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Asia and Pacific > Thailand

You are looking at 1 - 10 of 12 items for :

  • Type: Journal Issue x
  • Wages, Compensation, and Labor Costs: General x
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Cover IMF Working Papers
Socio-Economic Spillovers from Special Economic Zones: Evidence from Cambodia
Mariya Brussevich
This study examines the socio-economic impact of special economic zones (SEZs) in Cambodia---a prominent place-based policy established in 2005. The paper employs a database on existing and future SEZs in Cambodia with matched household surveys at the district level and documents stylized facts on SEZs in a low-income country setting. To identify causal effects of the SEZ program, the paper (i) constructs an alternative control group including future SEZ program participants and districts adjacent to SEZ hosts; and (ii) employs a propensity score weighting technique. The study finds that entry of SEZs disproportionately benefits female workers and leads to a decline of income inequality at a district level. However, the findings also suggest that land values in SEZ districts tend to rise while wage levels remain largely unchanged relative to other districts. In addition, the paper tests for socio-economic spillovers to surrounding areas and for agglomeration effects associated with clusters of multiple SEZs.
Keywords:
WP; SEZ program; SEZ entry; SEZ firm; program participation; SEZ district; SEZ location; Employment; Wages; Income; Income inequality; Labor markets; Special Economic Zones; Place-Based Policy; Low-Income Country; Foreign Direct Investment; SEZ effect; SEZ developer; SEZ trend; tagged SEZ database; SEZ program participation; SEZ intensity; propensity score weighting technique; Policy implication; impact of special economic zones; Women
Cover IMF Working Papers
Sharing the Growth Dividend: Analysis of Inequality in Asia
Ms. Sonali Jain-Chandra
,
Mr. Tidiane Kinda
,
Ms. Kalpana Kochhar
,
Shi Piao
, and
Johanna Schauer
This paper focusses on income inequality in Asia, its drivers and policies to combat it. It finds that income inequality has risen in most of Asia, in contrast to many regions. While in the past, rapid growth in Asia has come with equitable distribution of the gains, more recently fast-growing Asian economies have been unable to replicate the “growth with equity” miracle. There is a growing consensus that high levels of inequality can hamper the pace and sustainability of growth. The paper argues that policies could have a substantial effect on reversing the trend of rising inequality. It is imperative to address inequality of opportunities, in particular to broaden access to education, health, and financial services. Also fiscal policy could combat rising inequality, including by expanding and broadening the coverage of social spending, improving tax progressivity, and boosting compliance. Further efforts to promote financial inclusion, while maintaining financial stability, can help.
Keywords:
WP; income share; consumption share; countries effort; Inequality; Gini coefficient; Asia; inequality measure; IMF staff calculation; entrepreneurial activity; reducing income gap; poverty rate; per capita income; benefits capital income; net Gini in India; net Gini in Asia; Income inequality; Income distribution; Personal income; Labor share; Asia and Pacific; Global
Cover IMF Working Papers
Informal Labour and Credit Markets: A Survey
Mr. Paul L Levine
,
Emanuela Lotti
,
Nicoletta Batini
, and
Young-Bae Kim
This paper reviews the literature on the informal economy, focusing first on empirical findings and then on existing approaches to modeling informality within both partial and general equilibrium environments. We concentrate on labour and credit markets, since these tend to be most affected by informality. The phenomenon is particularly important in emerging and other developing economies, given their high degrees of informal labour and financial services and the implications these have for the effectiveness of macroeconomic policy. We emphasize the need for dynamic general equilibrium (DGE) and ultimately dynamic stochastic general equilibrium (DSGE) models for a full understanding of the costs, benefits and policy implications of informality. The survey shows that the literature on informality is quite patchy, and that there are several unexplored areas left for research.
Keywords:
WP; informal credit markets; credit market friction; adverse selection; credit market imperfection; credit rationing
Cover IMF Working Papers
The Impact of Tradeon Wages: What If Countries Are Not Small?
Mr. Ichiro Tokutsu
and
Mika Saito
This paper explores the effect of trade on the relative wage of less-skilled labor through its effect on world prices, which are typically exogenously given under the small open economy assumption. Using the 1995 international input-output data for APEC member countries, we numerically simulate a general equilibrium model to study the effects of abolishing existing tariffs under the assumption that each member country is large enough to affect the prices of goods and services produced in the region. We find that the responsiveness of prices plays an important role in easing a possible adverse effect of trade on relative wages.
Keywords:
WP; excess demand; International Trade; Wages; price movement; unit import cost; transportation cost; vector of goods; input price; price equation; fall result; price change; Tariffs; Imports; Skilled labor; Wage gap
Cover IMF Working Papers
What Undermines Aid’s Impact on Growth?
Mr. Arvind Subramanian
and
Raghuram Rajan
We examine one of the most important and intriguing puzzles in economics: why it is so hard to find a robust effect of aid on the long-term growth of poor countries, even those with good policies. We look for a possible offset to the beneficial effects of aid, using a methodology that exploits both cross-country and within-country variation. We find that aid inflows have systematic adverse effects on a country's competitiveness, as reflected in a decline in the share of labor intensive and tradable industries in the manufacturing sector. We find evidence suggesting that these effects stem from the real exchange rate overvaluation caused by aid inflows. By contrast, private-to-private flows like remittances do not seem to create these adverse effects. We offer an explanation why and conclude with a discussion of the policy implications of these findings.
Keywords:
WP; country j; aid inflow; recipient country; country treatment effect
Cover IMF Working Papers
Foreign Direct Investment in Emerging Markets: Income, Repatriations and Financial Vulnerabillities
Mr. Alexander Lehmann
Based on U.S. data, the returns on foreign direct investment in emerging markets are shown to be substantially higher than would be suggested by official balance of payments statistics. This paper identifies the determinants of FDI profitability in 43 industrialized and developing countries. After financial leverage and the effect of tax minimizing income transfers are controlled for, host country risk and market openness are found to raise affiliate returns on equity and returns on sales. In the context of a number of financial crises during the 1990s, income repatriations are shown to be pro-cyclical, though the effect of host country recessions is mitigated through continued spending on fixed capital and a re-direction of affiliate sales towards export markets.
Keywords:
WP; return on equity; investor; earnings; Profitability of Foreign Direct Investment; Cashflows in Multinational Corporations; FDI income; FDI inflow; host country FDI statistics; FDI flow; foreign direct investment enterprise; parent company; B. FDI; FDI share; FDI transactions; Foreign direct investment; Personal income; Emerging and frontier financial markets; Wages; Stocks; Asia and Pacific; North America; Africa
Cover IMF Staff Country Reports
Czech Republic: Selected Issues
International Monetary Fund
This Selected Issues paper examines recent developments in inflation and its key determinants in the Czech Republic, with particular focus on the role of wages. A simple analytical framework is presented that relates inflation to wages, import prices, and money, and the interaction of inflation with these variables is then examined empirically in the context of a vector autoregression model. The findings confirm the critical influence of wages, exchange rate changes, and money growth. The paper also analyzes developments in the public finance.
Keywords:
ISCR; CR; price; interest rate; economic activity; import price; koruna depreciation; debt service; percent of GDP; private sector; current account deficit; CNB bill; Inflation; Credit; Personal income tax; Southeast Asia; Central and Eastern Europe; Western Europe; Eastern Europe; Europe
Cover Thailand
Thailand
The Road to Sustained Growth
Mr. Erik Offerdal
,
Ms. Kalpana Kochhar
,
Mr. Louis Dicks-Mireaux
,
Ms. Jianping Zhou
,
Mr. Mauro Mecagni
, and
Mr. Balázs Horváth

