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The Impact Of Product Market Reforms On Firm Productivity In Italy
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Book Synopsis The Impact of Product Market Reforms on Firm Productivity in Italy by : Mr.Sergi Lanau
Download or read book The Impact of Product Market Reforms on Firm Productivity in Italy written by Mr.Sergi Lanau and published by International Monetary Fund. This book was released on 2016-06-15 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the role of removing obstacles to competition in product markets in raising growth and productivity. Using firm-level data from Italy during 2003–13 and OECD measures of product market regulation, we estimate the effect of deregulation in network sectors on value added and productivity of firms in these sectors, as well as firms using these intermediates in their production processes. We find evidence of a significant positive impact. These effects are more pronounced in Italian provinces with more efficient public administration, underscoring the complementarities of advancing public administration and product market reforms simultaneously.
Book Synopsis The Impact of Product Market Reforms on Firm Productivity in Italy by : Sergi Lanau
Download or read book The Impact of Product Market Reforms on Firm Productivity in Italy written by Sergi Lanau and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Reforms and Firms’ Productivity: Evidence from Developing Countries by : Wilfried A. Kouamé
Download or read book Structural Reforms and Firms’ Productivity: Evidence from Developing Countries written by Wilfried A. Kouamé and published by International Monetary Fund. This book was released on 2018-03-19 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for reform indexes and the World Bank Enterprise Surveys for firm-level productivity. The paper highlights the following results. Structural reforms such as financial, fiscal, real sector, and trade reforms, significantly improve firm-level productivity. Interestingly, real sector reforms have the most sizeable effects on firm-level productivity. The relationship between structural reforms and firm-level productivity is nonlinear and shaped by some firms’ characteristics such as the financial access, the distortionary environment, and the size of firms. The pace of structural reforms matters since being a “strong reformer” is associated with a clear productivity dividend for firms. Finally, except for financial and trade reforms, all structural reforms under consideration are bilaterally complementary in improving firm-level productivity. These findings are robust to several sensitivity checks.
Book Synopsis Competition and Firm Productivity by : Sandra Ospina
Download or read book Competition and Firm Productivity written by Sandra Ospina and published by International Monetary Fund. This book was released on 2010-03-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical evidence on the impact of competition on firm productivity. Using firm-level observations from the World Bank Enterprise Survey database, we find a positive and robust causal relationship between our proxies for competition and our measures of productivity. We also find that countries that implemented product-market reforms had a more pronounced increase in competition, and correspondingly, in productivity: the contribution to productivity growth due to competition spurred by product-market reforms is around 12-15 percent.
Book Synopsis What is the Impact of Increased Business Competition? by : Sónia Félix
Download or read book What is the Impact of Increased Business Competition? written by Sónia Félix and published by International Monetary Fund. This book was released on 2019-12-13 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the macroeconomic effect and underlying firm-level transmission channels of a reduction in business entry costs. We provide novel evidence on the response of firms' entry, exit, and employment decisions. To do so, we use as a natural experiment a reform in Portugal that reduced entry time and costs. Using the staggered implementation of the policy across the Portuguese municipalities, we find that the reform increased local entry and employment by, respectively, 25% and 4.8% per year in its first four years of implementation. Moreover, around 60% of the increase in employment came from incumbent firms expanding their size, with most of the rise occurring among the most productive firms. Standard models of firm dynamics, which assume a constant elasticity of substitution, are inconsistent with the expansionary and heterogeneous response across incumbent firms. We show that in a model with heterogeneous firms and variable markups the most productive firms face a lower demand elasticity and expand their employment in response to increased entry.
