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Rebalancing In The Euro Area And Cyclicality Of Current Account Adjustments
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Book Synopsis Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments by : Mr.Thierry Tressel
Download or read book Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2014-07-22 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable to tradable sectors, while improved export performance is still dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes but also cyclical forces, suggesting that part of the improvements may unwind when cyclical conditions improve. Looking ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove very challenging. Structural reforms will play an important role in the reallocation of resources to the tradable sector and the associated relative price adjustment, while boosting non-price and price competitiveness.
Download or read book Rebalancing written by Mr.Ruben Atoyan and published by International Monetary Fund. This book was released on 2013-03-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the 2003-2007 economic boom, European countries with large pre-crisis current account imbalances are undergoing adjustments. Countries are adjusting at different paces and ways reflecting the source and magnitude of imbalances, availability of financing, competitiveness of the tradable sector and external environment. While emerging European countries with large pre-crisis imbalances and a fixed exchange rate regime have seen sharp current account adjustments and a rebound in growth, adjustment in the euro zone periphery countries, which are also carrying a legacy of pre-crisis CA imbalances, has been gradual with difficulties bringing back growth. This paper is an empirical investigation of current account adjustment in Europe with a focus on these two groups, looking at contributions from cyclical and other factors, and seeking to draw policy conclusions.
Book Synopsis Adjustment in Euro Area Deficit Countries by : Mr.Thierry Tressel
Download or read book Adjustment in Euro Area Deficit Countries written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2014-07-14 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.
Book Synopsis The Challenge of Economic Rebalancing in Europe by : Ewald Nowotny
Download or read book The Challenge of Economic Rebalancing in Europe written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2015-09-25 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the long aftermath of the acute global financial crisis of 2008/09, “rebalancing” the economy with new sources of growth and productivity remains a persistent necessity. This book addresses the resulting trade-offs and challenges. These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. Further contributions focus on the interaction between monetary policy and financial stability, adding a regional perspective to these important issues.
Download or read book Rebalancing written by Mr.Ruben Atoyan and published by International Monetary Fund. This book was released on 2013-03-22 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the 2003-2007 economic boom, European countries with large pre-crisis current account imbalances are undergoing adjustments. Countries are adjusting at different paces and ways reflecting the source and magnitude of imbalances, availability of financing, competitiveness of the tradable sector and external environment. While emerging European countries with large pre-crisis imbalances and a fixed exchange rate regime have seen sharp current account adjustments and a rebound in growth, adjustment in the euro zone periphery countries, which are also carrying a legacy of pre-crisis CA imbalances, has been gradual with difficulties bringing back growth. This paper is an empirical investigation of current account adjustment in Europe with a focus on these two groups, looking at contributions from cyclical and other factors, and seeking to draw policy conclusions.
Book Synopsis The Mechanics of a Strong Euro Area by : Ms.Petya Koeva Brooks
Download or read book The Mechanics of a Strong Euro Area written by Ms.Petya Koeva Brooks and published by International Monetary Fund. This book was released on 2015-10-21 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF’s annual Article IV consultations (2012–15) with euro area authorities.
Book Synopsis Monetary Policy in the Context of Financial Crisis by : Fredj Jawadi
Download or read book Monetary Policy in the Context of Financial Crisis written by Fredj Jawadi and published by Emerald Group Publishing. This book was released on 2015-07-02 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance.
Book Synopsis Negative Interest Rate Policy (NIRP) by : Andreas Jobst
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Book Synopsis Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data by : Margherita Bottero
Download or read book Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data written by Margherita Bottero and published by International Monetary Fund. This book was released on 2019-02-28 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
Book Synopsis The State of the European Union by : Stefanie Wöhl
Download or read book The State of the European Union written by Stefanie Wöhl and published by Springer. This book was released on 2019-07-08 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of combating the financial and economic crisis in the European Union for the past decade, this volume strives to explore the manifold impacts the prevailing crisis management has on the further alignment of European Integration. The efforts targeted at overcoming the financial and economic crisis evoked far-reaching consequences on the societal, economic, and political level within European member states, which in turn challenge the institutional alignment, democratic legitimacy and economic coherence of the European Union. Taking into account current developments in the EU, the contributions presented in this volume focus on the ‘fault lines’ in the integration process, i.e. questions of policy coherence, democratic accountability, financialization, militarization, migration, gendered social and economic asymmetries as well as the rise of populist and extreme right-wing parties. The volume focuses on how these different developments come together by relating aspects of transdisciplinary research to uncover the fault lines in the European integration project in the subsequent chapters. ContentEconomic and Democratic Governance • Right Wing Populism and Right Extreme Parties • Financialization and Militarization • Social Exclusion, Welfare and Migration Policies EditorsProf. (FH) Dr. Stefanie Wöhl, University of Applied Sciences BFI Vienna. Prof. (FH) Dr. Elisabeth Springler, University of Applied Sciences BFI Vienna. Mag. Martin Pachel, University of Applied Sciences BFI Vienna. Dr. Bernhard Zeilinger, University of Applied Sciences BFI Vienna.
