Download or read book How Product Market Reforms Lubricate Shock Adjustment in the Euro Area written by Jacques Pelkmans and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: After 10 years of experience with the euro, few would dispute that the euro and the euro area fared much better than many observers expected (see e.g European Commission, 2008, for a very detailed account and analysis). However, this does not mean that some policy concerns have not lingered on. One prominent concern on which analysts, defenders, advocates and diehard opponents agree is the fear of a too weak adjustment capacity of the euro area. The present essay deals with one element of adjustment in the absence of national exchange rates and monetary policies, namely, the functioning of product markets as improved by reforms. One amongst several questions which preoccupy policy-makers in the eurozone is the rather unequal and (overall) insufficient ability of eurozone countries to adjust to asymmetric shocks, or, to common shocks with asymmetric effects. As is well-known, in a monetary union, monetary policy and, by implication (national) exchange rate policy, are no longer available for individual countries, so that alternative channels of adjustment have to be relied upon. The better these work, the greater the ability to adjust i.e. the lower the costs of adjustment to such shocks. Such abilities to adjust are a complex function of a range of options, including fiscal responses, temporary financial capital flows and market flexibilities, distinct as to countries and varying over time or case by case. This essay will zoom in on the "lubrication" of adjustment brought about by well-functioning markets. In particular, it deals with the subset of what are called "product market reforms" (comprising goods and services markets) meant to improve market functioning and thereby helping to facilitate adjustment processes in EMU. Other markets matter, too, such as labour, financial, housing and land markets but these will not be dealt with, except in passing and with some attention for the link (both substitutability and complementarity) with labour markets. -- EU Bookshop.
Download or read book Europe and the Euro written by Alberto Alesina and published by University of Chicago Press. This book was released on 2010-04-15 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number of important issues, including the effects of the euro on reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. While adoption of the euro may not have met the expectations of its most optimistic proponents, the benefits have been many, and there is reason to believe that the euro is robust enough to survive recent economic shocks. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.
Download or read book Mapping European Economic Integration written by A. Verdun and published by Springer. This book was released on 2013-11-14 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: By examining the various policy subfields of European economic integration such as agriculture, trade, banking, economic governance and sustainability this book offers a comprehensive and wide-ranging analysis of developments that have taken place in the past five years aimed at exploring the path of economic integration in Europe.
Download or read book Adjustment Capacity of Labour Markets of the Western Balkan Countries written by and published by . This book was released on 2008 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Adjustment Capacity of Labour Markets of the Western Balkan Countries written by Jose Leandro and published by . This book was released on 2008 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Los países analizados en el vol. II son: Eslovenia, Rumanía, Albania, Bosnia y Herzegovina, Croacia, la Antigua República Yugoslava de Macedonia, Kosovo, Montenegro y Serbia.
Download or read book OECD Economic Surveys France 2015 written by OECD and published by OECD Publishing. This book was released on 2015-04-02 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: This OECD Economic Survey of France examines recent economic developments, policies and prospects. Special chapters cover competition, adult training and skills.
Download or read book Managing Director s Global Policy Agenda to the International Monetary and Financial Committee written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-09-29 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Executive Summary is also available in: Arabic , Chinese, French, Japanese, Russian, and Spanish. The membership is facing a rapidly changing and uncertain world. The United States is poised to raise interest rates amid ongoing recovery, China’s expected slowdown as it rebalances growth is creating larger-than-anticipated spillovers, and commodity producers are facing the end of a long cycle of high commodity prices. These necessary transitions pose challenges, particularly for emerging and low-income developing countries, where prospects have dwindled the most. Policymakers are increasingly grappling with difficult policy trade-offs. Faced with limited room to maneuver and the need to adapt to new realities, what relative weight should be placed on supporting demand and current activity, on reducing financial risks as financial conditions tighten, and on implementing urgently needed structural reforms to revive future growth? Policies need to reflect country circumstances and coalesce into a new multilateralism. Mutually reinforcing policies are needed to support growth today, invest in resilience and safeguard financial stability, and implement the structural reforms needed for a sustainable and inclusive future. Policies should reflect member circumstances and also add up to a coherent whole—to ensure that demand is created not substituted, market resilience is enhanced not circumvented, and that structural reforms are enacted not delayed. Cooperation is vital in areas such as the global financial safety net, trade, climate change, international taxation, sustainable development goals (SDGs), and demographic transitions and migration. The Fund will support the membership at this juncture. The Fund has both the universal membership and mandate to address growth and economic stability issues at the national and global levels. To support the membership most effectively, the Fund will focus on three priorities that best reflect this new AIM: • Agility. Advice will focus on policies to support members cope with evolving transitions—respond to tighter and more volatile financial conditions and implement effective macro-structural reforms. The lending framework will deliver financial assistance quickly where needed. Delivery of technical assistance and training will be enhanced by greater use of online tools. • Integration. In the face of growing policy trade-offs, the Fund will support its members by better integrating policy advice across sectors, embracing evolving priorities, promoting integration of global, regional, and bilateral safety nets, and better leveraging synergies between surveillance and capacity building. • Member-Focused. With policy concerns evolving rapidly and advice becoming more dependent on country-specifics, the Fund will deepen its engagement with members, better deliver its knowledge, and ensure faster feedback to policymakers. The Fund continues to refine its core work—surveillance, lending, and capacity building—and to attain greater intellectual and cultural diversity to respond to this changing global environment and its corresponding policy challenges. To further improve services to the membership, Fund activities need to be fully supported by adequate financial, human, budgetary, and technological resources.
