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Rebalancing In The Euro Area And Cyclicality Of Current Account Adjustments

Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments PDF
Author: Mr. Thierry Tressel
Publisher: International Monetary Fund
ISBN: 1498396542
Size: 69.37 MB
Format: PDF
Category : Business & Economics
Languages : en
Pages : 31
View: 1871

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The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable to tradable sectors, while improved export performance is still dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes but also cyclical forces, suggesting that part of the improvements may unwind when cyclical conditions improve. Looking ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove very challenging. Structural reforms will play an important role in the reallocation of resources to the tradable sector and the associated relative price adjustment, while boosting non-price and price competitiveness.

Rebalancing In The Euro Area And Cyclicality Of Current Account Adjustments

Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments PDF
Author: Mr.Thierry Tressel
Publisher: International Monetary Fund
ISBN: 1498334423
Size: 18.83 MB
Format: PDF, ePub
Category : Business & Economics
Languages : en
Pages : 31
View: 2828

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The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable to tradable sectors, while improved export performance is still dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes but also cyclical forces, suggesting that part of the improvements may unwind when cyclical conditions improve. Looking ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove very challenging. Structural reforms will play an important role in the reallocation of resources to the tradable sector and the associated relative price adjustment, while boosting non-price and price competitiveness.

Wirtschaftsstruktur Und Leistungsbilanz

Wirtschaftsstruktur und Leistungsbilanz PDF
Author: Philipp Ehmer
Publisher: Springer-Verlag
ISBN: 3658168765
Size: 26.36 MB
Format: PDF, ePub, Mobi
Category : Business & Economics
Languages : de
Pages : 416
View: 4174

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Philipp Ehmer begründet und quantifiziert den Einfluss sektoraler Wirtschaftsstrukturen auf Leistungsbilanzen von Volkswirtschaften in der Eurozone. Er leitet den Zusammenhang zwischen den beiden Größen theoretisch her und bestätigt die Argumentation in einer empirischen Analyse. Nach seinen Ergebnissen trägt das Fehlen industrieller Kapazitäten zur Erwirtschaftung eines Leistungsbilanzdefizits bei. Volkswirtschaften in einer Währungsunion, in der solche Defizite nicht über Wechselkursabwertungen verhältnismäßig einfach abgebaut werden können, sollten ihre sektoralen Strukturen bezüglich ihrer Exportfähigkeit harmonisieren.

Adjustment In Euro Area Deficit Countries Progress Challenges And Policies

Adjustment in Euro Area Deficit Countries  Progress  Challenges  and Policies PDF
Author: Mr. Thierry Tressel
Publisher: International Monetary Fund
ISBN: 1498362907
Size: 46.80 MB
Format: PDF, Kindle
Category : Business & Economics
Languages : en
Pages : 34
View: 4674

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Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.

Monetary Policy In The Context Of Financial Crisis

Monetary Policy in the Context of Financial Crisis PDF
Author: Fredj Jawadi
Publisher: Emerald Group Publishing
ISBN: 1784417793
Size: 36.31 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 560
View: 4493

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This is Volume 24 of the monograph series International Symposia in Economic Theory and Econometrics. ISETE publishes proceedings of conferences and symposia, as well as research monographs of the highest quality and importance.

The State Of The European Union

The State of the European Union PDF
Author: Stefanie Wöhl
Publisher: Springer
ISBN: 365825419X
Size: 58.75 MB
Format: PDF
Category : Political Science
Languages : en
Pages : 274
View: 6285