Book Synopsis G7 Current Account Imbalances by : Richard H. Clarida
Download or read book G7 Current Account Imbalances written by Richard H. Clarida and published by University of Chicago Press. This book was released on 2007-11-01 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can such unevenness between imports and exports be sustained, and what form might their eventual reconciliation take? Putting forth scenarios ranging from a gradual correction to a crash landing for the dollar, G7 Current Account Imbalances brings together economists from around the globe to consider the origins, status, and future of those disparities. An esteemed group of collaborators here examines the role of the bursting of the dot-com bubble, the history of previous episodes of current account adjustments, and the possibility of the Euro surpassing the dollar as the leading international reserve currency. Though there are areas of broad agreement—that the imbalances will ultimately decline and that currency revaluations will be part of the solution—many areas of contention remain regarding both the dangers of imbalances and the possible forms of adjustment. This volume will be of tremendous value to economists, politicians, and business leaders alike as they look to the future of the G7 economies.
Book Synopsis External Adjustment by : Maurice Obstfeld
Download or read book External Adjustment written by Maurice Obstfeld and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1498340040 Total Pages :18 pages Book Rating :4.4/5 (983 download)
Book Synopsis IMF Research Bulletin, September 2014 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2014 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2014-10-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of “IMF Economic Review” with a link to an article by Paul Krugman.
Book Synopsis Structural Transformation and Tax Efficiency by : Mr.Serhan Cevik
Download or read book Structural Transformation and Tax Efficiency written by Mr.Serhan Cevik and published by International Monetary Fund. This book was released on 2019-02-15 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structural transformation has resulted in an increasing share of services in aggregate value-added in advanced and developing countries across the world. We analyze the impact of this shift into services on countries’ efficiency in collecting the value-added tax (VAT). The analysis is based on two alternative measures of VAT efficiency: (1) the VAT C-efficiency, using a broad panel of 134 countries over the period 1970-2014; and (2) the VAT gap using a more granular, proprietary dataset that draws on the results of IMF’s Revenue Administraion-Gap Analysis Program covering 24 countries over the period 2004-2016. We find that a higher share of services in aggregate value-added reduces the VAT efficiency, and that this adverse effect is mainly a result of a rise of non-tradable services, which in turn contributes to a narrowing of the VAT base.
Book Synopsis The External Balance Assessment (EBA) Methodology by : Mr. Steven Phillips
Download or read book The External Balance Assessment (EBA) Methodology written by Mr. Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Book Synopsis OECD Economic Outlook, Volume 2012 by : OECD
Download or read book OECD Economic Outlook, Volume 2012 written by OECD and published by OECD Publishing. This book was released on 2012-12-17 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OECD Economic Outlook is the OECD’s twice-yearly analysis of the major economic trends and prospects for the next two years.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484320336 Total Pages :55 pages Book Rating :4.4/5 (843 download)
Book Synopsis France by : International Monetary Fund. European Dept.
Download or read book France written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-09-21 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the corporate income tax (CIT) regime that features a high statutory rate but low revenue productivity, as well as a bias toward debt financing, ineffective size-dependent regimes, and inefficient tax incentives. Profit-insensitive taxes are comparatively high. Anti-tax-avoidance rules are strong, but risks to outbound profit shifting remain. Tax uncertainty is another concern. At the individual level, the system of taxing wealth and capital income is complex, with distortions from differential taxation across savings instruments. To address some of these issues and make the tax system more supportive of growth and job creation, the government plans to reduce the CIT rate, further cut the labor tax wedge, unify taxes on capital income, and narrow the wealth tax. Staff’s analysis suggests that complementing these reforms with measures to remove inefficient tax incentives, further reduce the debt bias, address disincentives to company growth, and streamline the taxation of long-term savings could enhance their impact on competitiveness, revenues, and growth.
