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Europe > Ireland

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

  • Type: Journal Issue x
  • Macrostructural analysis x
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Cover Policy Papers
Operational Guidance Note On Program Design and Conditionality
International Monetary Fund. Strategy, Policy, & Review Department
This note aims to provide guidance on the key principles and considerations underlying the design of Fund-supported programs. The note expands on the previous operational guidance notes on conditionality published over 2003-2014, incorporating lessons from the 2018-19 Review of Conditionality, and other recent key policy developments including the recommendation of the Management’s Implementation Plan in response to Independent Evaluation Office (IEO)’s report on growth and adjustment in IMF-supported programs. The note in particular highlights operational advice to (i) improve the realism of macroeconomic forecast in programs and fostering a more systematic analysis of contingency plans and risks; (ii) improve the focus, depth, implementation, and tailoring of structural conditions (SCs), with due consideration of growth effects; and (iii) help strengthen the ownership of country authorities. Designed as a comprehensive reference and primer on program design and conditionality in an accessible and transparent manner, the note refers in summary to a broad range of economic and policy considerations over the lifecycle of Fund-supported programs. As with all guidance notes, the relevant IMF Executive Board Decisions remain the primary legal authority on matters covered in this note.
Keywords:
Conditionality; Conditionality guidelines; Use of Fund resources; Fund-supported adjustment programs; Debt sustainability analysis; Structural reform; Fragile and conflict-affected states; transparency policy; guidance note; Fund-supported program; financing gap; climate change policy assessment; policy note; existing IMF policy; financial support; Balance of payments need; Debt sustainability; Structural reforms; Global
Cover Policy Papers
Collaboration Between Regional Financing Arrangements and the IMF--Background Paper
International Monetary Fund
NULL
Keywords:
PP; reform program; structural adjustment; country; balance of payments; member country; financial support; primary market; exchange rate; central bank; division of labor; Loans; Lines of credit; Fiscal consolidation; Financial sector; Structural reforms; Global; Africa
Cover IMF Working Papers
Fiscal Reforms, Long-term Growth and Income Inequality
Mr. Santiago Acosta Ormaechea
,
Mr. Takuji Komatsuzaki
, and
Carolina Correa-Caro
We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP was on average about 1 percentage point above their synthetic units 10 years after each respective reform. Moreover, countries which were initially less developed seemed to experience a larger growth impact after their reforms. Results are broadly robust to controlling for structural reforms on business regulation, financial market, labor market, and legal and product markets, which may also affect growth. Our findings also suggest that inequality is not affected by the growth-friendly fiscal reforms analyzed in this paper.
Keywords:
WP; income; SCM result; Chile; Gini coefficient; Fiscal Policy; Synthetic Control Method; Structural Reform; growth effect; country selection; SCM approach; outcome variable; Structural reforms; Personal income; Income inequality; Income distribution; Global
Cover IMF Working Papers
Can Reform Waves Turn the Tide? Some Case Studies Using the Synthetic Control Method
Bibek Adhikari
,
Mr. Romain A Duval
,
Bingjie Hu
, and
Mr. Prakash Loungani
A number of advanced economies carried out a sequence of extensive reforms of their labor and product markets in the 1990s and early 2000s. Using the Synthetic Control Method (SCM), this paper implements six case studies of well-known waves of reforms, those of New Zealand, Australia, Denmark, Ireland and Netherlands in the 1990s, and the labor market reforms in Germany in the early 2000s. In four of the six cases, GDP per capita was higher than in the control group as a result of the reforms. No difference between the treated country and its synthetic counterpart could be found in the cases of Denmark and New Zealand, which in the latter case may have partly reflected the implementation of reforms under particularly weak macroeconomic conditions. Overall, also factoring in the limitations of the SCM in this context, the results are suggestive of a positive but heterogenous effect of reform waves on GDP per capita.
Keywords:
WP; labor market; real GDP; product market; fiscal policy; structural reforms; synthetic control method; liberalization; labor and productivity market reforms; growth; heads of state government; State life insurance insurance company; industrial relations; government's share; predictive power; reform package; donor country; untreated country; income support; firm level; life insurance insurance company; Labor market reforms; Competition; Active labor market policies; Unemployment; Europe; Global