Prepared by a staff team including Romain Duval, Dominique Fayad, Pranav Gupta, Swarnali Ahmed Hannan, Yevgeniya Korniyenko, Tania Mohd, Jorge Salas, Nujin Suphaphiphat, Katsiaryna Svirydzenka, Hajime Takizawa, Melesse Tashu, Cindy Xu, and Aleksandra Zdzienicka, under the guidance of Ashvin Ahuja and Andrea Richter Hume.
“Staff Note for the G20—A Guiding Framework for Structural Reforms,” April 2016.
International Monetary Fund, 2016, “Time for a Supply-Side Boost? Macroeconomic Effects of Labor and Product Market Reforms in Advanced Economies,” World Economic Outlook, Chapter III.
This has been the focus of much separate work by Fund staff. A recent example is “Fiscal Policy and Long-term Growth.” IMF Board Paper, International Monetary Fund, Washington (2015).
Fiscal structural reforms encompass: (i) fiscal institutions and budgetary frameworks, (ii) changes in the tax base and policy driven by longer-term considerations, and (iii) changes in pensions, health and social security systems driven by demographic developments, specifically where population aging is a long-term macro-critical issue.