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Wages Layoffs And Privatization
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Book Synopsis Employment Protection Deregulation and Labor Shares in Advanced Economies by : Gabriele Ciminelli
Download or read book Employment Protection Deregulation and Labor Shares in Advanced Economies written by Gabriele Ciminelli and published by International Monetary Fund. This book was released on 2018-08-16 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver of the decline in labor shares that took place across most advanced economies since the early 1990s. This paper assesses the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly constructed dataset of major reforms to employment protection legislation for regular contracts. We apply the local projection method to estimate the dynamic response of the labor share to our reform events at both the country and the country-industry levels. For the latter, we employ a differences-in-differences identification strategy using two identifying assumptions grounded in theory—namely that job protection deregulation should have larger negative effects in industries characterized by (i) a higher “natural” propensity to adjust the workforce, and (ii) a lower elasticity of substitution between capital and labor. We find a statistically significant, economically large and robust negative effect of deregulation on the labor share. In particular, illustrative back-of-the-envelope calculations suggest that job protection deregulation may have contributed about 15 percent to the average labor share decline in advanced economies. Together with existing evidence regarding the macroeconomic gains from job protection and other labor market reforms, our results also point to the need for policymakers to address efficiency-equity trade-offs when designing such reforms.
Book Synopsis Reforming Infrastructure by : Ioannis Nicolaos Kessides
Download or read book Reforming Infrastructure written by Ioannis Nicolaos Kessides and published by World Bank Publications. This book was released on 2004 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: Electricity, natural gas, telecommunications, railways, and water supply, are often vertically and horizontally integrated state monopolies. This results in weak services, especially in developing and transition economies, and for poor people. Common problems include low productivity, high costs, bad quality, insufficient revenue, and investment shortfalls. Many countries over the past two decades have restructured, privatized and regulated their infrastructure. This report identifies the challenges involved in this massive policy redirection. It also assesses the outcomes of these changes, as well as their distributional consequences for poor households and other disadvantaged groups. It recommends directions for future reforms and research to improve infrastructure performance, identifying pricing policies that strike a balance between economic efficiency and social equity, suggesting rules governing access to bottleneck infrastructure facilities, and proposing ways to increase poor people's access to these crucial services.
Book Synopsis Privatization in Latin America by : Alberto Chong
Download or read book Privatization in Latin America written by Alberto Chong and published by World Bank Publications. This book was released on 2005-03-15 with total page 526 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatization is under attack. Beginning in the 1980s, thousands of failing state-owned enterprises worldwide have been turned over to the private sector. But public opinion has turned against privatization. A large political backlash has been brewing for some time, infused by accusations of corruption, abuse of market power, and neglect of the poor. What is the real record of privatization and are the criticisms justified? 'Privatization in Latin America' evaluates the empirical evidence on privatization in a region that has witnessed an extensive decline in the state's share of production over the past 20 years. The book is a compilation of recent studies that provide a comprehensive analysis of the record of and accusations against privatization, with important recommendations for the future. Seven countries are investigated: Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru. This book will be vital to anyone interested in the privatization debate but especially to those involved in civil service reform, corporate governance, economic policy, finance, and anticorruption efforts. 'Privatization is important but controversial. While economists typically favor it, others are skeptical. This book provides strong scientific evidence that privatization has been beneficial for many Latin American countries, although some privatizations failed and some groups in society lost out. As usual, the devil is in the details: how privatization is carried out and what reforms accompany it are crucial to its success. The book is definitely an invaluable contribution to the privatization debate.' --Oliver Hart, Andrew E. Furer Professor of Economics, Harvard University
Book Synopsis The Benefits of Privatization by : Rafael La Porta
Download or read book The Benefits of Privatization written by Rafael La Porta and published by . This book was released on 1997 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Criticisms of privatization have centered around the possibility that the observed higher profitability of privatized companies comes at the expense of the rest of society. In this paper we focus on two of the most likely channels for social losses: (1) increased prices as firms capitalize on the market power; and (2) layoffs and lower wages as firms seek to roll back generous labor contracts. Using data for all 218 non-financial privatizations that took place in Mexico between 1983 and 1991 we find that privatized firms quickly bridge the pre-privatization performance gap with industry-matched control groups. For example, privatization is followed by a 24 percentage point increase in the ratio of operating income to sales. We roughly decompose those gains in profitability as follows: 10 percent of the increase is due to higher product prices; 33 percent of the increase represents a transfer from laid-off workers; and productivity gains account for the residual 57 percent. Transfers from society to the firm are partially offset by taxes which absorb slightly over half the gains in operating income. Finally, we also find evidence indicating that deregulation is associated with faster convergence to industry benchmarks.
