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Europe > Switzerland

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

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Cover IMF Working Papers
Product Market Regulation and the Benefits of Wage Moderation
Mr. Marcello M. Estevão
Euro-area real wages have decelerated sharply in the last 20 years, but this has not yet translated into visibly lower unemployment or faster growth. Weak output growth after such a cost shock is somewhat puzzling and has led some to question the benefits of wage moderation. By isolating structural from cyclical factors in a panel of industrial countries, I show that structurally slower real wage growth, that is, "wage moderation," does raise output growth and lower unemployment rates. However, I show that the impact on both variables depends crucially on product market regulation: weaker competition and barriers to entry mute the growth effects of structural real wage changes by allowing incumbent firms to appropriate larger rents. In this context, overly regulated product markets in the euro area are undermining the effects of labor market reforms on output and employment.
Keywords:
WP; product market; product market regulation; wage curve; labor market reform; Structural change; labor market; reforms; sequencing product market; wage-curve shift; product market reform; product market competition; Commodity markets; Wages; Wage bargaining; Unemployment rate; Real wages
Cover IMF Staff Country Reports
Switzerland: 2003 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland
International Monetary Fund
This 2003 Article IV Consultation highlights that following a solid expansion in 1997–2000, economic growth in Switzerland is currently stalled as exports have been hurt by the global slowdown and domestic investment has undergone a sharp downward correction from earlier high levels. The important financial sector has been hit particularly hard, in part because of the steep declines in equity prices both in Switzerland and abroad. Unemployment has doubled, although it remains low by international standards. Inflation is negligible, and the external current account is running a large surplus.
Keywords:
ISCR; CR; authority; debt brake legislation; monetary policy stance; debt; federal deficit; trend inflation; debt brake rule; Inflation; Financial sector; Commodity markets; Exchange rates; Deflation; Global
Cover The Structure and Operation of the World Gold Market
The Structure and Operation of the World Gold Market
Mr. M. G O'Callaghan

Abstract

This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The paper examines the composition and origin of physical stocks of gold, their flows, and their market destination and also reviews the operation of bullion and paper gold markets.

Keywords:
OP; market; price; market participant; futures contract; world gold market; exchange trading; gold price; market placement; Gold; Commodity markets; Futures; Gold reserves; Options; Middle East; North America; Northern Europe; Africa; Europe; New York market; Caribbean
Cover IMF Working Papers
The Structure and Operation of the World Gold Market
Mr. M. G O'Callaghan
This paper describes the structure of the world gold market, its sources of supply and demand, and how it functions. The market has three principal functions in three major locations: the New York futures market speculates on spot prices, which are largely determined in London, whereas physical gold is in large part shipped through Zurich. The market is dominated by large suppliers and gold holders, including monetary authorities. Some unique characteristics of the gold market ensure confidentiality, and as a result, there are gaps in existing knowledge and data. The paper identifies and attempts to fill these gaps.
Keywords:
WP; gold market; options contract; spot price; paper gold; clearing house; strike price; bullion market; market participant; Gold; Commodity markets; Gold prices; Options; Gold reserves; North America; Middle East; Northern Europe; Europe; Africa