Growth Equity Trade Offs In Structural Reforms

Author : Mr.Jonathan David Ostry
Publisher : International Monetary Fund
ISBN 13 : 1484336801
Total Pages : 46 pages
Book Rating : 4.09/5 ( download)

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Download or read book Growth-Equity Trade-offs in Structural Reforms written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2018-01-05 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging-market, and low-income countries. Our main finding is that there is indeed evidence of a growth-equity tradeoff for some important reforms. Financial and capital account liberalization seem to increase both growth and inequality, as do some measures of liberalization of current account transactions. Reforms aimed at strengthening the impartiality of and adherence to the legal system seem to entail no growth-equity tradeoff—such reforms are good for growth and do not worsen inequality. The results for our index of network reforms as well as our measure of the decentralization of collective labor bargaining are the weakest and least robust, potentially due to data limitations. We also ask: If some structural reforms worsen inequality, to what degree does this offset the growth gains from the reforms themselves? While higher inequality does dampen the growth benefits, the net effect on growth remains positive for most reform indicators.

Author : Charles R. Hulten
Publisher : University of Chicago Press
ISBN 13 : 022656780X
Total Pages : 528 pages
Book Rating : 4.08/5 ( download)

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Download or read book Education, Skills, and Technical Change written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2018-12-26 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past few decades, US business and industry have been transformed by the advances and redundancies produced by the knowledge economy. The workplace has changed, and much of the work differs from that performed by previous generations. Can human capital accumulation in the United States keep pace with the evolving demands placed on it, and how can the workforce of tomorrow acquire the skills and competencies that are most in demand? Education, Skills, and Technical Change explores various facets of these questions and provides an overview of educational attainment in the United States and the channels through which labor force skills and education affect GDP growth. Contributors to this volume focus on a range of educational and training institutions and bring new data to bear on how we understand the role of college and vocational education and the size and nature of the skills gap. This work links a range of research areas—such as growth accounting, skill development, higher education, and immigration—and also examines how well students are being prepared for the current and future world of work.

Author : Mr.Jonathan David Ostry
Publisher : International Monetary Fund
ISBN 13 : 1484336984
Total Pages : 46 pages
Book Rating : 4.84/5 ( download)

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Download or read book Growth-Equity Trade-offs in Structural Reforms written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2018-01-05 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging-market, and low-income countries. Our main finding is that there is indeed evidence of a growth-equity tradeoff for some important reforms. Financial and capital account liberalization seem to increase both growth and inequality, as do some measures of liberalization of current account transactions. Reforms aimed at strengthening the impartiality of and adherence to the legal system seem to entail no growth-equity tradeoff—such reforms are good for growth and do not worsen inequality. The results for our index of network reforms as well as our measure of the decentralization of collective labor bargaining are the weakest and least robust, potentially due to data limitations. We also ask: If some structural reforms worsen inequality, to what degree does this offset the growth gains from the reforms themselves? While higher inequality does dampen the growth benefits, the net effect on growth remains positive for most reform indicators.

Author : Mr. Andrew Berg
Publisher : International Monetary Fund
ISBN 13 : 1513592963
Total Pages : 44 pages
Book Rating : 4.61/5 ( download)

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Download or read book For the Benefit of All: Fiscal Policies and Equity-Efficiency Trade-offs in the Age of Automation written by Mr. Andrew Berg and published by International Monetary Fund. This book was released on 2021-07-16 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.

Author : McMillan, Margaret
Publisher : Intl Food Policy Res Inst
ISBN 13 : 0896292142
Total Pages : 328 pages
Book Rating : 4.47/5 ( download)

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Download or read book Structural change, fundamentals, and growth : a framework and case studies written by McMillan, Margaret and published by Intl Food Policy Res Inst. This book was released on 2017-05-11 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Mr.Jonathan David Ostry
Publisher : International Monetary Fund
ISBN 13 : 1484397657
Total Pages : 30 pages
Book Rating : 4.57/5 ( download)

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Download or read book Redistribution, Inequality, and Growth written by Mr.Jonathan David Ostry and published by International Monetary Fund. This book was released on 2014-02-17 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund has recognized in recent years that one cannot separate issues of economic growth and stability on one hand and equality on the other. Indeed, there is a strong case for considering inequality and an inability to sustain economic growth as two sides of the same coin. Central to the Fund’s mandate is providing advice that will enable members’ economies to grow on a sustained basis. But the Fund has rightly been cautious about recommending the use of redistributive policies given that such policies may themselves undercut economic efficiency and the prospects for sustained growth (the so-called “leaky bucket” hypothesis written about by the famous Yale economist Arthur Okun in the 1970s). This SDN follows up the previous SDN on inequality and growth by focusing on the role of redistribution. It finds that, from the perspective of the best available macroeconomic data, there is not a lot of evidence that redistribution has in fact undercut economic growth (except in extreme cases). One should be careful not to assume therefore—as Okun and others have—that there is a big tradeoff between redistribution and growth. The best available macroeconomic data do not support such a conclusion.

