugster
Product Market Deregulation and Growth Book PDF

Author : Romain Bouis,Mr.Romain A Duval,Johannes Eugster
Publisher : International Monetary Fund
Page : 26 pages
File Size : 44,7 Mb
Release : 2016-06-09
Category : Business & Economics
ISBN : 9781484385029

Get Book

Product Market Deregulation and Growth by Romain Bouis,Mr.Romain A Duval,Johannes Eugster Pdf

The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform shocks and sector-level outcomes for five network industries (electricity and gas, land transport, air transport, postal services, and telecommunications) in twenty-six countries spanning over three decades. The use of a threedimensional panel and careful instrumentation of reform shocks using external instruments enables us to control for economy-wide macroeconomic shocks and address possible sources of omitted variable bias more broadly. Using a local projection method, we find that major reductions in barriers to entry yield large increases in output and labor productivity over a five-year horizon, concomitant with a relative price decline. By contrast, there is only a weak positive effect on sectoral employment, and investment is essentially unaffected, suggesting that output gains from reform primarily reflect higher total factor productivity. It takes some time for these gains to materialize: effects become statistically significant two to three years after the reform, as prices start dropping, and productivity and output increase significantly. However, there is no evidence of any negative short-term cost from reform, including under weak macroeconomic conditions. These findings provide a clear case for intensifying product market reform efforts in advanced economies at the current juncture of weak growth.

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

Mr.Romain A Duval,Davide Furceri,João Tovar Jalles
Labor and Product Market Reforms and External Imbalances Evidence from Advanced Economies Book PDF

Author : Mr.Romain A Duval,Davide Furceri,João Tovar Jalles
Publisher : International Monetary Fund
Page : 31 pages
File Size : 41,7 Mb
Release : 2021-02-26
Category : Business & Economics
ISBN : 9781513570747

Get Book

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies by Mr.Romain A Duval,Davide Furceri,João Tovar Jalles Pdf

We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroeconomic conditions. Our results are broadly consistent with predictions from recent DSGE models with endogenous producer entry and labor market frictions.

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 : 55,5 Mb
Release : 2016-03-15
Category : Business & Economics
ISBN : 9781513589923

Get Book

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.

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 : 50,5 Mb
Release : 2017-03-13
Category : Business & Economics
ISBN : 9781475583977

Get Book

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.

Product Market Deregulation and Growth

Romain Bouis
Product Market Deregulation and Growth Book PDF

Author : Romain Bouis
Publisher : Unknown
Page : 27 pages
File Size : 41,5 Mb
Release : 2016
Category : Electronic
ISBN : OCLC:1305850698

Get Book

Product Market Deregulation and Growth by Romain Bouis Pdf

The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform shocks and sector-level outcomes for five network industries (electricity and gas, land transport, air transport, postal services, and telecommunications) in twenty-six countries spanning over three decades. The use of a three dimensional panel and careful instrumentation of reform shocks using external instruments enables us to control for economy-wide macroeconomic shocks and address possible sourcesof omitted variable bias more broadly. Using a local projection method, we find that major reductions in barriers to entry yield large increases in output and labor productivity over a five-year horizon, concomitant with a relative price decline. By contrast, there is only a weak positive effect on sectoral employment, and investment is essentially unaffected, suggesting that output gains from reform primarily reflect higher total factor productivity. It takes sometime for these gains to materialize: effects become statistically significant two to three years after the reform, as prices start dropping, and productivity and output increase significantly.However, there is no evidence of any negative short-term cost from reform, including underweak macroeconomic conditions. These findings provide a clear case for intensifying product market reform efforts in advanced economies at the current juncture of weak growth.

