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Business and Economics > Industries: Automobile

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Cover IMF Working Papers
Cars in Europe: Supply Chains and Spillovers during COVID-19 Times
Vizhdan Boranova, Raju Huidrom, Ezgi O. Ozturk, Ara Stepanyan, Petia Topalova, and Shihangyin (Frank) Zhang
The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks—both directly and via supply chains—during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe. Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable.
Keywords:
Auto sector; supply chains; spillovers; Europe; auto sector; Labor supply shocks; car sale; vehicle production; Labor supply; Supply shocks; Spillovers; COVID-19; Automobile industry; Global
Cover IMF Staff Country Reports
Slovak Republic: Selected Issues
International Monetary Fund. European Dept.
Selected Issues
Keywords:
MACROPRUDENTIAL policy calibration; stress test result; labor supply shock; Policy implication; sector comparison; Mortgages; Automobile industry; Loans; Housing prices; Macroprudential policy instruments; Global; Europe
Cover Per Jacobsson Lecture
Per Jacobsson Lecture
Are We Safer? The Case for Strengthening the Bagehot Arsenal
Mr. Timothy Geithner

Abstract

The choices we make in advance of the next financial crisis will have a major impact in determining the magnitude of the economic damage. Our vulnerability to crisis depends on the strength of the protections we build into the financial system through prudential regulation, as well as on the degrees of freedom we create for ourselves to respond to the unanticipated, and the knowledge and experience we bring in managing crises. Is the financial system safer today? With the reforms now in place and with the memory of the crisis still fresh, how confident should we feel about the resilience of the financial system and our ability to protect the US economy from a major financial crisis? Warburg Pincus President and former US Secretary of the Treasury Timothy Geithner attempts to answer these questions in his October 2016 Per Jacobsson Lecture.

Keywords:
PJ; president of the Per Jacobsson Foundation; capital requirement; discount window; lending facilities; equity capital; emergency regime; bank holding company; crisis damage; functioning financial system; financial collapse; financial system insolvent; bank liability structure; market share; Global; East Asia; Moral hazard; Financial sector stability; Lender of last resort; Systemic crises; fiscal policy
Cover IMF Working Papers
An Overview of the Japanese Distribution System: The Case of the Automobile Industry
Sayuri Shirai
This paper surveys the recent literature on the Japanese distribution system to consider two propositions: first, that the system is inefficient, and second that prices of imported products tend to be higher in Japan than in other markets. Most of the literature demonstrates that the system is efficient. However, the efficiency has not necessarily resulted in high social welfare as consumers have had limited access to various product lines or paid high prices for some products. This paper examines the distribution system in the automobile industry to promote understanding about the impacts of the system on price differentials.
Keywords:
WP; imported product; automobile parts price survey; product variety; import penetration; sales-distribution keiretsu; price survey; distribution margin; consumer goods; product price; representative importer; imported products; dealer repair shops; trade import; sales volume; car dealer; Imports; Automobile industry; Public expenditure review; Foreign corporations; Europe