Book Synopsis Global Productivity by : Alistair Dieppe
Download or read book Global Productivity written by Alistair Dieppe and published by World Bank Publications. This book was released on 2021-06-09 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic struck the global economy after a decade that featured a broad-based slowdown in productivity growth. Global Productivity: Trends, Drivers, and Policies presents the first comprehensive analysis of the evolution and drivers of productivity growth, examines the effects of COVID-19 on productivity, and discusses a wide range of policies needed to rekindle productivity growth. The book also provides a far-reaching data set of multiple measures of productivity for up to 164 advanced economies and emerging market and developing economies, and it introduces a new sectoral database of productivity. The World Bank has created an extraordinary book on productivity, covering a large group of countries and using a wide variety of data sources. There is an emphasis on emerging and developing economies, whereas the prior literature has concentrated on developed economies. The book seeks to understand growth patterns and quantify the role of (among other things) the reallocation of factors, technological change, and the impact of natural disasters, including the COVID-19 pandemic. This book is must-reading for specialists in emerging economies but also provides deep insights for anyone interested in economic growth and productivity. Martin Neil Baily Senior Fellow, The Brookings Institution Former Chair, U.S. President’s Council of Economic Advisers This is an important book at a critical time. As the book notes, global productivity growth had already been slowing prior to the COVID-19 pandemic and collapses with the pandemic. If we want an effective recovery, we have to understand what was driving these long-run trends. The book presents a novel global approach to examining the levels, growth rates, and drivers of productivity growth. For anyone wanting to understand or influence productivity growth, this is an essential read. Nicholas Bloom William D. Eberle Professor of Economics, Stanford University The COVID-19 pandemic hit a global economy that was already struggling with an adverse pre-existing condition—slow productivity growth. This extraordinarily valuable and timely book brings considerable new evidence that shows the broad-based, long-standing nature of the slowdown. It is comprehensive, with an exceptional focus on emerging market and developing economies. Importantly, it shows how severe disasters (of which COVID-19 is just the latest) typically harm productivity. There are no silver bullets, but the book suggests sensible strategies to improve growth prospects. John Fernald Schroders Chaired Professor of European Competitiveness and Reform and Professor of Economics, INSEAD
Book Synopsis Competitiveness and Wage Bargaining Reform in Italy by : Mr.Alvar Kangur
Download or read book Competitiveness and Wage Bargaining Reform in Italy written by Mr.Alvar Kangur and published by International Monetary Fund. This book was released on 2018-03-16 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of Italian exports has lagged that of euro area peers. Against the backdrop of unit labor costs that have risen faster than those in euro area peers, this paper examines whether there is a competitiveness challenge in Italy and evaluates the framework of wage bargaining. Wages are set at the sectoral level and extended nationally. However, they do not respond well to firm-specific productivity, regional disparities, or skill mismatches. Nominally rigid wages have also implied adjustment through lower profits and employment. Wage developments explain about 45 percent of the manufacturing unit labor cost gap with Germany. In a search-and-match DSGE model of the Italian labor market, this paper finds substantial gains from moving from sectoral- to firm-level wage setting of at least 3.5 percentage points lower unemployment (or higher employment) rate and a notable improvement in Italy’s competitiveness over the medium term.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1513508504 Total Pages :42 pages Book Rating :4.5/5 (135 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 2019-07-24 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes France’s fiscal stance using a structural stochastic model. The theoretical model features a forward-looking benevolent government that needs to decide the optimal fiscal stance given the level of public debt, the cyclical position of the economy, and expectations about future shocks. This paper shows that a fiscal consolidation can help build buffers that could help France confront the next downturn from a stronger fiscal position. The analysis highlights that, on average, fiscal policy in France exhibited a deficit bias over the past four decades, being unable to react to either rising debt levels, or cyclical conditions. A model-based analysis further confirms that fiscal policy was generally looser than warranted by cyclical and debt sustainability considerations, and this is only partly due to the fact policymakers need to take decisions based on real-time output gap measures that are subject to uncertainty.
Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.
Book Synopsis Identifying the Main Drivers of Productivity Growth A Literature Review by : OECD
Download or read book Identifying the Main Drivers of Productivity Growth A Literature Review written by OECD and published by OECD Publishing. This book was released on 2022-11-07 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report represents the second outcome of the collaboration between the Asian Productivity Organization (APO) and the Organisation for Economic Co-operation and Development (OECD) to improve the measurement and analysis of productivity developments across APO and OECD member economies. The report discusses the potential impact of COVID-19 on productivity and examines the role of Multifactor Productivity (MFP) as a major driver of economic growth and changes in living standards.
