Reforming Labor And Product Markets
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Reforming Labor And Product Markets
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Author : Tito Boeri
language : en
Publisher:
Release Date : 2008
Reforming Labor And Product Markets written by Tito Boeri and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
This paper evaluates European structural reforms over the last 20 years, in light of economic theory predictions about interactions between labor and product market reforms. Reforms in labor markets occur at higher frequencies than in product market, which are, however, more coherent. These asymmetries can be explained by the nature of political obstacles to reforms in the two domains. Labor market reforms can exploit institutional trade-offs; notably, reforms can trade labor market flexibility with state-provided unemployment insurance and can be applied only to new entrants in the market without affecting the set of regulations applied to existing workers. These two-tier strategies are infeasible in product markets, since incumbent firms can easily drive away new entrants. In product markets, however, it is possible to shift responsibilities to supranational authorities, resisting pressures of national lobbies.
Labor And Product Market Reforms And External Imbalances Evidence From Advanced Economies
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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2021-02-26
Labor And Product Market Reforms And External Imbalances Evidence From Advanced Economies written by Mr.Romain A Duval 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 2021-02-26 with Business & Economics categories.
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.
A Narrative Database Of Major Labor And Product Market Reforms In Advanced Economies
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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-25
A Narrative Database Of Major Labor And Product Market Reforms In Advanced Economies written by Mr.Romain A Duval 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 2018-01-25 with Business & Economics categories.
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 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.
The Needle In The Haystack What Drives Labor And Product Market Reforms In Advanced Countries
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Author : Mr.Romain A Duval
language : en
Publisher: International Monetary Fund
Release Date : 2018-05-09
The Needle In The Haystack What Drives Labor And Product Market Reforms In Advanced Countries written by Mr.Romain A Duval 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 2018-05-09 with Business & Economics categories.
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.
Macroeconomic Impact Of Product And Labor Market Reforms On Informality And Unemployment In India
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Author : Rahul Anand
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-02
Macroeconomic Impact Of Product And Labor Market Reforms On Informality And Unemployment In India written by Rahul Anand 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 2016-03-02 with Business & Economics categories.
This paper investigates the implications of lowering formal regulations in labor and product markets on informality and macroeconomic outcomes in India. We estimate a DSGE model with an informal sector, and rigidities in the formal labor and product markets. Along with increasing GDP and employment, deregulation also leads to lower informality and greater product market competition. Slow reallocation of resources between the formal and informal sectors leads to some adverse impacts in the short run that can be minimized by implementing a combined package of reforms. These impacts are shown to be greater in an economy with a larger informal sector.
Lessons From Successful Labor Market Reformers In Europe
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Author : Mr.Anthony Annett
language : en
Publisher: International Monetary Fund
Release Date : 2007-05-01
Lessons From Successful Labor Market Reformers In Europe written by Mr.Anthony Annett 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 2007-05-01 with Business & Economics categories.
Welfare states can be reformed successfully, and popular support for reforms can be maintained. But this requires an internally consistent package of labor market, fiscal, and product market reforms, including some kind of buy-in, through, for example, tax cuts. Empirical analysis combined with a select number of case studies-comprising Ireland, Denmark, the Netherlands, and the United Kingdom-reveals that successful reformers focused on increasing labor supply through benefit reform, lowering tax wedges, and lowering government consumption. At the same time, greater labor supply translated into employment growth more effectively in the presence of liberal labor and product markets.
Structural Reform Packages Sequencing And The Informal Economy
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Author : Zsuzsa Munkacsi
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-26
Structural Reform Packages Sequencing And The Informal Economy written by Zsuzsa Munkacsi 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 2017-05-26 with Business & Economics categories.
This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequencing. The unofficial sector is a major determinant of the sign, and, in particular, the magnitude of responses. South Africa, an emerging country, is considered when Bayesian estimating the model. Regarding the long run, both labor and product market reforms considerably increase output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs, for example, a decrease in household consumption, net exports or output, or a decrease in competition. Combining reforms, especially with product market deregulation, are good at reducing short-term costs. Finally, concerning the speed of adjustment, it is usually better to start with a labor market reform.
The Political Economy Of Reform Lessons From Pensions Product Markets And Labour Markets In Ten Oecd Countries
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Author : Tompson William
language : en
Publisher: OECD Publishing
Release Date : 2009-08-24
The Political Economy Of Reform Lessons From Pensions Product Markets And Labour Markets In Ten Oecd Countries written by Tompson William and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-24 with categories.
By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.
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.