Economic resilience to shocks: The role of structural policies
Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics of volatility remain different across OECD countries. A reason behind this heterogeneity is that countries exhibit different degrees of resilience in the face of common shocks. This paper traces divergenc...
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| Format: | Elektronisch Artikel |
| Sprache: | English |
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OECD Publishing
2008
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| Zusammenfassung: | Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics of volatility remain different across OECD countries. A reason behind this heterogeneity is that countries exhibit different degrees of resilience in the face of common shocks. This paper traces divergences in resilience back to different policy settings and institutions in labour, product and financial markets. Using pooled regression analysis across 20 OECD countries over the period 1982-2003, the paper identifies the impact of policy settings on two dimensions of resilience: the impact effect of a shock and its subsequent persistence. Policies and institutions associated with rigidities in labour and product markets are found to dampen the initial impact of shocks but to make their effects more persistent, while policies allowing for deep mortgage markets lower persistence and thereby improve resilience. Combining these two dimensions of resilience, the paper then uses the estimated equations to derive indicators of resilience for the OECD countries concerned, based on their current or recent policy settings. Three groups of countries emerge. In English-speaking countries, simulations suggest shocks have a significant initial effect on activity but this impact then dies out relatively quickly. By contrast, in many continental European countries the initial impact of shocks is cushioned but their effect linger for longer, with the cumulated output loss tending to be larger than in English-speaking countries. Finally a few, mostly small, European countries combine cushioning of the initial shock with a fairly quick return to baseline. |
| Beschreibung: | 1 Online-Ressource (38 p.) |
| DOI: | 10.1787/eco_studies-v2008-art6-en |
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| 520 | |a Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics of volatility remain different across OECD countries. A reason behind this heterogeneity is that countries exhibit different degrees of resilience in the face of common shocks. This paper traces divergences in resilience back to different policy settings and institutions in labour, product and financial markets. Using pooled regression analysis across 20 OECD countries over the period 1982-2003, the paper identifies the impact of policy settings on two dimensions of resilience: the impact effect of a shock and its subsequent persistence. Policies and institutions associated with rigidities in labour and product markets are found to dampen the initial impact of shocks but to make their effects more persistent, while policies allowing for deep mortgage markets lower persistence and thereby improve resilience. Combining these two dimensions of resilience, the paper then uses the estimated equations to derive indicators of resilience for the OECD countries concerned, based on their current or recent policy settings. Three groups of countries emerge. In English-speaking countries, simulations suggest shocks have a significant initial effect on activity but this impact then dies out relatively quickly. By contrast, in many continental European countries the initial impact of shocks is cushioned but their effect linger for longer, with the cumulated output loss tending to be larger than in English-speaking countries. Finally a few, mostly small, European countries combine cushioning of the initial shock with a fairly quick return to baseline. | ||
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| spelling | Duval, Romain VerfasserIn aut Economic resilience to shocks The role of structural policies Romain, Duval and Lukas, Vogel Paris OECD Publishing 2008 1 Online-Ressource (38 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cyclical fluctuations in economic activity have moderated over time but the extent and dynamics of volatility remain different across OECD countries. A reason behind this heterogeneity is that countries exhibit different degrees of resilience in the face of common shocks. This paper traces divergences in resilience back to different policy settings and institutions in labour, product and financial markets. Using pooled regression analysis across 20 OECD countries over the period 1982-2003, the paper identifies the impact of policy settings on two dimensions of resilience: the impact effect of a shock and its subsequent persistence. Policies and institutions associated with rigidities in labour and product markets are found to dampen the initial impact of shocks but to make their effects more persistent, while policies allowing for deep mortgage markets lower persistence and thereby improve resilience. Combining these two dimensions of resilience, the paper then uses the estimated equations to derive indicators of resilience for the OECD countries concerned, based on their current or recent policy settings. Three groups of countries emerge. In English-speaking countries, simulations suggest shocks have a significant initial effect on activity but this impact then dies out relatively quickly. By contrast, in many continental European countries the initial impact of shocks is cushioned but their effect linger for longer, with the cumulated output loss tending to be larger than in English-speaking countries. Finally a few, mostly small, European countries combine cushioning of the initial shock with a fairly quick return to baseline. Economics Vogel, Lukas MitwirkendeR ctb Enthalten in OECD Journal: Economic Studies Vol. 2008, no. 1, p. 1-38 volume:2008 year:2008 number:1 pages:1-38 Parallele Sprachausgabe Französisch Résilience économique aux chocs : Le rôle des politiques structurelles FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/eco_studies-v2008-art6-en Volltext |
| spellingShingle | Duval, Romain Economic resilience to shocks The role of structural policies Economics |
| title | Economic resilience to shocks The role of structural policies |
| title_auth | Economic resilience to shocks The role of structural policies |
| title_exact_search | Economic resilience to shocks The role of structural policies |
| title_full | Economic resilience to shocks The role of structural policies Romain, Duval and Lukas, Vogel |
| title_fullStr | Economic resilience to shocks The role of structural policies Romain, Duval and Lukas, Vogel |
| title_full_unstemmed | Economic resilience to shocks The role of structural policies Romain, Duval and Lukas, Vogel |
| title_short | Economic resilience to shocks |
| title_sort | economic resilience to shocks the role of structural policies |
| title_sub | The role of structural policies |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-v2008-art6-en |
| work_keys_str_mv | AT duvalromain economicresiliencetoshockstheroleofstructuralpolicies AT vogellukas economicresiliencetoshockstheroleofstructuralpolicies |