Download or read book Assessing the Macroeconomic Impact of Structural Reforms The Case of Italy written by Ms.Lusine Lusinyan and published by International Monetary Fund. This book was released on 2013-01-24 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package of structural reforms. We find that these gains can be sizeable. While in most cases, the reforms go in the right direction, their impact would depend on effective and timely implementation. In some areas, especially in the labor market, reforms would benefit from further strengthening. The priorities should be to strengthen competition in the non-tradable sector and make the labor market more efficient and inclusive, supported by growth-friendly fiscal reforms.
Download or read book Italy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-07-10 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues Paper focuses on structural reforms and fiscal devaluation in Italy. Italy’s economy has a number of important strengths. Despite these strengths, Italy’s economic performance has lagged behind its peers. The authorities’ reform plans are under way in different sectors of the country. In most cases, if reforms go in the right direction, their impact would depend on consistent and prompt implementation. The model-based analysis also suggests that the potential gains to the economy from deeper reforms can be sizable.
Download or read book OECD Economic Surveys Italy 2013 written by OECD and published by OECD Publishing. This book was released on 2013-05-02 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: OECD's 2013 Economic Survey of Italy examines recent economic developments, policy and prospects. Its special chapter examines policy implemention: legislation, public administration and rule of law.
Download or read book Structural Reforms and Economic Performance in Advanced and Developing Countries written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2009-10-15 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
Download or read book Structural Reforms written by Jakob de Haan and published by Springer. This book was released on 2018-03-22 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Macroeconomic Effects of Japan s Demographics Can Structural Reforms Reverse Them written by Mariana Colacelli and published by International Monetary Fund. This book was released on 2018-11-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Yes, partly. This paper studies the potential role of structural reforms in improving Japan’s outlook using the IMF’s Global Integrated Monetary and Fiscal Model (GIMF) with newly-added demographic features. Implementation of a not-fully-believed path of structural reforms can significantly offset the adverse effect of Japan’s demographic headwinds — a declining and ageing population — on real GDP (by about 15 percent in the next 40 years), but would not boost inflation or contribute substantially to stabilizing public debt. Alternatively, implementation of a fully-credible structural reform program can contribute significantly to stabilizing public debt because of the resulting increase in inflation towards the Bank of Japan’s target, while achieving the same positive long-run effects on real GDP. If no reforms are implemented, severe demographic headwinds are expected to reduce Japan’s real GDP by over 25 percent in the next 40 years.
Download or read book Economic Policy Reforms 2015 Going for Growth written by OECD and published by OECD Publishing. This book was released on 2015-02-09 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication is the OECD’s annual report highlighting developments in structural policies in OECD countries and the key emerging economies.
Download or read book Structural Reform Packages Sequencing and the Informal Economy written by Zsuzsa Munkacsi and published by International Monetary Fund. This book was released on 2017-05-26 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Smart Fiscal Consolidation written by Galina Kolev and published by Wilfried Martens Centre for European Studies. This book was released on 2013-05-10 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: PDF downloadable for free from http://martenscentre.eu/publications/smart-fiscal-consolidation-strategy-achieving-sustainable-public-finances-and-growth Due to high government debt levels and the dangers of self-defeating austerity, smart fiscal consolidation measures are needed that foster economic growth. A thorough review of the relevant literature provides many useful insights. To regain credibility, a clearly communicated broad reform program (including structural reforms) is required. Targeting mainly public expenditures, rather than revenues, raises the chances of expansionary effects. The timing of consolidation should focus on adjustment in structural terms to leave room for automatic stabilisers. The main part of the study evaluates the impact of individual consolidation and fiscal reform measures on consolidation success, on economic growth (in the long and short term), and on social fairness.
Download or read book Achieving Dynamism in an Anaemic Europe written by Luigi Paganetto and published by Springer. This book was released on 2015-04-09 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the reasons behind Europe’s poor performance in terms of overall growth and its progressively diminishing role in the global context. Recognizing that the big challenge is to restore confidence and hope in Europe, potential solutions are discussed. The volume comprises a selection of contributions to the XXVI Villa Mondragone International Economic Seminar (Rome, 2014), the most recent of a series of seminars that have provided outstanding scholars with an opportunity to discuss key topics in economic research. In recent years the persistence of high unemployment and low growth has increased the Euroscepticism that has targeted the euro and the Brussels bureaucracy. Readers will find this book a fascinating source of information on current thinking regarding topics such as European industrial policy, European governance, unemployment, the euro and competitiveness, trade and financial integration, the Transatlantic Trade and Investment Partnership, anticorruption policies, and energy and climate policies. In particular, it examines the structural reforms and commitment to development that will be required for Europe to become a region characterized by social justice, dynamism, and opportunities for all.