Abstract

Since the mid-1960s, Thailand's growth performance has been exceptional. Although hard hit by the external shocks fo the late 1970s and the early 1980s that proved severely destabilizing to many developing countries, Thailand showed remarkable reslience: price stability was quickly restored, and the Thai economy emerged from this period with strong recovery in growth and investment, in an environment of overall macroeconomic stability. This study examines the evolution of investment and growth and Thailand's macroeconomic and structural policies, with a view to understanding the main factors that have led to this impressive economic performance.

Keywords:
OP; growth performance; IMF staff estimate; credit growth; adjustment experience; policy choice; export boom; Private investment; Real wages; Labor markets; Wages; East Asia; Global; Asia and Pacific; stabilization policy mix; Public enterprises
Cover Reinvigorating Growth in Developing Countries
Reinvigorating Growth in Developing Countries
Lessons from Adjustment Policies in Eight Economies
Ms. Kalpana Kochhar
,
Mr. Erik Offerdal
,
Mr. Louis Dicks-Mireaux
,
Mr. Mauro Mecagni
,
Ms. Jianping Zhou
,
Mr. Balázs Horváth
,
Mr. David John Goldsbrough
, and
Ms. Sharmini Coorey

Abstract

This study examines the links between adjustment policies and growth in a small group of developing countries- Bangladesh, Chile, Ghana, India, Mexico, Morocco, Senegal, and Thailand - during 1970 -93. It provides an overview of the adjustment and growth experience, examines in depth several policy issues of particular interest, and distills the principal policy lessons for the design of adjustment policies.

Keywords:
OP; investment; country; rate; policy; wage; growth differentials vis-a-vis; adjustment policy; terms of trade movement; saving decline; investment decline; real wage flexibility; Private investment; Labor markets; Structural reforms; Real wages; Tariffs; Global; Middle East
Cover Singapore
Singapore
A Case Study in Rapid Development
Mr. Kenneth Bercuson

Abstract

Since attaining independence in 1965, Singapore has experienced exceptionally rapid growth, low inflation, and a healthy balance of payments. This paper reviews Singapore’s economic development from a long-term perspective and examines some of the factors that have contributed to the rapid growth.

Keywords:
OP; right; wage; Singapore economy; CPF savings; saving rate; correction Policy; financial services service sector; Total factor productivity; Private savings; Foreign direct investment; Labor costs; Southeast Asia; Asia and Pacific; Global; Europe; East Asia; Africa; Singapore's development; Wages; Caribbean