Can Reform Waves Turn The Tide Some Case Studies Using The Synthetic Control Method
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Can Reform Waves Turn The Tide Some Case Studies Using The Synthetic Control Method
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Author : Bibek Adhikari
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-20
Can Reform Waves Turn The Tide Some Case Studies Using The Synthetic Control Method written by Bibek Adhikari and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-20 with Business & Economics categories.
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case studies of well-known waves of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms in Germany in the early 2000s. In four of the six cases, GDP per capita was higher than in the control group as a result of the reforms. No difference between the treated country and its synthetic counterpart could be found in the cases of Denmark and New Zealand, which in the latter case may have partly reflected the implementation of reforms under particularly weak macroeconomic conditions. Overall, also factoring in the limitations of the SCM in this context, the results are suggestive of a positive but heterogenous effect of reform waves on GDP per capita.
Can Reform Waves Turn The Tide Some Case Studies Using The Synthetic Control Method
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Author : Bibek Adhikari
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-09
Can Reform Waves Turn The Tide Some Case Studies Using The Synthetic Control Method written by Bibek Adhikari and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-09 with Business & Economics categories.
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case studies of well-known waves of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms in Germany in the early 2000s. In four of the six cases, GDP per capita was higher than in the control group as a result of the reforms. No difference between the treated country and its synthetic counterpart could be found in the cases of Denmark and New Zealand, which in the latter case may have partly reflected the implementation of reforms under particularly weak macroeconomic conditions. Overall, also factoring in the limitations of the SCM in this context, the results are suggestive of a positive but heterogenous effect of reform waves on GDP per capita.
Evaluating The Impact Of Non Financial Imf Programs Using The Synthetic Control Method
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Author : Ms.Monique Newiak
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-08
Evaluating The Impact Of Non Financial Imf Programs Using The Synthetic Control Method written by Ms.Monique Newiak and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-08 with Business & Economics categories.
We use the Synthetic Control Method to study the effect of IMF advice on economic growth, inflation, and investment. The analysis exploits the existence of IMF programs that do not involve any financing (Policy Support Instruments, “PSIs”). This enables us to focus on the effects of IMF monitoring, advice, and approval (as opposed to direct financial assistance). In addition, countries with non-financial programs are typically not crisis-struck – thereby mitigating the reverse causality problem and facilitating the construction of counterfactuals. Results suggest that treated countries add about 1 percentage point in annual real GDP per capita growth, with inflation being lower by some 3 percentage points per year. While we do not find evidence for an impact on total investment and the resulting capital stock, PSI-treatment does seem to stimulate foreign direct investment.
Labor And Product Market Reforms In Advanced Economies
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Author : Angana Banerji
language : en
Publisher: International Monetary Fund
Release Date : 2017-03-13
Labor And Product Market Reforms In Advanced Economies written by Angana Banerji and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-03-13 with Business & Economics categories.
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.
Structural Reforms And Economic Growth In Europe
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Author : Nauro F. Campos
language : en
Publisher: Cambridge University Press
Release Date : 2020-04-02
Structural Reforms And Economic Growth In Europe written by Nauro F. Campos and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-04-02 with Business & Economics categories.
A state-of-the-art overview of the impacts of structural reforms on growth, employment and inequality in Europe.
Fiscal Reforms Long Term Growth And Income Inequality
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Author : Mr.Santiago Acosta Ormaechea
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-30
Fiscal Reforms Long Term Growth And Income Inequality written by Mr.Santiago Acosta Ormaechea and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-30 with Business & Economics categories.
We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP was on average about 1 percentage point above their synthetic units 10 years after each respective reform. Moreover, countries which were initially less developed seemed to experience a larger growth impact after their reforms. Results are broadly robust to controlling for structural reforms on business regulation, financial market, labor market, and legal and product markets, which may also affect growth. Our findings also suggest that inequality is not affected by the growth-friendly fiscal reforms analyzed in this paper.
Market Reforms And Public Debt Dynamics In Emerging Market And Developing Economies
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Author : Mr. Zamid Aligishiev
language : en
Publisher: International Monetary Fund
Release Date : 2023-09-12
Market Reforms And Public Debt Dynamics In Emerging Market And Developing Economies written by Mr. Zamid Aligishiev and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-09-12 with Business & Economics categories.
