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Europe > Ireland

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • Nonwage Labor Costs and Benefits; Private Pensions x
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Cover IMF Working Papers
Is Capping Executive Bonuses Useful?
Kentaro Asai
This paper develops a theoretical framework to study the impact of bonus caps on banks’ risk taking. In the model, labor market price adjustments can offset the direct effects of bonus caps. The calibrated model suggests that bonus caps are only effective when bank executives’ mobility is restricted. It also suggests, irrespective of the degree of labor market mobility, bonus caps simultaneously reduce risk shifting by bank executives (too much risk taking because of limited liability), but aggravate underinvestment (bank executives foregoing risky but productive projects). Hence, the welfare effects of bonus caps critically depend on initial conditions, including the relative importance of risk shifting versus underinvestment.
Keywords:
WP; labor market; executive compensation; risk taking; risk shifting; underinvestment; asset return volatility; payoff schedule; market portfolio; base pay; composite index; incentive contract; schedule of shareholder; Bonuses; Labor markets; Labor mobility; Commercial banks; Asia and Pacific; Europe
Cover IMF Working Papers
Governance and Fund Management in the Chinese Pension System
Yu-Wei Hu
,
Gregorio Impavido
, and
Xiaohong Li
The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.
Keywords:
WP; asset manager; NSSF assets; fixed income; bank deposit; investment fund; NSSF staff; private equity
Cover IMF Working Papers
Policy Challenges of Population Aging in Ireland
Ms. Dora M Iakova
and
Mr. Dennis P Botman
The projected rise in age-related government spending as a share of GDP in Ireland over the next forty years is among the highest in the euro area. In the absence of reforms, public debt will increase to unsustainable levels. This paper uses the IMF's Global Fiscal Model to compare the macroeconomic effects of different fiscal strategies to accommodate the rise in age-related spending. The simulations suggest that adopting a package of measures, including an increase in the retirement age, broadening the tax base, and raising indirect taxes, would be a more growth-friendly strategy than relying exclusively on raising the social security contribution rate.
Keywords:
WP; spending; debt; GDP; rate; social security contribution rate
Cover IMF Working Papers
Who Saves in Ireland? The Micro Evidence
Ms. Marialuz Moreno Badia
This paper provides detailed empirical evidence on the saving behavior of Irish households using micro data from the 1994/95 and 1999/2000 Household Budget Surveys. I employ synthetic cohort techniques to characterize the life cycle profile of saving rates and to examine the response of household saving to house price appreciation. The analysis suggests that households at the peak of their working lives have relatively low savings though there is no evidence of a generational savings gap. Also, despite housing being a major component of Irish households, wealth, there is no strong relationship between savings and housing capital gains.
Keywords:
WP; Ireland; rate
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the growth prospects of the Greek economy. It is estimated that exceptional factors boosted growth by 1 percentage point per year in recent years and, under current trends and policies, growth is likely to drop to about 3 percent by the end of the decade. The paper places the recent strong growth performance of the Greek economy in a historical and international context. It also assesses the impact of exceptional factors on growth, and presents statistical estimates of potential growth.
Keywords:
ISCR; CR; pension benefit; TFP growth; GDP growth; labor force; pension expenditure; participation rate; Pension spending; Pensions; Aging; Migration; Total factor productivity; Eastern Europe; Europe; publication policy; pension deficit; reader comment; evolution of pensioner; Social security contributions
Cover IMF Staff Country Reports
Ireland: Selected Issues
International Monetary Fund
This Selected Issues paper for Ireland highlights that fiscal consolidation resulted in a tremendous reduction in public debt from nearly 100 percent of GDP in 1991 to about 30 percent in 2004. This has reflected a combination of policy decisions and economic circumstances. Excluding 2001, when the economy has been affected by the global economic slowdown, Ireland has in general consistently enjoyed favorable surprises in its public finances. Indeed, during this period, the actual fiscal outturns have exceeded budget forecasts on average by 0.3 percent of GDP a year.
Keywords:
ISCR; CR; Ireland; rate; labor market; revenue; saving rate; replacement rate; median saving ratio; growth prospect; household savings; mean error; incentive account; Macroeconomic and fiscal forecasts; Income; Unemployment; Aging; Budget planning and preparation; Europe; Australia and New Zealand; Global
Cover IMF Staff Country Reports
Australia: Selected Issues
International Monetary Fund
This Selected Issues paper reviews how Australia’s economy has adapted to a flexible Australian Dollar. The paper provides a background on the float and the initial policy challenges. It discusses the main elements of the Future Fund proposal, and estimates how much Australia and other countries in the Asia-Pacific region would gain from greater financial integration. The results suggest that these welfare gains are large, giving an argument in favor of a progressive capital account liberalization across the region, once the needed supporting measures are in place.
Keywords:
ISCR; CR; Australia; investor; gain; stock index; diversification; FF proposal; FF investment; diversification increase; FF portfolio; Asia index; gains from diversification; asset price; certainty-equivalent wealth; Financial integration; Exchange rates; Pension spending; Stocks; Pensions; Asia and Pacific; Global
Cover IMF Staff Country Reports
New Zealand: Selected Issues
International Monetary Fund
This Selected Issues paper conducts a comparative analysis of the main determinants of GDP per capita growth in New Zealand and in other OECD countries to assess the relative importance of macroeconomic factors, institutional settings, and geographical location in New Zealand’s growth performance during the last 30 years. The estimation results find strong support for the view that geographical isolation has significantly hampered growth in New Zealand. The paper also reviews the international experience with prefunding public defined-benefit pension schemes, with a focus on recent reforms in industrial countries—Canada, Ireland, Norway, and Sweden.
Keywords:
ISCR; CR; monetary policy; fiscal policy action; GDP; discretionary fiscal policy; fiscal policy rule; fiscal policy mechanism; policy credibility; Pension spending; Pensions; Inflation; Marginal effective tax rate; Australia and New Zealand
Cover IMF Staff Country Reports
Italy: Selected Issues
International Monetary Fund
The Selected Issues paper is focused on policies to secure strong growth and safeguard fiscal sustainability. The paper analyzes the reasons behind Italy's persistent inflation differential vis-a-vis the euro area. It reviews Italy's large regional imbalances through a catch-up in income levels and estimates a growth model using panel data for Italian regions to determine the impact of a number of factors in addition to convergence forces. It also focuses on fiscal sustainability and reviews the case for additional pension reform steps in Italy.
Keywords:
ISCR; CR; inflation differential; pension; real GDP; pension expenditure; chapter II; pension system; labor market; PPP GDP; Pension spending; Pensions; Inflation; Retirement; Aging; Europe
Cover IMF Staff Country Reports
New Zealand: Selected Issues
International Monetary Fund
This Selected Issues paper discusses the issues related to reforms and growth in New Zealand. The paper analyzes the record on growth and productivity outcomes in a comparative perspective. The study provides a brief history of the industrial relations in New Zealand leading up the passage of the employment contracts act. The paper assesses the monetary policy framework, central bank decision-making processes, and also reviews the possible extensions to full funding of the country's future superannuation expenditures.
Keywords:
ISCR; CR; growth experience; spending; pay; pension expenditure; interest rate; policy lesson; productivity outcomes in New Zealand; effects of the ERA; private sector; Inflation targeting; Pension spending; Labor markets; Employment; Pensions; North America; Global; Africa; Australia and New Zealand