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Against the backdrop of combating the financial and economic crisis in the European Union for the past decade, this volume strives to explore the manifold impacts the prevailing crisis management has on the further alignment of European Integration. The efforts targeted at overcoming the financial and economic crisis evoked far-reaching consequences on the societal, economic, and political level within European member states, which in turn challenge the institutional alignment, democratic legitimacy and economic coherence of the European Union. Taking into account current developments in the EU, the contributions presented in this volume focus on the ‘fault lines’ in the integration process, i.e. questions of policy coherence, democratic accountability, financialization, militarization, migration, gendered social and economic asymmetries as well as the rise of populist and extreme right-wing parties. The volume focuses on how these different developments come together by relating aspects of transdisciplinary research to uncover the fault lines in the European integration project in the subsequent chapters. ContentEconomic and Democratic Governance • Right Wing Populism and Right Extreme Parties • Financialization and Militarization • Social Exclusion, Welfare and Migration Policies EditorsProf. (FH) Dr. Stefanie Wöhl, University of Applied Sciences BFI Vienna. Prof. (FH) Dr. Elisabeth Springler, University of Applied Sciences BFI Vienna. Mag. Martin Pachel, University of Applied Sciences BFI Vienna. Dr. Bernhard Zeilinger, University of Applied Sciences BFI Vienna.

Structural Transformation And Tax Efficiency

Structural Transformation and Tax Efficiency PDF
Author: Mr.Serhan Cevik
Publisher: International Monetary Fund
ISBN: 1484399811
Size: 58.53 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 32
View: 1169

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Structural transformation has resulted in an increasing share of services in aggregate value-added in advanced and developing countries across the world. We analyze the impact of this shift into services on countries’ efficiency in collecting the value-added tax (VAT). The analysis is based on two alternative measures of VAT efficiency: (1) the VAT C-efficiency, using a broad panel of 134 countries over the period 1970-2014; and (2) the VAT gap using a more granular, proprietary dataset that draws on the results of IMF’s Revenue Administraion-Gap Analysis Program covering 24 countries over the period 2004-2016. We find that a higher share of services in aggregate value-added reduces the VAT efficiency, and that this adverse effect is mainly a result of a rise of non-tradable services, which in turn contributes to a narrowing of the VAT base.

Entgeltmanagement

Entgeltmanagement PDF
Author: Wilhelm Schmeisser
Publisher: UVK Verlag
ISBN: 3739804556
Size: 29.74 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : de
Pages : 368
View: 1960

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Ein attraktiver Arbeitsplatz, eine angemessene Vergütung, ein Zuschuss zur Kantine, Gleitzeit, Anerkennung und Wertschätzung sind wichtige Motivationsfaktoren zur Mitarbeiterbindung und -gewinnung. Auf der anderen Seite steht für Arbeitgeber die wirtschaftliche Komponente, denn Löhne und betriebliche Sozialleistungen stellen für das Unternehmen Kosten dar. Die Optimierung von Entlohnungssystemen hat damit für beide Seiten einen hohen wirtschaftlichen Stellenwert. Nach einer kompakten Darstellung der Grundlagen der Lohn- und Gehaltsabrechnung gehen die Autoren auf die steuerrechtlichen und verwaltungstechnischen Voraussetzungen zur Implementierung eines geeigneten Entgeltsystems ein. Dadurch lässt sich eine geeignete Datenbasis für das Personalcontrolling, die Personalstatistik und auch die Personalkostenplanung entwickeln. Doch die Autoren lassen es in diesem Buch nicht bei einer reinen deskriptiven Darstellung der betriebswirtschaftlichen Sicht, sondern gehen vielmehr auch auf politisch-ethische und moralisch fragwürdige Geschäftsmodelle sowie Steuerhinterziehung von Eliten ein.

Imf Research Bulletin September 2014

IMF Research Bulletin  September 2014 PDF
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1498340040
Size: 52.14 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 18
View: 5310

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This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of “IMF Economic Review” with a link to an article by Paul Krugman.

Adjustment In Euro Area Deficit Countries

Adjustment in Euro Area Deficit Countries PDF
Author: Mr.Thierry Tressel
Publisher: International Monetary Fund
ISBN: 149837381X
Size: 10.17 MB
Format: PDF, ePub, Docs
Category : Business & Economics
Languages : en
Pages : 34
View: 515

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Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.