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.
A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies
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.
The New Normal
The New Normal - 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 New Normal write by Ms.Era Dabla-Norris. This book was released on 2015-03-18. The New Normal available in PDF, EPUB and Kindle. Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity patterns across advanced economies prior to the crisis and examines the role of product and labor market rigidities as well as innovation and investments in information technology and human capital in driving productivity differences across sectors and countries. Since productivity payoffs of reforms evolve over time, we also focus on large changes in the structural indicators examine their dynamic impact on productivity, employment, and output. Our results suggest that reform priorities depend on country-specific settings, including the scale of specific policy distortions and the distance from the technology frontier. Productivity gains from reforms are large and materialize predominantly in the medium term, with some important variations across industries and countries.
Micro and Macro Effects of Product Market Reforms
Micro and Macro Effects of Product Market Reforms - 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 Micro and Macro Effects of Product Market Reforms write by Allan Kayongo. This book was released on 2018. Micro and Macro Effects of Product Market Reforms available in PDF, EPUB and Kindle. In the recent decades, slow growth in Advanced Economies have led policymakers to emphasize structural reforms. Similarly, Emerging and low-income countries have for decades carried out structural reforms only that they have obtained gains in the most recent decades. Product market reforms affect different sized industries differently. They also positively affect employment, profitability, productivity and innovation; however, this is more so the case for downstream industries or firms than upstream industries or firms. Efficient Public Administration is critical in the effectiveness of product market reforms.