Download or read book Italy written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-07-27 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes the competitiveness and wage bargaining reform in Italy. The growth of Italian exports has lagged that of euro area peers. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. The analysis also suggests substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points, lower unemployment (or higher employment) rate and a notable improvement in Italy’s competitiveness over the medium term.
Download or read book How to Gain the Most from Structural Conditionality of IMF Supported Programs written by Mr. Jochen R. Andritzky and published by International Monetary Fund. This book was released on 2021-05-13 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structural conditionality of IMF-supported programs is designed to support structural reforms by countries borrowing from the IMF. Taking stock of program conditions and their implementation, this paper finds that conditionality focuses on fiscal, monetary and financial issues—areas where IMF expertise is strong—and shies away from structural areas such as labor or product market reforms. Hence, tackling deep-rooted structural issues during IMF-supported programs often remained elusive. To ensure countries gain most from IMF conditionality, the paper outlines an evaluation matrix for prioritizing and designing structural reforms, and applies it to case studies.
Download or read book Competitiveness and Wage Bargaining Reform in Italy written by Mr.Alvar Kangur and published by International Monetary Fund. This book was released on 2018-03-16 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. Wage developments explain about 45 percent of the manufacturing unit labor cost gap with Germany. In a search-and-match DSGE model of the Italian labor market, this paper finds substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points lower unemployment (or higher employment) rate and a notable improvement in Italy’s competitiveness over the medium term.
Download or read book Long term Gain Short Term Pain written by Marika Santoro and published by International Monetary Fund. This book was released on 2015-12-29 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, I study the potential economic impact of the 2015-18 structural reform agenda in Chile, using the IMF dynamic general equilibrium model (GIMF). I find that the agenda has the potential to significantly increase Chile’s long-run GDP, although it may have some negative effects in the short term. Ensuring a smooth transition to a higher productive potential depends on three key dimensions: the credibility of the reforms, their effectiveness in closing structural gaps, and their speed of implementation. Badly designed reforms that remove only a very small fraction of the existing structural gaps, at a slow speed, and with little credibility, can greatly reduce the positive impact of the reform agenda on GDP.
Download or read book Italy Quantifying the Benefits of a Comprehensive Reform Package written by Michal Andrle and published by International Monetary Fund. This book was released on 2018-03-16 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy’s inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package of fiscal, financial, wage bargaining, and other structural reforms. Credible implementation of such a package yields substantial mediumterm dividends at negligible near-term growth costs. Real GDP growth is estimated to be substantially higher over the medium term, while the real effective exchange rate depreciates notably.
Download or read book IMF Research Bulletin Summer 2017 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2017-08-11 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Summer 2017 issue of the IMF Research Bulletin highlights new research such as recent IMF Working Papers and Staff Discussion Notes. The Research Summaries are “Structural Reform Packages, Sequencing, and the Informal Economy (by Zsuzsa Munkacsi and Magnus Saxegaard) and “A Broken Social Contract, Not High Inequality Led to the Arab Spring” (by Shantayanan Devarajan and Elena Ianchovichina). The Q&A section features “Seven Questions on Fintech” (by Tommaso Mancini-Griffoli). The Bulletin also includes information on recommended titles from IMF Publications and the latest articles from the IMF Economic Review.
Download or read book Guidance Note on Jobs and Growth Issues in Surveillance and Program Work written by International Monetary Fund. Fiscal Affairs Dept. and published by International Monetary Fund. This book was released on 2013-09-27 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides operational guidance to staff on Jobs and Growth issues in surveillance and program work, building on the Board paper “Jobs and Growth: Analytical and Operational Considerations for the Fund” (hereafter, “Board paper”). Jobs and Growth issues can be defined broadly as issues relating to GDP growth, employment, and income distribution. The Board paper noted that work on these issues needs to be consistent with both the Fund’s mandate and its areas of expertise. On a number of structural issues, especially related to labor market reforms and social protection schemes, the Fund would need to effectively collaborate with other institutions with greater relevant expertise.
