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|z 9781498319706
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|a Bluedorn, John.
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|a Strengthening the Euro Area :
|b The Role of National Structural Reforms in Building Resilience /
|c John Bluedorn, Shekhar Aiyar, Romain Duval, Davide Furceri.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (31 pages)
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|a Staff Discussion Notes
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Cross-country differences in economic resilience-in an economy's ability to withstand and adjust to shocks-remain significant in the euro area. In part, the differences reflect the lack of a national nominal exchange rate as a mechanism to adjust to shocks. The IMF staff has argued that union-wide architectural changes such as the banking union, the capital markets union, and a central fiscal capacity can help foster greater international risk sharing. Yet even these changes cannot insure against all shocks. National policies thus have a vital role to play. This IMF staff discussion note analyzes how national structural policies can help euro area countries better deal with economic shocks. Using a mix of empirical and modeling approaches, the note finds that growth-enhancing reforms to labor and product market regulations, tailored to country-specific circumstances, would help individual euro area economies weather adverse shocks. Higher-quality insolvency regimes are associated with more efficient factor reallocation following a shock. The note also finds that structural and cyclical policies interact. Greater rigidities make economies more fragile, putting a higher burden on fiscal policy. This is especially true for members of a monetary union. Countries should build fiscal space in good times and tackle rigidities, reducing their need for countercyclical policies in bad times while making countercyclical policies more effective when deployed.
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|a Mode of access: Internet
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|a Aiyar, Shekhar.
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|a Duval, Romain.
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|a Furceri, Davide.
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|a Staff Discussion Notes; Staff Discussion Notes ;
|v No. 2019/005
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/006/2019/005/006.2019.issue-005-en.xml
|z IMF e-Library
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