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This paper builds on the analysis of job creation developed in World Bank (2013) to provide an empirical investigation of the industry and firm-specific determinants of the job creation process in eleven new European Union (EU11) economies. It relies on the Amadeus dataset of firms during 2002-2009. The main results indicate that during the years prior to the global financial crisis, traditional industries were crucial for the net creation of jobs in EU11. However, traditional industries were the ones most severely affected by the financial crisis. By contrast, services firms were less vulnerable to the economic downturn. At the firm level, small and young firms registered the highest employment growth rates. The empirical results also indicate that more productive firms tended to be less vulnerable to economic downturns. Moreover, the results demonstrate that the perceived quality of the business climate by the EU11 enterprises is correlated with not only the firms' employment growth, but also their productivity. In the post-crisis period, poor business restrictions were negatively associated with the creation of jobs. All these findings hold for the group of high-growth firms that disproportionately accounted for the creation of new jobs in the EU11 economies.
Economic downturns --- Employment growth rates --- Environmental Economics & Policies --- Global financial crisis --- High-growth firms --- Labor Markets --- Labor Policies --- Macroeconomics and Economic Growth --- Microfinance --- Poverty Reduction --- Small Scale Enterprise --- World Bank
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In the wake of the financial crisis of 2008, governments worldwide undertook massive fiscal interventions to stave off what otherwise would have likely been a system-wide financial and economic meltdown. The policy responses engendered significant shifts in growth trajectories and debt sustainability outlooks of both mature and developing economies. The magnitude of public liabilities incurred and the uncertainty surrounding the exit from unprecedented discretionary fiscal stimulus have become a major source of concern about a future crisis. Will the current stringent financial conditions lead
Debt relief --- Debts, Public. --- Economic policy. --- Financial crises. --- Monetary policy. --- Monetary management --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Economic nationalism --- Economic planning --- National planning --- State planning --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Economic policy --- Currency boards --- Money supply --- Crises --- Economics --- Planning --- National security --- Social policy --- Debt --- Bonds --- Deficit financing
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"The paper presents a fiscal estimate of Bulgaria's perspective European Union (EU) membership. The projected EU funds have two distinct effects: first, there is the overall effect on the balance of payments of the country; and second, there is the pure effect on the national budget. The paper concludes that Bulgaria is likely to benefit from large net inflows of resources of an average of 3.7 percent of gross domestic product (GDP) in 2007-09. In contrast, its fiscal position is expected to deteriorate by 1.6 percent of GDP on average in 2007-09 if no expenditure restructuring of the fiscal framework is carried out. The expected deterioration of the public finances related to EU accession would be due to co-financing requirements, national contributions to the EU budget, and possible full pre-financing of the EU direct payments to Bulgarian farmers in the first year of accession. However, the above expenditures will be partly offset by the budgetary compensation allocated out of the EU budget, savings from agricultural subsidies, and shifting of certain public expenditures to Cohesion Fund-supported projects. "--World Bank web site.
Balance of payments --- Budget --- European Union
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"The paper presents a fiscal estimate of Bulgaria's perspective European Union (EU) membership. The projected EU funds have two distinct effects: first, there is the overall effect on the balance of payments of the country; and second, there is the pure effect on the national budget. The paper concludes that Bulgaria is likely to benefit from large net inflows of resources of an average of 3.7 percent of gross domestic product (GDP) in 2007-09. In contrast, its fiscal position is expected to deteriorate by 1.6 percent of GDP on average in 2007-09 if no expenditure restructuring of the fiscal framework is carried out. The expected deterioration of the public finances related to EU accession would be due to co-financing requirements, national contributions to the EU budget, and possible full pre-financing of the EU direct payments to Bulgarian farmers in the first year of accession. However, the above expenditures will be partly offset by the budgetary compensation allocated out of the EU budget, savings from agricultural subsidies, and shifting of certain public expenditures to Cohesion Fund-supported projects. "--World Bank web site.
Balance of payments --- Budget --- European Union
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Debt relief --- Debts, Public --- Economic policy --- Financial crises --- Monetary policy
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This paper explores how the ongoing crisis, the policy responses to it, and the post-crisis global economy will impact China's medium-term prospects for growth, poverty reduction, and development. The paper reviews China's pre-crisis growth experience, including its relationship to global economic developments. It discusses the pace, composition, sources, and financing of growth during 1995-2007, and the impact of key external and domestic influences. The paper also analyzes the immediate impact of the global crisis on China's economic performance in 2009 and its likely impact in the short run. It then discusses the government's policy response, with a particular focus on the fiscal and monetary stimulus measures. Finally, the paper explores China's medium-term growth prospects in light of the crisis and the key policies for moving to a robust and sustainable growth path post-crisis.
