Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Empirical research on structural reforms has focused primarily on their impact on growth and productivity. Yet an often-invoked rationale for structural reforms is their impact on external adjustment. This paper finds little evidence that structural reforms improve the current account in the short run, but they can increase the responsiveness and resilience of the economy to external shocks. In particular, elasticities of exports with respect to the real effective exchange rate increase with some structural indicators, suggesting that structural reforms facilitate the reallocation of resources to the tradable sector in response to a negative external shock. The paper concludes that structural reforms, while not having an immediate positive impact on the current account balance, can be an important complement to traditional macroeconomic adjustment.

Economic development --- Econometric models. --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Empirical Studies of Trade --- Trade and Labor Market Interactions --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Mobility, Unemployment, and Vacancies: Public Policy --- Trade: General --- Institutions and the Macroeconomy --- International economics --- Currency --- Foreign exchange --- Current account --- Current account balance --- Exports --- Structural reforms --- Real effective exchange rates --- Balance of payments --- International trade --- Macrostructural analysis --- Greece

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper discusses Arab Republic of Egypt’s Fifth Review Under the Extended Fund Facility (EFF). Macroeconomic performance has remained strong in 2018/19, supported by continued sound policy implementation. The report highlights that monetary policy remains anchored by the medium-term objective of bringing inflation to single digits. Core inflation appears to be well contained, however the central bank should remain cautious until disinflation is firmly entrenched. Exchange rate flexibility remains essential to improve resilience to shocks and preserve competitiveness. The outlook remains favorable and provides an opportune juncture to further advance structural reforms to support more inclusive private-sector led growth and job creation. The authorities have launched important reforms of competition policy, public procurement, industrial land allocation, and state-owned enterprises, and sustained implementation will be essential to ensure that statutory changes achieve meaningful results in the business climate. Sustained efforts are needed to advance reforms in competition, industrial land allocation, and governance of state-owned enterprises.

Egypt --- Economic conditions. --- Currency --- Debt Management --- Debt --- Debts, External --- Debts, Public --- Deflation --- Energy industries & utilities --- Energy subsidies --- Energy: Demand and Supply --- Expenditure --- Expenditures, Public --- Exports and Imports --- External debt --- Foreign Exchange --- Foreign exchange --- Inflation --- Institutions and the Macroeconomy --- International economics --- International Lending and Debt Problems --- Macroeconomics --- Macrostructural analysis --- Price Level --- Prices --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Structural reforms --- Egypt, Arab Republic of

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This 2017 Article IV Consultation highlights that the economy of Lithuania has been gathering momentum, following sluggish performance in 2015 and most of 2016. Real GDP expanded by 3.9 percent in the first quarter of 2017 after rising by 2.3 percent in 2016. Strong private consumption, on the back of robust wage growth and low inflation that supported purchasing power, has long been a main driver of growth. Building on recent momentum, economic growth should be strong in 2017, rising to 3.2 percent. Improving external conditions and a turnaround in European funds absorption, as well as high capacity utilization, should spur exports and investment.

Labor --- Macroeconomics --- Public Finance --- Statistics --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Data Collection and Data Estimation Methodology --- Computer Programs: Other --- Institutions and the Macroeconomy --- Wages, Compensation, and Labor Costs: General --- Aggregate Factor Income Distribution --- Econometrics & economic statistics --- Labour --- income economics --- Finance --- Corporate crime --- white-collar crime --- Structural reforms --- Wages --- Loans --- Income --- Fiscal policy --- Macrostructural analysis --- Financial institutions --- National accounts --- Lithuania, Republic of --- Income economics --- White-collar crime

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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 --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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.

Labor market --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Supply and demand --- Finance: General --- Labor --- Macroeconomics --- Public Finance --- Model Evaluation and Selection --- Labor Economics Policies --- Unemployment Insurance --- Severance Pay --- Plant Closings --- Economics of Regulation --- Labor Contracts --- General Financial Markets: General (includes Measurement and Data) --- Institutions and the Macroeconomy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Labour --- income economics --- Finance --- Public finance & taxation --- Employment protection --- Labor market reforms --- Commodity markets --- Structural reforms --- Public investment and public-private partnerships (PPP) --- Financial markets --- Macrostructural analysis --- Expenditure --- Manpower policy --- Commodity exchanges --- Public-private sector cooperation --- Russian Federation --- Income economics