Structural Reform Packages, Sequencing, and the Informal Economy /:
This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequenci...
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| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/125. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequencing. The unofficial sector is a major determinant of the sign, and, in particular, the magnitude of responses. South Africa, an emerging country, is considered when Bayesian estimating the model. Regarding the long run, both labor and product market reforms considerably increase output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs, for example, a decrease in household consumption, net exports or output, or a decrease in competition. Combining reforms, especially with product market deregulation, are good at reducing short-term costs. Finally, concerning the speed of adjustment, it is usually better to start with a labor market reform. |
| Beschreibung: | 1 online resource (55 pages) |
| ISBN: | 9781484302309 1484302303 1484302109 9781484302101 |
| ISSN: | 1018-5941 ; |
Internformat
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| 520 | 3 | |a This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequencing. The unofficial sector is a major determinant of the sign, and, in particular, the magnitude of responses. South Africa, an emerging country, is considered when Bayesian estimating the model. Regarding the long run, both labor and product market reforms considerably increase output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs, for example, a decrease in household consumption, net exports or output, or a decrease in competition. Combining reforms, especially with product market deregulation, are good at reducing short-term costs. Finally, concerning the speed of adjustment, it is usually better to start with a labor market reform. | |
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| contents | Cover; Structural Reform Packages, Sequencing, and the Informal Economy; 1. Motivation and literature; 2. The model; 3. Calibration and Bayesian estimation; 4. Long- and short-run effects of deregulation policies in South-Africa; 5. Conclusion. |
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| illustrated | Not Illustrated |
| indexdate | 2024-11-26T14:49:27Z |
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| spelling | Munkacsi, Zsuzsa, author. Structural Reform Packages, Sequencing, and the Informal Economy / by Zsuzsa Munkacsi and Magnus Saxegaard. [Washington, D.C.] : International Monetary Fund, [2017] 1 online resource (55 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF Working Papers, 1018-5941 ; WP/17/125 Print version record. Cover; Structural Reform Packages, Sequencing, and the Informal Economy; 1. Motivation and literature; 2. The model; 3. Calibration and Bayesian estimation; 4. Long- and short-run effects of deregulation policies in South-Africa; 5. Conclusion. This paper explores the macroeconomic impacts of labor and product market deregulation using a small open-economy model with formal and informal markets. We examine both the long-run effects and the transition towards the post-reform equilibrium, while our main focus are reform packages and sequencing. The unofficial sector is a major determinant of the sign, and, in particular, the magnitude of responses. South Africa, an emerging country, is considered when Bayesian estimating the model. Regarding the long run, both labor and product market reforms considerably increase output, although labor market reforms are more successful in decreasing unemployment. Nevertheless, there are short-term costs, for example, a decrease in household consumption, net exports or output, or a decrease in competition. Combining reforms, especially with product market deregulation, are good at reducing short-term costs. Finally, concerning the speed of adjustment, it is usually better to start with a labor market reform. Informal sector (Economics) http://id.loc.gov/authorities/subjects/sh85066135 Secteur informel (Économie politique) BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Informal sector (Economics) fast Labor Market Policy. imf Labor Market Reforms. imf Fiscal Reforms. imf Shadow Economy. imf All Countries. imf Saxegaard, Magnus, author. http://id.loc.gov/authorities/names/no2006077643 has work: Structural Reform Packages, Sequencing, and the Informal Economy (Text) https://id.oclc.org/worldcat/entity/E39PCH3Gr64tMYpfk6BPFpHJwC https://id.oclc.org/worldcat/ontology/hasWork Print version: Munkacsi, Zsuzsa. Structural Reform Packages, Sequencing, and the Informal Economy. Washington, D.C. : International Monetary Fund, ©2017 9781484302101 IMF working paper ; WP/17/125. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1536283 Volltext |
| spellingShingle | Munkacsi, Zsuzsa Saxegaard, Magnus Structural Reform Packages, Sequencing, and the Informal Economy / IMF working paper ; Cover; Structural Reform Packages, Sequencing, and the Informal Economy; 1. Motivation and literature; 2. The model; 3. Calibration and Bayesian estimation; 4. Long- and short-run effects of deregulation policies in South-Africa; 5. Conclusion. Informal sector (Economics) http://id.loc.gov/authorities/subjects/sh85066135 Secteur informel (Économie politique) BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Informal sector (Economics) fast Labor Market Policy. imf Labor Market Reforms. imf Fiscal Reforms. imf Shadow Economy. imf All Countries. imf |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85066135 |
| title | Structural Reform Packages, Sequencing, and the Informal Economy / |
| title_auth | Structural Reform Packages, Sequencing, and the Informal Economy / |
| title_exact_search | Structural Reform Packages, Sequencing, and the Informal Economy / |
| title_full | Structural Reform Packages, Sequencing, and the Informal Economy / by Zsuzsa Munkacsi and Magnus Saxegaard. |
| title_fullStr | Structural Reform Packages, Sequencing, and the Informal Economy / by Zsuzsa Munkacsi and Magnus Saxegaard. |
| title_full_unstemmed | Structural Reform Packages, Sequencing, and the Informal Economy / by Zsuzsa Munkacsi and Magnus Saxegaard. |
| title_short | Structural Reform Packages, Sequencing, and the Informal Economy / |
| title_sort | structural reform packages sequencing and the informal economy |
| topic | Informal sector (Economics) http://id.loc.gov/authorities/subjects/sh85066135 Secteur informel (Économie politique) BUSINESS & ECONOMICS Economics General. bisacsh BUSINESS & ECONOMICS Reference. bisacsh Informal sector (Economics) fast Labor Market Policy. imf Labor Market Reforms. imf Fiscal Reforms. imf Shadow Economy. imf All Countries. imf |
| topic_facet | Informal sector (Economics) Secteur informel (Économie politique) BUSINESS & ECONOMICS Economics General. BUSINESS & ECONOMICS Reference. Labor Market Policy. Labor Market Reforms. Fiscal Reforms. Shadow Economy. All Countries. |
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