Book Synopsis Privatization in Latin America by : World Bank
Download or read book Privatization in Latin America written by World Bank and published by World Bank. This book was released on 2005 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the empirical evidence on the privatisation measures introduced in the Latin American region since the 1980s, in light of recent criticisms of the record of privatisation and allegations of corruption, abuse of market power and neglect of the poor. It includes case studies on the privatisation debate in Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, and Peru; and sets out recommendations for future reforms.
Book Synopsis Privatizing Russia by : Maxim Boycko
Download or read book Privatizing Russia written by Maxim Boycko and published by MIT Press. This book was released on 1997-01-22 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatizing Russia offers an inside look at one of the most remarkable reforms in recent history. Having started on the back burner of Russian politics in the fall of 1991, mass privatization was completed on July 1, 1994, with two thirds of the Russian industry privately owned, a rapidly rising stock market, and 40 million Russians owning company shares. The authors, all key participants in the reform effort, describe the events and the ideas driving privatization. They argue that successful reformers must recognize privatization as a process of depoliticizing firms in the face of massive opposition: making the firm responsive to market rather than political influences. The authors first review the economic theory of property rights, identifying the political influence on firms as the fundamental failure of property rights under socialism. They detail the process of coalition building and compromise that ultmately shaped privatization. The main elements of the Russian program -- corporatization, voucher use, and voucher auctions -- are described, as is the responsiveness of privatized firms to outside investors. Finally, the market values of privatized assets are assessed for indications of how much progress the country has made toward reforming its economy. In many respects, privatization has been a great success. Market concepts of property ownership and corporate management are shaking up Russian firms at a breathtaking pace, creating powerful economic and political stimuli for continuation of market reforms. At the same time, the authors caution, the political landscape remains treacherous as old-line politicians reluctantly cede their property rights and authority over firms.
Book Synopsis Privatization in Eastern Europe by : Roman Frydman
Download or read book Privatization in Eastern Europe written by Roman Frydman and published by Central European University Press. This book was released on 1994-01-01 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Eastern Europe privatization is now a mass phenomenon. The authors propose a model of it by means of an illustration from the example of Poland, which envisages the free provision of shares in formerly public undertakings to employees and consumers, and the provision of corporate finance from foreign intermediaries. One danger that emerges is that of bureaucratization. On the broader canvas, mass privatization implies the reform of the whole system, the creation of a suitable economic infrastructure for a market economy and the institutions of corporate governance. The authors point out the need for a delicate balance between evolution - which may be too slow - and design - which brings the risk of more government involvement than it is able to manage. A chapter originating as a European Bank working paper explores the banking implications of setting up a totally new financial sector with interlocking classes of assets. The economic effects merge into politics as the role of the state is investigated. Teachers and graduate students of public/private sector economies, East European affairs; advisers to bankers or commercial companies with Eastern European interests.
Book Synopsis Privatization of Public Services by : Christoph Hermann
Download or read book Privatization of Public Services written by Christoph Hermann and published by Routledge. This book was released on 2013-02-15 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public services throughout Europe have undergone dramatic restructuring processes in recent years in connection with liberalization and privatization. While evaluations of the successes of public services have focused on prices and efficiency, much less attention has been paid to the impacts of liberalization and privatization on employment, labor relations, and working conditions. This book addresses this gap by illustrating the ways in which liberalization has contributed to increasing private and foreign ownership of public services, the decentralization of labor relations has amplified pressure on wages, and decreasing employment numbers and increasing workloads have improved productivity partly at the cost of service quality. Examining diverse public-service sectors including network industries, public transportation, and hospitals, and using international case studies, Privatization of Public Services covers a wide range of aspects of service provision, with particular emphasis on companies and workers. The result is a unique picture of the changes created by the liberalization processes in Europe.
