Public Employment And Compensation Reform During Times Of Fiscal Consolidation
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Public Employment And Compensation Reform During Times Of Fiscal Consolidation
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Author : Lorenzo Forni
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-23
Public Employment And Compensation Reform During Times Of Fiscal Consolidation written by Lorenzo Forni 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 2014-10-23 with Business & Economics categories.
This paper compiles and compares recent and past measures introduced to contain the public wage bill in a number of emerging and advanced economies to assess their effectiveness in bringing down expenditure in a sustained way. In the aftermath of the Great Recession a number of countries have approved measures on the wage bill as part of fiscal consolidation efforts. These recent episodes are compared to past cases implemented in advanced economies over the period 1979–2009. Findings suggest that public wage bill consolidation episodes pre and post 2009 are similar in many respects. Moreover, typically countries that were able to achieve more sustained reductions in the wage bill have implemented to larger extent structural measures, and/or these measures were accompanied with substantial social dialogue and consensus.
Public Employment And Compensation Reform During Times Of Fiscal Consolidation
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Author : Lorenzo Forni
language : en
Publisher: International Monetary Fund
Release Date : 2014-10-23
Public Employment And Compensation Reform During Times Of Fiscal Consolidation written by Lorenzo Forni 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 2014-10-23 with Business & Economics categories.
This paper compiles and compares recent and past measures introduced to contain the public wage bill in a number of emerging and advanced economies to assess their effectiveness in bringing down expenditure in a sustained way. In the aftermath of the Great Recession a number of countries have approved measures on the wage bill as part of fiscal consolidation efforts. These recent episodes are compared to past cases implemented in advanced economies over the period 1979–2009. Findings suggest that public wage bill consolidation episodes pre and post 2009 are similar in many respects. Moreover, typically countries that were able to achieve more sustained reductions in the wage bill have implemented to larger extent structural measures, and/or these measures were accompanied with substantial social dialogue and consensus.
Managing Government Compensation And Employment Institutions Policies And Reform Challenges
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-08-04
Managing Government Compensation And Employment Institutions Policies And Reform Challenges written by International Monetary Fund. Fiscal Affairs Dept. 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 2016-08-04 with Business & Economics categories.
Government compensation and employment policies are important for the efficient delivery of public services which are crucial for the functioning of economies and the general prosperity of societies. On average, spending on the wage bill absorbs around one-fifth of total spending. Cross-country variation in wage spending reflects, in part, national choices about the government’s role in priority sectors, as well as variations in the level of economic development and resource constraints.
Fiscal Consolidation And Public Wages
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Author : Juin-Jen Chang
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-10
Fiscal Consolidation And Public Wages written by Juin-Jen Chang 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 2019-06-10 with Business & Economics categories.
A New Keynesian model with government production, public compensation, and unemployment is fit to U.S. data to study the macroeconomic and fiscal effects of public wage reductions. We find that accounting for the type of government spending is crucial for its macroeconomic implications. Although reductions in public wages and government purchases of goods have similar effects on total output and the fiscal balance, the former can raise private output slightly, in contrast to the substantial contractionary effects of the latter. In addition, the baseline estimation finds that exogenous public wage reductions decrease private wages. Model counterfactuals show that sufficiently rigid nominal private wages can reverse the response of private wages, as the rigidity dampens the labor reallocation effect from the public to private sector that exerts downward pressure on private wages.
Public Sector Compensation In Times Of Austerity
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2012-11-15
Public Sector Compensation In Times Of Austerity written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-15 with categories.
This report argues that any new approaches to public sector pay must help to: enhance external competitiveness of salaries; promote internal equity throughout the public sector; reflect the values of public organisations; and align compensation with government’s core strategic objectives.
Government Wage Bill Management And Civil Service Reform In The Eastern Caribbean Currency Union
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Author : Mr.A. E. Wayne Mitchell
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-17
Government Wage Bill Management And Civil Service Reform In The Eastern Caribbean Currency Union written by Mr.A. E. Wayne Mitchell 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 2019-05-17 with Business & Economics categories.
In this study, we assess the size of the government wage bill and employment in the member countries of the Eastern Caribbean Currency Union and their implications for fiscal sustainability and the adequacy of public service delivery. Over the period 2005 to 2015 their wage bill (as a percentage of GDP, government revenues and expenditures) is higher than in other small states notwithstanding recent efforts by governments to make it more manageable. The composition and distribution of employment is sub-optimal and is reflected in skills mismatches contributing to inefficiencies in public service delivery. Using a dynamic fixed-effects panel, we find that wage bill growth reflects the expansion of government activities to speed up economic and social development and that wage bill spending is procyclical in good times but is rigid during downturns. Finally, we identify the main institutional and legal reforms needed to improve wage bill management and public service efficiency.
Oecd Economic Surveys Costa Rica 2018
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2018-04-17
Oecd Economic Surveys Costa Rica 2018 written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-17 with categories.
Costa Rica has achieved strong levels of well-being. However, many institutional obstacles are hampering more robust growth and the spreading of its gains more widely. Setting in motion a “virtuous cycle” of inclusive growth will require reforms across several policy areas that present win-win...
Defensive Expectations
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Author : Liviu Voinea
language : en
Publisher: Springer Nature
Release Date : 2020-12-09
Defensive Expectations written by Liviu Voinea and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-09 with Business & Economics categories.
This book explains why inflation remains subdued after recessions, based on three revolutionary concepts: defensive expectations, compensatory savings, and cumulative wage gap. When income falls, consumption falls, and savings rise, as people rebuild their past wealth. Households will not spend more until they fully recover what they lost. The revised Phillips Curve explains that current inflation depends on the cumulative difference between current income and past income. This new theory is tested and validated by data for US since 1960 to date and for 35 OECD countries from 1990 to date. A number of policy implications are derived from these results. The book calls for an optimal policy mix between monetary policy and fiscal policy; it also discusses the coronavirus crisis as an extreme case of defensive expectations.
South Africa 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For South Africa
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-11
South Africa 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For South Africa written by International Monetary 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 2022-02-11 with Business & Economics categories.
South Africa’s subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns.
Oecd Public Governance Reviews Achieving Public Sector Agility At Times Of Fiscal Consolidation
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2015-06-12
Oecd Public Governance Reviews Achieving Public Sector Agility At Times Of Fiscal Consolidation written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-12 with categories.
This publication supports reforms towards greater strategic agility in the public sector through the use of budgeting policy levers, human resource management strategies and ICTs.