Labor and Product Market Reforms in Advanced Economies : Fiscal Costs, Gains, and Support /

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-studie...

Deskribapen osoa

Xehetasun bibliografikoak
Egile nagusia: Banerji, Angana
Beste egile batzuk: Crispolti, Valerio, Dabla-Norris, Era, Duval, Romain
Formatua: Aldizkaria
Hizkuntza:English
Argitaratua: Washington, D.C. : International Monetary Fund, 2017.
Saila:Staff Discussion Notes; Staff Discussion Notes ; No. 2017/003
Sarrera elektronikoa:Full text available on IMF
Deskribapena
Gaia: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.
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Deskribapen fisikoa:1 online resource (120 pages)
Formatua:Mode of access: Internet
ISSN:2617-6750
Sartu:Electronic access restricted to authorized BRAC University faculty, staff and students