Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies

Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies
Author: Mr.Romain A Duval
Publisher: International Monetary Fund
Total Pages: 31
Release: 2021-02-26
Genre: Business & Economics
ISBN: 1513570749


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We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment protection for regular workers and product market regulation for non-manufacturing industries covering 26 advanced economies over the past four decades. Our main finding is that product market deregulation is associated with a weakening of the current account, while labor market deregulation is associated with an improvement. These effects are transitory and driven by both saving and investment responses. Labor and product market reforms both have a more positive impact on the current account balance when implemented under weak macroeconomic conditions. Our results are broadly consistent with predictions from recent DSGE models with endogenous producer entry and labor market frictions.


Labor and Product Market Reforms and External Imbalances: Evidence from Advanced Economies
Language: en
Pages: 31
Authors: Mr.Romain A Duval
Categories: Business & Economics
Type: BOOK - Published: 2021-02-26 - Publisher: International Monetary Fund

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We explore the impact of major labor and product market reforms on current account dynamics using a new “narrative” database of major changes in employment
Labor and Product Market Reforms in Advanced Economies
Language: en
Pages: 120
Authors: Angana Banerji
Categories: Business & Economics
Type: BOOK - Published: 2017-03-13 - Publisher: International Monetary Fund

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Product and labor market reforms are needed to lift persistently sluggish growth in advanced economies. But reforms have progressed slowly because of concerns a
A Narrative Database of Major Labor and Product Market Reforms in Advanced Economies
Language: en
Pages: 98
Authors: Mr.Romain A Duval
Categories: Business & Economics
Type: BOOK - Published: 2018-01-25 - Publisher: International Monetary Fund

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This paper describes a new database of major labor and product market reforms covering 26 advanced economies over the period 1970-2013. The focus is on large ch
The New Normal
Language: en
Pages: 58
Authors: Ms.Era Dabla-Norris
Categories: Business & Economics
Type: BOOK - Published: 2015-03-18 - Publisher: International Monetary Fund

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Total factor productivity growth was stagnant or slowing in many advanced countries even prior to the crisis. This paper documents sector-level productivity pat
Micro and Macro Effects of Product Market Reforms
Language: en
Pages: 11
Authors: Allan Kayongo
Categories:
Type: BOOK - Published: 2018 - Publisher:

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In the recent decades, slow growth in Advanced Economies have led policymakers to emphasize structural reforms. Similarly, Emerging and low-income countries hav