Book Synopsis The Short-Term Impact of Product Market Reforms by : Peter N. Gal
Download or read book The Short-Term Impact of Product Market Reforms written by Peter N. Gal and published by International Monetary Fund. This book was released on 2016-09-22 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of product market reforms in the short and medium term across 10 regulated industries and 18 advanced economies for the period 1998-2013 using internationally comparable firm-level data based on Orbis. It provides four key insights. First, product market reforms have positive effects on capital, output and employment and their effects increase over time. After two years, they raise capital by 4%, output by 3% and employment by 1.5%. Second, differences in production technology and the nature of product market regulations across sectors generate important differences in the mechanisms through which reforms operate. In network industries, reforms tend to benefit small firms, while the opposite is observed in retail trade. Product market reforms also promote firm entry, particularly those that reduce entry barriers. Third, credit constraints can play an important role in weakening the positive impact of product market reform on investment. Fourth, product market reforms also tend to have positive effects on firms in downstream sectors—both at home and abroad—that make intensive use of intermediate inputs from deregulated sectors.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498355633 Total Pages :83 pages Book Rating :4.4/5 (983 download)
Book Synopsis Italy by : International Monetary Fund. European Dept.
Download or read book Italy written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-07-12 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 2016 Article IV Consultation highlights that the Italian economy is recovering gradually from a deep and protracted recession. Buoyed by exceptionally accommodative monetary policy, favorable commodity prices, supportive fiscal policy, and improved confidence on the back of the authorities’ wide-ranging reform efforts, the economy grew by 0.8 percent in 2015 and continued to expand in the first quarter of 2016. Labor market conditions have been improving gradually, and nonperforming loans appear to be stabilizing at about 18 percent of total loans. Growth is projected to remain just under 1 percent in 2016 and at about 1 percent in 2017.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475550545 Total Pages :20 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2016 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2016 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2016-09-30 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1484338278 Total Pages :302 pages Book Rating :4.4/5 (843 download)
Book Synopsis World Economic Outlook, April 2018 by : International Monetary Fund. Research Dept.
Download or read book World Economic Outlook, April 2018 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2018-04-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report describes the world economic outlook as of April 2018, projecting that advanced economies will continue to expand above their potential growth rates before decelerating, while growth in emerging markets in developing economies will rise before leveling off. It details global prospects and policies, including risks to the forecast, and essential determinants of long-term economic growth: labor force participation in advanced economies, the declining share of manufacturing jobs globally and in advanced economies, and the process through which innovative activity and technological knowledge spread across national borders.
Book Synopsis On the Impact of Structural Reforms on Output and Employment by : Luiza Antoun de Almeida
Download or read book On the Impact of Structural Reforms on Output and Employment written by Luiza Antoun de Almeida and published by International Monetary Fund. This book was released on 2018-04-06 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498319807 Total Pages :54 pages Book Rating :4.4/5 (983 download)
Book Synopsis Denmark by : International Monetary Fund. European Dept.
Download or read book Denmark written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2016-06-27 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the selected issues related to the economy of Denmark: divergence in house prices, house prices in Denmark's cities, macroprudential policies, and product market reform and firm productivity. Recent house price developments in Denmark have been characterized by a growing divergence between different parts of the country, with big cities experiencing much more rapid price increases than other parts. House price booms and busts in Denmark, like in many other countries, are a big-city phenomenon. Macroprudential policies can help contain risks for households, the financial system, and the broader economy, but they should be carefully calibrated to avoid an undue drag on growth.
Book Synopsis Structural Reforms, Productivity and Technological Change in Latin America by : Jorge M. Katz
Download or read book Structural Reforms, Productivity and Technological Change in Latin America written by Jorge M. Katz and published by United Nations Publications. This book was released on 2001 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Focusing on technological change, the impact of the reforms on the process of innovation is examined. It notes that the development process is proving to be highly heterogenous across industries, regions and firms and can be described as strongly inequitable. This differentiation that has emerged has implications for job creation, trade balance, and the role of small and medium sized firms. This ultimately suggests, amongst other things, the need for policies to better spread the use of new technologies.
