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Export structure is less diversified in low-income countries (LICs) and especially small states that face resource constraints and small economic size. This paper explores the potential linkages between export structure and economic growth and its volatility in LICs and small states, using a range of indices of export concentration differing in the coverage of industries. The empirical analysis finds that export diversification may promote economic growth and reduce economic volatility in these countries. Furthermore, the analysis demonstrates that the economic benefits of export diversification differ by country size and income level—there are bigger benefits for relatively larger and poorer countries within the group of LICs and small states.
Produce trade. --- Agricultural marketing --- Agricultural products --- Food trade --- Agriculture --- Food industry and trade --- Commodity exchanges --- Farm produce --- Economic aspects --- Exports and Imports --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Industrialization --- Manufacturing and Service Industries --- Choice of Technology --- Development Planning and Policy: General --- Trade: General --- Personal Income, Wealth, and Their Distributions --- Macroeconomics: Consumption --- Saving --- Wealth --- International economics --- Export diversification --- Exports --- Personal income --- Government consumption --- Export performance --- Income --- Consumption --- Economics
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This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for reform indexes and the World Bank Enterprise Surveys for firm-level productivity. The paper highlights the following results. Structural reforms such as financial, fiscal, real sector, and trade reforms, significantly improve firm-level productivity. Interestingly, real sector reforms have the most sizeable effects on firm-level productivity. The relationship between structural reforms and firm-level productivity is nonlinear and shaped by some firms’ characteristics such as the financial access, the distortionary environment, and the size of firms. The pace of structural reforms matters since being a “strong reformer” is associated with a clear productivity dividend for firms. Finally, except for financial and trade reforms, all structural reforms under consideration are bilaterally complementary in improving firm-level productivity. These findings are robust to several sensitivity checks.
Corporate Finance --- Macroeconomics --- Public Finance --- Production and Operations Management --- Firm Behavior: Empirical Analysis --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Fiscal and Monetary Policy in Development --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Institutions and the Macroeconomy --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Fiscal Policy --- Financial Institutions and Services: General --- Structural reforms --- Productivity --- Labor productivity --- Fiscal policy --- Business environment --- Macrostructural analysis --- Production --- Economic sectors --- Industrial productivity --- Business enterprises --- Bangladesh
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Korea is facing mounting economic challenges. Productivity growth has been on a trend decline amid demographic headwinds, while the societal demand for inclusive growth has been on a steep rise. Furthermore, the government-led unbalanced growth model—which served Korea well in the past—has become less effective and politically palatable in recent years. As such, Korea needs a major paradigm shift to embark on a new sustainable and inclusive growth path. But policy response has been modest at best with no major reforms being implemented over the past two decades. We propose a paradigm shift in Korea’s economic framework, involving a simultaneous big push for greater economic freedom and stronger social protection within the parameters set by long-run fiscal sustainability. We also provide a detailed account of structural reforms to boost economic freedom and sustainable funding plans for stronger social protection.
Labor --- Macroeconomics --- National Government Expenditures and Welfare Programs --- Debt --- Debt Management --- Sovereign Debt --- Development Planning and Policy: General --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Labor Economics: General --- Institutions and the Macroeconomy --- Aggregate Factor Income Distribution --- Education: General --- Demand and Supply of Labor: General --- Labour --- income economics --- Education --- Structural reforms --- Income --- Labor markets --- Macrostructural analysis --- National accounts --- Income inequality --- Labor economics --- Labor market --- Income distribution --- Korea, Republic of
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The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework—a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market economies—following the two rounds of refinements adopted since the framework was introduced in 2012 (as described in Phillips et al., 2013). It also presents new complementary tools for shedding light on the role of structural factors in explaining external imbalances and assessing potential biases in the measurement of external positions. Remaining challenges and areas of future work are also discussed.
Balance of payments --- Foreign exchange rates --- Current account balance (International trade) --- International payments, Balance of --- Foreign exchange --- Terms of trade --- Balance of trade --- International liquidity --- Econometric models. --- Exports and Imports --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- International economics --- Currency --- Current account --- Current account balance --- Real effective exchange rates --- Capital controls --- External balance assessment (EBA) --- External position --- Capital movements --- International finance --- United States
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While trade integration has been an engine of global growth and prosperity, as suggested by theory, some sectors have been negatively affected by increased import competition. We test if this negative effect is significant in a context of high intranational migration, as theory indicates that labor mobility could reduce it. We focus on the 2004-14 period of trade liberalization in Peru (a major beneficiary of trade integration), which allows for methodological improvements relative to similar studies. We find that districts competing with liberalized imports experienced significantly lower growth in consumption per capita despite some emigration in response to increased import competition. This underscores the need to support the “losers of trade liberalization” even amidst high labor mobility.