Many emerging market and developing economies face a difficult trade-off between economic support and fiscal sustainability. Market-oriented structural reforms ease this trade-off by promoting economic growth and strengthening public finances. The empirical analysis in this note, based on 62 EMDEs over 1973-2014, shows that reforms are associated with sizeable and long-lasting reductions in the debt-to-GDP ratio mainly through higher fiscal revenues and lower borrowing costs. These effects are larger in countries with greater tax efficiency, lower informality, and higher initial debt. Moreover, a model-based analysis elaborates on how such fiscal gains can be enhanced when revenue windfalls associated with reforms are saved or channeled through higher public investment.
Distributional Implications Of Labor Market Reforms Learning From Spain S Experience
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Author : Ara Stepanyan
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-13
Distributional Implications Of Labor Market Reforms Learning From Spain S Experience written by Ara Stepanyan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-13 with Business & Economics categories.
Spain’s structural reforms, implemented around 2012, have arguably contributed to a faster and stronger economic recovery. In particular, there is strong evidence that the 2012 labor market reforms increased wage flexibility, which helped the Spanish economy to regain competitiveness and create jobs. But the impact of these labor reforms on income inequality and social inclusion has not been analyzed much. This paper aims to shed light on this issue by employing an econometric decomposition procedure combined with the synthetic control method. The results indicate that the 2012 labor reforms have helped improve employment and income equality outcomes with no substantial impact on the overall risk of poverty. Nevertheless, the reforms appear to have induced a deterioration of average hours worked, in-work poverty, and possibly also of involuntary part-time employment.
Using Fiscal Policy And Public Financial Management To Promote Gender Equality
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Author : Janet G. Stotsky
language : en
Publisher: Routledge
Release Date : 2020-01-27
Using Fiscal Policy And Public Financial Management To Promote Gender Equality written by Janet G. Stotsky and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-27 with Business & Economics categories.
This book examines how fiscal policy and management can promote gender equality in developing as well as developed countries. Providing an international look at gender budgeting, it draws on countries at different levels of development, with an emphasis on low-income developing countries. It introduces the reader to the main trends in gender equality, the key ideas and rationale of gender budgeting from a fiscal policy perspective and where gender budgeting fits into public financial management. It offers case studies and other empirical evidence from developing, emerging, and developed countries on what works in using fiscal policy and public financial management to narrow gender gaps in education, health care, access to infrastructure, and economic empowerment. It also provides policy recommendations appropriate to countries at different levels of development. The reader will gain an understanding of how fiscal policy and public financial management can contribute to gender equality and women’s advancement. The book provides a well-grounded set of conclusions and policy recommendations, drawn from evaluation of the evidence. The focus is on low-income developing countries but is combined with a well-rounded look at developing countries, more generally, emerging markets, and developed countries as well. This book will be a valuable resource for economists and policy makers, particularly those in developing countries still grappling with large disparities between women and men. It will also prove useful to researchers and those who provide technical assistance and aid to countries on fiscal policies and tools for gender equality.
Did The Exchange Rate Floor Prevent Deflation In The Czech Republic
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Author : Francesca G Caselli
language : en
Publisher: International Monetary Fund
Release Date : 2017-09-20
Did The Exchange Rate Floor Prevent Deflation In The Czech Republic written by Francesca G Caselli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-20 with Business & Economics categories.
To fight deflationary pressures at the zero lower bound, in November 2013, the Czech National Bank (CNB) introduced a one-sided floor on the exchange rate, as an additional monetary policy instrument. This paper investigates the impact of the FX floor on inflation in the Czech Republic, by comparing actual inflation with counterfactuals in the absence of the exchange rate floor. Three different empirical strategies are implemented: an event study, difference-in-difference regressions and a synthetic control method. The empirical results provide evidence that the exchange rate floor was effective in fighting deflationary pressures and prevented inflation from going into negative territory. The magnitude of the effect ranges between 0.5 to 1.5 percentage points. The results are robust to different econometric specifications.