A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies write by Mr.Romain A Duval. This book was released on 2018-01-25. A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies available in PDF, EPUB and Kindle. This paper describes a new database of major labor and product market reforms covering 26 advanced economies over the period 1970-2013. The focus is on large changes in product market regulation in seven individual network industries, employment protection legislation for regular and temporary workers, and the replacement rate and duration of unemployment benefits. The main advantage of this dataset is the precise identification of the nature and date of major reforms, which is valuable in many empirical applications. By contrast, the dataset does not attempt to measure and compare policy settings across countries, and as such is no substitute for other publicly available indicators produced, for example, by the ILO, the OECD or the World Bank. It should also be seen as work in progress, for researchers to build on and improve upon. Based on the dataset, major reforms appear to have been more frequent in product markets than in labor markets in the last decades, and were predominantly implemented during the 1990s and 2000s.
Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies
Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies write by Mr.Romain A Duval. This book was released on 2021-02-26. Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies available in PDF, EPUB and Kindle. 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.
Labor and Product Market Reforms in Advanced Economies
Labor and Product Market Reforms in Advanced Economies - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Labor and Product Market Reforms in Advanced Economies write by Angana Banerji. This book was released on 2017-03-13. Labor and Product Market Reforms in Advanced Economies available in PDF, EPUB and Kindle. 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.
The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries?
The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries? write by Mr.Romain A Duval. This book was released on 2018-05-09. The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries? available in PDF, EPUB and Kindle. The political economy literature has put forward a multitude of hypotheses regarding the drivers of structural reforms, but few, if any, empirically robust findings have emerged thus far. To make progress, we draw a parallel with model uncertainty in the growth literature and provide a new version of the Bayesian averaging of maximum likelihood estimates (BAMLE) technique tailored to binary logit models. Relying on a new database of major past labor and product market reforms in advanced countries, we test a large set of variables for robust correlation with reform in each area. We find widespread support for the crisis-induces-reform hypothesis. Outside pressure increases the likelihood of reform in certain areas: reforms are more likely when other countries also undertake them and when there is formal pressure to implement them. Other robust correlates are more specific to certain areas—for example, international pressure and political factors are most relevant for product market and job protection reforms, respectively.
Policy Complementarities
Policy Complementarities - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Policy Complementarities write by Mr.David T. Coe. This book was released on 1996-08-01. Policy Complementarities available in PDF, EPUB and Kindle. This paper argues that an important group of labor market policies are complementary in the sense that the effect of each policy is greater when implemented in conjunction with the other policies than in isolation. This may explain why the diverse, piecemeal labor market reforms in many European countries in recent years have had so little success in reducing unemployment. What is required instead is deeper labor market reforms across a broader range of complementary policies and institutions. To be politically feasible, these reforms must be combined with measures to address distributional issues.