Access to Finance --- Access to financing --- Capital flows --- Commodity prices --- Currencies and Exchange Rates --- Debt --- Debt Markets --- Developing countries --- Developing country --- Economic developments --- Economic Theory & Research --- Emerging Markets --- Exchange rates --- Exporter --- Finance and Financial Sector Development --- Financial crisis --- Financial markets --- Global economy --- Globalization --- Gross domestic product --- Human development --- International bank --- International trade --- Macroeconomics and Economic Growth --- Policy response --- Policy responses --- Private Sector Development --- Risk premiums
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Using a unique dataset comprising information for more than 900 firms in the machine building sector in Belarus, this paper investigates the determinants of firm growth for an economy where state ownership of enterprises is widespread. It uses panel data models based on generalizations of Gibrat's law, total factor productivity estimates and matching methods to assess the differences in firm growth between private and state-owned firms. The results indicate that labor hoarding and soft budget constraints play a particularly important role in explaining differences in performance between these two groups of firms.
Economic Growth --- Economic Theory & Research --- Firm growth --- Firm profitability --- Gibrat's law --- Labor Markets --- Labor Policies --- Machine building industry --- Macroeconomics and Economic Growth --- Microfinance --- Poverty Reduction --- State enterprise sector
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This paper uses model averaging techniques to identify robust predictors of sovereign default episodes on a pooled database for 46 emerging economies over the period 1980-2004. Sovereign default episodes are defined according to Standard and Poor's or by non-concessional International Monetary Fund loans in excess of 100 percent of the country's quota. The authors find that, in addition to the level of indebtedness, the quality of policies and institutions is the best predictor of default episodes in emerging market countries with relatively low levels of external debt. For emerging market countries with a higher level of debt, macroeconomic stability plays a robust role in explaining differences in default probabilities. The paper provides evidence that model averaging can improve out-of-sample prediction of sovereign defaults, and draws policy conclusions for the current crisis based on the results.
Bankruptcy and Resolution of Financial Distress --- Currencies and Exchange Rates --- Debt --- Debt management --- Debt Markets --- Default probabilities --- Developing country --- Economic Theory & Research --- Emerging economies --- Emerging market --- Emerging market countries --- External Debt --- Finance and Financial Sector Development --- Financial crisis --- Fiscal policy --- Foreign financing --- Indebtedness --- International bank --- International Economics and Trade --- Level of debt --- Macroeconomic stability --- Macroeconomics and Economic Growth --- Monetary fund --- Reserves --- Sovereign debt --- Sovereign default --- Sovereign defaults
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This paper analyzes the drivers and consequences of sudden stops of capital flows. It focuses on the impact of external vulnerability on the depth and length of sudden stop crises. The authors analyze 43 developing and developed countries between 1993 and 2006. They find evidence that external vulnerability not only significantly impacts the probability of a sudden stop crisis, but also prolongs the time it takes for growth to revert to its long-term trend once a sudden stop occurs. Interestingly, external vulnerability does not significantly impact the size of the instantaneous output effect in case of a sudden stop but prompts a cumulative output effect through significantly diminishing the speed of adjustment of output to its trend. This finding implies that countries financing a large part of their absorption externally do not suffer more ferocious output losses in a sudden stop crisis, but take longer to adapt afterward and are hence expected to suffer more protracted crises periods. Compared with previous literature, this paper makes three contributions: (i) it extends the country and time coverage relative to datasets that have previously been used to analyze related topics; (ii) it specifically accounts for time-series autocorrelation; and (iii) it provides an analysis of the adjustment path of economic growth after a sudden stop.
Adjustment dynamics --- Adjustment path --- Annual growth --- Capital flows --- Currencies and Exchange Rates --- Debt Markets --- Descriptive statistics --- Economic Growth --- Economic growth --- Economic policy --- Economic Theory and Research --- Emerging Markets --- Equilibrium --- Exchange rate fluctuations --- Finance and Financial Sector Development --- Financial crisis --- Growth performance --- Growth rate --- Growth rates --- Inequality --- International financial markets --- Investment and Investment Climate --- Macroeconomic Management --- Macroeconomics and Economic Growth --- Poverty Reduction --- Poverty reduction --- Private Sector Development --- Pro-Poor Growth --- Real exchange rate --- Robustness checks --- Speed of adjustment --- Time horizon --- Trade shocks
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