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This paper analyzes wage- and price-setting relations in new EU member countries. Panel estimates indicate a strong and significant relationship between real wages and labor productivity, as well as evidence of wage pass-through to inflation. Terms of trade shocks do not feed through to real wages. Country-specific wage developments, beyond differences in labor productivity growth, are mostly explained by real wage catch-up from different initial levels and different labor market conditions. Qualitative evidence also suggests that public sector wage demonstration effects and institutional factors may play a role in wage determination.

Wages --- Prices --- Econometric models. --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Willingness to pay --- Income --- Labor costs --- Compensation management --- Labor --- Production and Operations Management --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labour --- income economics --- Macroeconomics --- Real wages --- Labor markets --- Labor productivity --- Labor market --- Romania --- Income economics

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High corporate indebtedness can pose an important threat to the adjustment processes in some of the Euro area periphery countries, through its drag on investment as well as the possible migration of private sector losses to the sovereign balance sheet. This paper examines the macroeconomic implications of corporate debt overhang in recent years, confirming empirical evidence in the literature on the relationship between a firm’s balance sheet position and its investment choices, especially beyond certain threshold levels. Building on an event study of past crisis experiences with corporate deleveraging, it also discusses the expected macro-financial impact of the ongoing deleveraging processes in these countries, presenting available policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth.

Corporations --- Debts, External --- Business corporations --- C corporations --- Corporations, Business --- Corporations, Public --- Limited companies --- Publicly held corporations --- Publicly traded corporations --- Public limited companies --- Stock corporations --- Subchapter C corporations --- Business enterprises --- Corporate power --- Disincorporation --- Stocks --- Trusts, Industrial --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- International finance --- Investments, Foreign --- Finance. --- Accounting --- Exports and Imports --- Financial Risk Management --- Public Finance --- Investment --- Capital --- Intangible Capital --- Capacity --- International Lending and Debt Problems --- Capital Budgeting --- Fixed Investment and Inventory Studies --- Financial Crises --- Public Administration --- Public Sector Accounting and Audits --- Debt Management --- Sovereign Debt --- Economic & financial crises & disasters --- Financial reporting, financial statements --- International economics --- Finance --- Public finance & taxation --- Financial crises --- Financial statements --- Debt burden --- Debt restructuring --- Public debt --- Public financial management (PFM) --- External debt --- Asset and liability management --- Finance, Public --- Debts, Public --- Portugal

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Zonder onderwerpscode: economie

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Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.

Exports and Imports --- Current Account Adjustment --- Short-term Capital Movements --- International Investment --- Long-term Capital Movements --- Open Economy Macroeconomics --- International economics --- Capital inflows --- Capital flows --- Current account surpluses --- Current account deficits --- Current account balance --- Balance of payments --- Capital movements --- Turkey

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This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

Tourism --- COVID-19 (Disease) --- COVID-19 Pandemic, 2020 --- -Economic aspects. --- Economic aspects. --- -Communicable diseases --- Covid-19 --- Diseases: Contagious --- Economic growth --- Economic sectors --- Economics of Gender --- Economics: General --- Exports and Imports --- Exports --- Gambling --- Globalization: General --- Health Behavior --- Health economics --- Health --- Health: General --- Hospitality, leisure & tourism industries --- Industries: Hospital,Travel and Tourism --- Infectious & contagious diseases --- International Economics --- International economics --- International institutions --- International tourism --- International trade --- Job creation --- Macroeconomic Aspects of International Trade and Finance: General --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Non-labor Discrimination --- Political economy --- Recreation --- Restaurants --- Sports --- Trade: General --- New Zealand