Macroeconomic Impact of Product and Labor Market Reforms on Informality and Unemployment in India

Rahul Anand,Purva Khera
Macroeconomic Impact of Product and Labor Market Reforms on Informality and Unemployment in India Book PDF

Author : Rahul Anand,Purva Khera
Publisher : International Monetary Fund
Page : 59 pages
File Size : 51,8 Mb
Release : 2016-03-07
Category : Business & Economics
ISBN : 9781513557878

Get Book

Macroeconomic Impact of Product and Labor Market Reforms on Informality and Unemployment in India by Rahul Anand,Purva Khera Pdf

This paper investigates the implications of lowering formal regulations in labor and product markets on informality and macroeconomic outcomes in India. We estimate a DSGE model with an informal sector, and rigidities in the formal labor and product markets. Along with increasing GDP and employment, deregulation also leads to lower informality and greater product market competition. Slow reallocation of resources between the formal and informal sectors leads to some adverse impacts in the short run that can be minimized by implementing a combined package of reforms. These impacts are shown to be greater in an economy with a larger informal sector.

The Impact of Product Market Reforms on Firm Productivity in Italy

Mr.Sergi Lanau,Petia Topalova
The Impact of Product Market Reforms on Firm Productivity in Italy Book PDF

Author : Mr.Sergi Lanau,Petia Topalova
Publisher : International Monetary Fund
Page : 25 pages
File Size : 45,8 Mb
Release : 2016-06-15
Category : Business & Economics
ISBN : 9781475524925

Get Book

The Impact of Product Market Reforms on Firm Productivity in Italy by Mr.Sergi Lanau,Petia Topalova Pdf

This paper examines the role of removing obstacles to competition in product markets in raising growth and productivity. Using firm-level data from Italy during 2003–13 and OECD measures of product market regulation, we estimate the effect of deregulation in network sectors on value added and productivity of firms in these sectors, as well as firms using these intermediates in their production processes. We find evidence of a significant positive impact. These effects are more pronounced in Italian provinces with more efficient public administration, underscoring the complementarities of advancing public administration and product market reforms simultaneously.

The Macroeconomic Effects of Labor and Product Market Reforms in Morocco

Mr.Babacar Sarr,Mokhtar Benlamine,Zsuzsa Munkacsi
The Macroeconomic Effects of Labor and Product Market Reforms in Morocco Book PDF

Author : Mr.Babacar Sarr,Mokhtar Benlamine,Zsuzsa Munkacsi
Publisher : International Monetary Fund
Page : 35 pages
File Size : 45,7 Mb
Release : 2019-10-11
Category : Business & Economics
ISBN : 9781513513768

Get Book

The Macroeconomic Effects of Labor and Product Market Reforms in Morocco by Mr.Babacar Sarr,Mokhtar Benlamine,Zsuzsa Munkacsi Pdf

This paper studies the macroeconomic effects and sequencing of (LMRs) and product (PMRs) market reforms in Morocco. It finds that introducing LMRs and PMRs simultaneously would add about 2.5 percentage points (pp) of GDP growth and reduce unemployment by about 2.2 pp after five years. If sequencing is required, starting with PMRs would be more effective in boosting output, while starting with LMRs would reduce unemployment faster. Finally, increasing unemployment benefits would be more effective if this reform takes place after the implementation of LMRs and PMRs.

World Economic Outlook, April 2016

International Monetary Fund. Research Dept.
World Economic Outlook April 2016 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 230 pages
File Size : 46,6 Mb
Release : 2016-04-12
Category : Business & Economics
ISBN : 9781475561999

Get Book

World Economic Outlook, April 2016 by International Monetary Fund. Research Dept. Pdf

Major macroeconomic realignments are affecting prospects differentially across the world’s countries and regions. The April 2016 WEO examines the causes and implications of these realignments—including the slowdown and rebalancing in China, a further decline in commodity prices, a related slowdown in investment and trade, and declining capital flows to emerging market and developing economies—which are generating substantial uncertainty and affecting the outlook for the global economy. Additionally, analytical chapters examine the slowdown in capital flows to emerging market economies since their 2010 peak—its main characteristics, how it compares with past slowdowns, the factors that are driving it, and whether exchange rate flexibility has changed the dynamics of the capital inflow cycle—and assess whether product and labor market reforms can improve the economic outlook in advanced economies, looking at the recent evolution and scope for further reform, the channels through which reforms affect economic activity under strong versus weak economic conditions, reforms’ short- to medium-term macroeconomic effects, and sequencing of reforms and coordination with other policies to maximize their potential quantitative economic benefits. A special feature analyzes in depth the energy transition in an era of low fossil fuel prices.

