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Business and Economics > Production and Operations Management

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • IMF Policy Discussion Papers x
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Cover IMF Policy Discussion Papers
Three Propositions on African Economic Growth
Mr. Pierre Dhonte
This paper describes the African economic growth and asserts the establishment of a growth-conducive environment is the unifying purpose of the IMF’s extensive involvement in Africa. A major purpose of the IMF’s extensive involvement in Africa is to promote high quality growth. As to the specific basis for the IMF’s original perspective on growth, it may be found in the debate that followed the debt crisis of the 1980s, when the concrete relevance of growth as a determinant of the sustainability of balance-of-payments positions and of the viability of a country's payments system became evident. Although the elimination of financial instability is essential to remove trade restraints, and thereby to promote growth, growth in turn is necessary if trade restraints are to be averted. The point of anchoring the domestic system of relative prices to the international system through open trading and an equilibrium exchange rate is to provide signals that will guide the efficient utilization of domestic resources; the whole approach becomes pointless if these signals are blocked by domestic price regulation.
Keywords:
PDP; exchange rate; economic growth; investment ratio; ratio; CFA franc; payments restriction; equilibrium exchange rate; terms of trade loss; output ratio; Labor force; Exchange rates; Employment; Total factor productivity; Terms of trade; Africa; Sub-Saharan Africa
Cover IMF Policy Discussion Papers
Monetary Transmission and Financial Indexation: Evidence from the Chilean Economy
International Monetary Fund
This paper reviews empirical evidence on the operation of the monetary transmission mechanism based on targeting of interest rates on indexed assets in the Chilean economy. The empirical evidence has two policy implications. First, interest rates on indexed assets do not fully reflect real interest rates because of imperfections of backward indexation magnified by the variability of monthly inflation. Second, while substantial adjustments to interest rates on indexed assets affect the cyclical position of output and inflation, there is no evidence of a stable, systematic relationship between these three variables. In contrast, money growth and unexpected inflation play a significant role in the transmission mechanism. This evidence calls for an eclectic approach to monetary policy. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the author(s) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.
Keywords:
PDP; interest rate; rate; UF rate; UF; UF interest rates; inflation-reduction strategy; narrow money; output-inflation trade-off; Inflation; Real interest rates; Output gap; Monetary transmission mechanism; Consumer price indexes
Cover IMF Policy Discussion Papers
The Structural Crisis in the Swedish Economy: Role of Labor Markets
Mr. Ramana Ramaswamy
This paper focuses on the main institutional features of the Swedish labor market and analyzes the reasons for the high wage inflation and slow productivity growth. The so-called Swedish model, usually identified with an advanced welfare state, has attracted attention from many quarters for its apparent earlier success. One of the distinctive features of the Swedish model has been its unique labor market institution, which combines centralized bargaining with a policy of wage equalization, designed with a view to promoting a favorable macroeconomic performance. The concept of solidaristic wages was initially conceived as equal pay for equal work. Estimates provided by the Swedish Ministry of Finance, indicate that the wage spread for industrial workers, calculated as the difference between the highest and lowest deciles in 1984, was 34 percent for Sweden in contrast to 210 percent for the United Kingdom and 490 percent for the United States.
Keywords:
PDP; nominal wage; wage drift; firm; worker; wage inflation; equalization policy; wage equalization; solidaristic wage; labor market program; wage determination; solidaristic wage policy; wage equalization policy; Wages; Wage adjustments; Labor markets; Productivity; Wage bargaining; Western Europe
Cover IMF Policy Discussion Papers
Selective Government Interventions and Economic Growth: A Survey of the Asian Experience and its Applicability to New Zealand
Mr. Jonathan David Ostry
Since the mid-1980s, New Zealand has been engaged in a broad-ranging economic reform program--involving liberalization of key sectors of the economy, reduction in trade protection, and trimming of the public sector--in order to restructure its economy and stimulate growth. With growth performance having been rather lackluster in recent years, questions have been raised as to whether a more interventionist approach--such as that followed by some Asian countries--might be warranted in order to place the economy on a higher growth path. A review of the empirical literature dealing with the experience of the dynamic Asian economies does not suggest that their success can be attributed to any significant degree to selective government interventions.
Keywords:
PDP; government; government policy; policy; government intervention; price distortion; policy regime; interventionist policy; trade liberalization policy; government involvement; Public investment spending; Public investment and public-private partnerships (PPP); Total factor productivity; Productivity; Private investment; East Asia; Asia and Pacific