Download or read book Economic Papers written by and published by . This book was released on 1981 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Impact of Migration Flows Following the 2004 EU Enlargement Process written by Francesca D'Auria and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Adjustment and Reform in Eastern Europe and the Soviet Union written by Franklyn D. Holzman and published by Duke University Press. This book was released on 1988 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic reform, structural adjustment, macroeconomic stabilization, and participation in the world economy are interconnected aspects of the same issue: the long-term economic viability of centrally planned economies in the rapidly changing economic environment of the modern world. Any economic strategy that focuses on only one or two of these aspects at the expense of the others is likely to fail; yet even strategies that build on all of these bases may well fail unless political leaders can muster exceptional skill, garner international support, and enjoy some good luck. The contributions to this volume reflect the recent research on this issue by various specialists on the economies of the Soviet Union and Eastern Europe. Each author emphasizes macroeconomic stabilization, structural adjustment, participation in the larger world economy, or ecomonic reform.
Download or read book Costs and Benefits of Running an International Currency written by Elias Papaioannou and published by . This book was released on 2008 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: The euro has been in the global markets for ten years now. There can be little doubt that its introduction has been successful. For example, the European Central Bank has managed to keep inflation low, minimizing the fears that it may abandon the strong price stability focus of the Bundesbank. The ECB has also become established as a key stabilizing force in financial markets, in particular, during the ongoing financial turmoil. Most importantly, the euro has quickly established itself as a major international currency.
Download or read book Monthly Bulletin written by and published by . This book was released on 2007 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book written by Organisation for Economic Co-operation and Development and published by OECD Publishing. This book was released on 2003-11-04 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dated October 2003. Special feature: Product market competition.
Download or read book The Managing Director s Global Policy Agenda written by International Monetary Fund and published by International Monetary Fund. This book was released on 2016-03-25 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: Full text also available in: Arabic, Chinese, French, Japanese, Russian, and Spanish. The global economy is expanding moderately but the outlook has weakened further since October, and risks have increased. The global economy has been impaired from growth that has been too slow for too long, and at this rate a sustained recovery—with the expected higher living standards, lower unemployment and declining debt levels—may not be delivered. However, some recent improvement in data releases, somewhat firmer oil prices, reduced pressures on outflows from China, and actions by major central banks have all contributed to improving sentiment. Building on these recent positive developments, the global economy can get back on a stronger and safer track, but the current policy response will need to go further. Countries must reinforce their commitment to durable global growth and employ a more potent policy mix. A three-pronged approach with monetary, fiscal, and structural actions can work as a virtuous trinity, lifting actual and potential growth, averting recession risks, and enhancing financial stability. The IMF will support this commitment by helping countries identify space, craft appropriate policies, and build capacity to deliver on these policies; providing a strong financial backstop for policy implementation; and assisting members with new challenges.
Download or read book The uro and the Dollar in a Globalized Economy written by Pedro Gomis-Porqueras and published by Routledge. This book was released on 2016-12-05 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.
Download or read book Communication to the Spring European Council written by European Commission and published by Luxembourg : Office for Official Publications of the European Communities. This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Structural Reforms and External Rebalancing written by Mr.Alexander Culiuc and published by International Monetary Fund. This book was released on 2017-08-07 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical research on structural reforms has focused primarily on their impact on growth and productivity. Yet an often-invoked rationale for structural reforms is their impact on external adjustment. This paper finds little evidence that structural reforms improve the current account in the short run, but they can increase the responsiveness and resilience of the economy to external shocks. In particular, elasticities of exports with respect to the real effective exchange rate increase with some structural indicators, suggesting that structural reforms facilitate the reallocation of resources to the tradable sector in response to a negative external shock. The paper concludes that structural reforms, while not having an immediate positive impact on the current account balance, can be an important complement to traditional macroeconomic adjustment.