Economic Policy Reforms 2012 Going for Growth

OECD
Economic Policy Reforms 2012 Going for Growth Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 223 pages
File Size : 45,6 Mb
Release : 2012-02-24
Category : Electronic
ISBN : 9789264168442

Get Book

Economic Policy Reforms 2012 Going for Growth by OECD Pdf

Going for Growth is the OECD’s annual report highlighting developments in structural policies in OECD countries. It identifies structural reform priorities to boost real income for each OECD country and key emerging economies.

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 : 40,6 Mb
Release : 2017-05-26
Category : Business & Economics
ISBN : 9781484302101

Get Book

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.

Finance & Development, December 2012

International Monetary Fund
Finance Development December 2012 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 60 pages
File Size : 43,7 Mb
Release : 2012-11-30
Category : Business & Economics
ISBN : 9781475576122

Get Book

Finance & Development, December 2012 by International Monetary Fund Pdf

By combating malaria with mosquito nets or building schools and providing basic sanitation, philanthropy is helping transform the developing world. Rich donors are devoting fortunes—many of them earned through computer software, entertainment, and venture capitalism— to defeating poverty and improving lives, supplementing and in some cases surpassing official aid channels.From billionaires Bill and Melinda Gates and Warren Buffett to Aliko Dangote and George Soros, the titans of capitalism are backing good causes with their cash. Whether financing new vaccines, building libraries, or buying up Amazon rain forest to protect the environment, philanthropists are supporting innovations and new approaches that are changing lives and building dreams.This issue of F&D looks at the world of targeted giving and social entrepreneurship.“ Philanthropy’s role is to get things started,” says Microsoft co-founder Bill Gates, who is the world’s most generous giver. “We used foundation funds to set up a system to make market forces work in favor of the poor.” He says that catalytic philanthropy can make a big difference. “Good ideas need evangelists. Forgotten communities need advocates.” Former U.S. President Bill Clinton tells us that networks of creative cooperation between government, business, and civil society can get things done better to solve the world’s most pressing problems.Also in this issue, Prakash Loungani profiles superstar economist Jeffrey Sachs, who helped campaign for debt relief for developing economies and championed the Millennium Development Goals. We look at how, instead of spending commodity price windfalls on physical investments, which are often sources of corruption, governments of poor countries are sometimes well advised to hand some of the income over to their citizens. We examine moves by major central banks to ease our way out of the crisis enveloping advanced economies in our Data Spotlight column, and we hear about how China’s growth inspires creativity in the West.

Canada

International Monetary Fund. Western Hemisphere Dept.
Canada Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 88 pages
File Size : 42,8 Mb
Release : 2017-07-13
Category : Business & Economics
ISBN : 9781484309728

Get Book

Canada by International Monetary Fund. Western Hemisphere Dept. Pdf

This 2017 Article IV Consultation highlights that Canadian economy has regained momentum, supported by the authorities’ pro-active growth strategy, but complex adjustments are still at play. Although personal consumption is robust, business investment remains weak, nonenergy exports have underperformed, and housing market imbalances have risen. Externally, the global outlook has improved, but uncertainty surrounding global trade and risks of economic fragmentation may negatively affect the durability of the Canadian recovery. A strong United States economy, expansionary fiscal and monetary policy, and stable oil prices are expected to lift real GDP growth to 2.5 percent in 2017 and 1.9 percent in 2018. Residential construction is expected to expand at a more moderate pace, reflecting tighter macroprudential measures.

Economic Policy Reforms 2016 Going for Growth Interim Report

OECD
Economic Policy Reforms 2016 Going for Growth Interim Report Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 148 pages
File Size : 41,9 Mb
Release : 2016-02-26
Category : Electronic
ISBN : 9789264250086

Get Book

Economic Policy Reforms 2016 Going for Growth Interim Report by OECD Pdf

Going for Growth is the OECD’s regular report on structural reforms in policy areas that have been identified as priorities to boost incomes in OECD and selected non-OECD countries (Brazil, China, Colombia, India, Indonesia, Latvia, Russian Federation and South Africa).