Author : Arthur M. Okun
Publisher : Brookings Institution Press
ISBN 13 : 0815726546
Total Pages : 171 pages
Book Rating : 4.48/5 ( download)

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Download or read book Equality and Efficiency REV written by Arthur M. Okun and published by Brookings Institution Press. This book was released on 2015-04-30 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1975, Equality and Efficiency: The Big Tradeoff is a very personal work from one of the most important macroeconomists of the last hundred years. And this new edition includes "Further Thoughts on Equality and Efficiency," a paper published by the author two years later. In classrooms Arthur M. Okun may be best remembered for Okun's Law, but his lasting legacy is the respect and admiration he earned from economists, practitioners, and policymakers. Equality and Efficiency is the perfect embodiment of that legacy, valued both by professional economists and those readers with a keen interest in social policy. To his fellow economists, Okun presents messages, in the form of additional comments and select citations, in his footnotes. To all readers, Okun presents an engaging dual theme: the market needs a place, and the market needs to be kept in its place. As Okun puts it: Institutions in a capitalist democracy prod us to get ahead of our neighbors economically after telling us to stay in line socially. This double standard professes and pursues an egalitarian political and social system while simultaneously generating gaping disparities in economic well-being. Today, Okun's dual theme feels incredibly prescient as we grapple with the hot-button topic of income inequality. In his foreword, Lawrence H. Summers declares: On what one might think of as questions of "economic philosophy," I doubt that Okun has been improved on in the subsequent interval. His discussion of how societies rely on rights as well as markets should be required reading for all young economists who are enamored with market solutions to all problems. With a new foreword by Lawrence H. Summers

Author : Mrs. Nina Budina
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.95/5 ( download)

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Download or read book Structural Reforms to Accelerate Growth, Ease Policy Trade-offs, and Support the Green Transition in Emerging Market and Developing Economies written by Mrs. Nina Budina and published by International Monetary Fund. This book was released on 2023-09-22 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the aftermath of the COVID-19 pandemic, emerging market and developing economies are grappling with economic scarring, social tension, and reduced policy space. Policy actions are already urgently needed to boost growth in the near term and support the ongoing green transition. At the same time, high public debt and persistently high inflation have constrained policy space, posing difficult policy trade-offs. This Staff Discussion Note focuses on emerging market and developing economies and proposes a framework for prioritization, packaging, and sequencing of macrostructural reforms to accelerate growth, alleviate policy trade-offs, and support the green transition. The note shows that prioritizing the removal of the most binding constraints on economic activity, bundling reforms (governance, business deregulation, and external sector reforms), and appropriate sequencing of other reforms (such as labor market and credit sector reforms) can help front-load reform gains. In emerging market and developing economies with large initial structural gaps, the estimated output effects of such a major reform package are sizable—about 4 percent in two years and 8 percent in four years. Achieving higher growth and lower absolute carbon emissions over time requires a well-designed strategy that includes both macrostructural and green reforms.

Author : Ms.Sweta Chaman Saxena
Publisher : International Monetary Fund
ISBN 13 : 1484362241
Total Pages : 18 pages
Book Rating : 4.42/5 ( download)

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Download or read book IMF Research Perspectives written by Ms.Sweta Chaman Saxena and published by International Monetary Fund. This book was released on 2018-06-18 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF Research Perspective (formerly published as IMF Research Bulletin) is a new, redesigned online newsletter covering updates on IMF research. In the inaugural issue of the newsletter, Hites Ahir interviews Valeria Cerra; and they discuss the economic environment 10 years after the global financial crisis. Research Summaries cover the rise of populism; economic reform; labor and technology; big data; and the relationship between happiness and productivity. Sweta C. Saxena was the guest editor for this inaugural issue.

Author : Medani P. Bhandari
Publisher : CRC Press
ISBN 13 : 1000792927
Total Pages : 343 pages
Book Rating : 4.28/5 ( download)

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Download or read book Economic Inequality – Trends, Traps and Trade-offs written by Medani P. Bhandari and published by CRC Press. This book was released on 2022-09-01 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book “Economic Inequality – Trends, Traps and Trade-offs” presents the unexplored issues of economic inequality, including case studies of various countries. Inequality is a chronic divisive factor of society. It is well known that inequalities (such as economic, social, cultural, religious, geographical, etc.) have been omnipresent in human society. Inequalities can be found within each family, each community, and each nation and thus globally. Inequality is a major cause of political, economic, social instability, and creates crisis and conflict within society. A major cause of inequality is unequal, uneven, biased, power centric distributions of human economic, social, political, cultural and spiritual human necessities.The edited book examines the major parameters of the socio-economic issues of inequality and focuses on the key economic issues of inequality, namely, income and wealth distribution, equity & equality of outcome, and equality of opportunities. Economic inequality is measured by wealth, income dsiproportions in distribution and consumption patterns in a specific area. Mostly, inequality is measured using various statistical tools including the Gini Coefficient, inequality adjusted human development index, 20:20 ratio, Palma ratio, Hoover index, Galt score, Coefficient of variation, Theil index, wage share etc. However, not all income can be measured by these tools. By using case studies, this book encourages us to reframe economic development through the lens of growing inequalities and disparities. Economic growth per se is disproportional, and the efforts of scholars, practitioners and policymakers should be directed to empower the marginalized of society in a way that ‘no one should left behind’ (UN Slogan).