Free trade --- Free trade. --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- E-books --- Exports and Imports --- Labor --- Taxation --- Poverty and Homelessness --- Trade Policy --- International Trade Organizations --- Measurement and Analysis of Poverty --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Infrastructure --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Trade: General --- Welfare, Well-Being, and Poverty: General --- Geographic Labor Mobility --- Immigrant Workers --- Public finance & taxation --- International economics --- Poverty & precarity --- Labour --- income economics --- Tariffs --- Imports --- Poverty --- Labor mobility --- Taxes --- Tariff --- Commercial policy --- Peru
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This paper takes a fresh look at the current theories of structural transformation and the role of private and public fundamentals in the process. It summarizes some representative past and current experiences of various countries vis-a-vis structural transformation with a focus on the roles of manufacturing, policy, and the international environment in shaping the trajectory of structural transformation. The salient aspects of the current debate on premature deindustrialization and its relation to a middle-income trap are described as they relate to the path of structural transformation. Conclusions are drawn regarding prospective future paths for structural transformation and development policies.
Macroeconomics. --- Economics --- Macroeconomics --- Economics: General --- International Economics --- Industries: Manufacturing --- Production and Operations Management --- Labor --- Foreign Exchange --- Informal Economy --- Underground Econom --- Macroeconomic Analyses of Economic Development --- Development Planning and Policy: General --- Institutions and Growth --- Economywide Country Studies: General --- Economywide Country Studies: Africa --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Industry Studies: Manufacturing: General --- Aggregate Factor Income Distribution --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Economic & financial crises & disasters --- Economics of specific sectors --- Economic growth --- Manufacturing industries --- Labour --- income economics --- Financial crises --- Economic sectors --- Structural transformation --- Manufacturing --- Income --- National accounts --- Productivity --- Production --- Currency crises --- Informal sector --- Economic development --- Industrial productivity --- Economic theory --- Ghana
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What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.
Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- Economic Integration --- Foreign Exchange --- International Monetary Arrangements and Institutions --- Financial Aspects of Economic Integration --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Crises --- Monetary economics --- International economics --- Economic & financial crises & disasters --- Monetary unions --- Reserve currencies --- Currencies --- International monetary system --- Global financial crisis of 2008-2009 --- Economic integration --- Money --- Numéraire --- International finance --- Global Financial Crisis, 2008-2009 --- United States
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We develop new economic policy uncertainty (EPU) indices for Japan from January 1987 onwards building on the approach of Baker, Bloom and Davis (2016). Each index reflects the frequency of newspaper articles that contain certain terms pertaining to the economy, policy matters and uncertainty. Our overall EPU index co-varies positively with implied volatilities for Japanese equities, exchange rates and interest rates and with a survey-based measure of political uncertainty. The EPU index rises around contested national elections and major leadership transitions in Japan, during the Asian Financial Crisis and in reaction to the Lehman Brothers failure, U.S. debt downgrade in 2011, Brexit referendum, and Japan’s recent decision to defer a consumption tax hike. Our uncertainty indices for fiscal, monetary, trade and exchange rate policy co-vary positively but also display distinct dynamics. VAR models imply that upward EPU innovations foreshadow deteriorations in Japan’s macroeconomic performance, as reflected by impulse response functions for investment, employment and output. Our study adds to evidence that credible policy plans and strong policy frameworks can favorably influence macroeconomic performance by, in part, reducing policy uncertainty.
Japan --- al-Yābān --- Giappone --- Government of Japan --- Iapōnia --- I︠A︡ponii︠a︡ --- Japam --- Japani --- Japão --- Japon --- Japonia --- Japonsko --- Japonya --- Jih-pen --- Mư̄ang Yīpun --- Nihon --- Nihon-koku --- Nihonkoku --- Nippon --- Nippon-koku --- Nipponkoku --- Prathēt Yīpun --- Riben --- State of Japan --- Yābān --- Yapan --- Yīpun --- Zhāpān --- Япония --- اليابان --- يابان --- 日本 --- 日本国 --- Economic conditions --- Econometric models. --- Jepun --- Yapon --- Yapon Ulus --- I︠A︡pon --- Япон --- I︠A︡pon Uls --- Япон Улс --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Public Finance --- Macroeconomics --- Information, Knowledge, and Uncertainty: General --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Monetary Policy --- Fiscal Policy --- Trade Policy --- International Trade Organizations --- Financial Crises --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Debt --- Debt Management --- Sovereign Debt --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- International economics --- Public finance & taxation --- Financial crises --- Fiscal policy --- Exchange rate policy --- Trade policy --- Public debt --- Global financial crisis of 2008-2009 --- Commercial policy --- Debts, Public --- Global Financial Crisis, 2008-2009
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