Download or read book Working Paper Series written by and published by . This book was released on 1997 with total page 556 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Great Divestiture by : Massimo Florio
Download or read book The Great Divestiture written by Massimo Florio and published by MIT Press. This book was released on 2004 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the tools of social cost-benefit analysis, Florio assesses the effect of privatization on consumers, taxpayers, firms, shareholders, and workers.
Book Synopsis Wage Controls and Employment in a Socialist Economy by : Mr.Timothy D. Lane
Download or read book Wage Controls and Employment in a Socialist Economy written by Mr.Timothy D. Lane and published by International Monetary Fund. This book was released on 1991-11-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wage controls have been an important element of several of the stabilization programs recently introduced in reforming socialist economies. In some cases, the controls have been placed on each state enterprise’s total wage bill, rather than on the wage rate paid. Such an incomes policy would be expected to have a dampening effect on employment, but this has not generally occurred; on the contrary, declines in employment in state enterprises have typically been much less than the associated declines in output. This paper presents a simple model of a labor-managed enterprise which offers an explanation of the behavior of wages and employment under such an incomes policy.
Download or read book Privatization written by Azizul Islam and published by United Nations Publications. This book was released on 2001 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Privatisation has emerged as a major policy issue for most developing countries in recent years, as part of the economic reform agenda for structural adjustment programmes that embrace free trade, financial liberalisation and a reduction of state involvement in the economy. This book reviews research into the impact of privatisation on economic efficiency, employment, equity and the government budget, and seeks to identify the preconditions required in order to achieve effective privatisation policies.
Download or read book Privatization written by George K. Yarrow and published by Taylor & Francis. This book was released on 1996 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economia written by Andres Velasco and published by Brookings Institution Press. This book was released on 2004-06-01 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This semiannual journal from the Latin American and Caribbean Economic Association (LACEA) provides a forum for influential economists and policymakers to share high-quality research directly applied to policy issues within and among those countries. Contents include: The Economics of Latin American Art: Creativity Patterns and Rates of Return Sebastian Edwards (UCLA) Privatization in Latin America: What Does the Evidence Say? Alberto Chong (IADB) and Florencio Lopez-de-Silanes (Yale University) Multinationals and Linkages: An Empirical Investigation Laura Alfaro (Harvard Business School) and Andres Rodriguez-Clare (IADB) On the Consequences of Sudden Stops Pablo E. Guidotti (Universidad Torcuato di Tella, Argentina), Federico Sturzenegger (Universidad Torcuato di Tella, Argentina), and Agustin Villar (Bank for International Settlements) Effects of Foreign Exchange Intervention under Public Information: The Chilean Case Matias Tapia (Canco Central de Chile) and Andrea Tokman (Banco Central de Chile)
Book Synopsis Privatization in Competitive Sectors by : Sunita Kikeri
Download or read book Privatization in Competitive Sectors written by Sunita Kikeri and published by World Bank Publications. This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Privatization Challenge by : Pierre Guislain
Download or read book The Privatization Challenge written by Pierre Guislain and published by World Bank Publications. This book was released on 1997 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: analisa os aspectos legais e institucionais e apresenta uma lista com a legislação sobre privatização em 112 paises.
Book Synopsis The Analysis of Firms and Employees by : Stefan Bender
Download or read book The Analysis of Firms and Employees written by Stefan Bender and published by University of Chicago Press. This book was released on 2009-05-15 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The long-term impact of globalization, outsourcing, and technological change on workers is increasingly being studied by economists. At the nexus of labor economics, industry studies, and industrial organization, The Analysis of Firms and Employees presents new findings about these impacts by examining the interaction between the internal workings of businesses and outside influences from the market using data from countries around the globe. The result is enhanced insight into the dynamic interrelationship between firms and workers. A distinguished team of researchers here examines the relationships between human resource practices and productivity, changing ownership and production methods, and expanding trade patterns and firm competitiveness. With analyses of large-scale, nationwide datasets as well as focused, intensive observation of a few firms, The Analysis of Firms and Employees will challenge economists, policymakers, and scholars alike to rethink their assumptions about the workplace.
