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Cover IMF Working Papers
Labor Market Flexibility and Unemployment: New Empirical Evidence of Static and Dynamic Effects
Mr. Lorenzo E. Bernal-Verdugo, Davide Furceri, and Mr. Dominique M. Guillaume
The aim of this paper is to analyze the relationship between labor market flexibility and unemployment outcomes. Using a panel of 97 countries from 1985 to 2008, the results of the paper suggest that improvements in labor market flexibility have a statistically and significant negative impact on unemployment outcomes (over unemployment, youth unemployment and long-term unemployment). Among the different labor market flexibility indicators analyzed, hiring and firing regulations and hiring costs are found to have the strongest effect.
Keywords:
WP; unemployment outcome; flexibility indicator
Cover IMF Working Papers
Labor Market Flexibility and Unemployment
New Empirical Evidence of Static and Dynamic Effects*
Mr. Lorenzo E. Bernal-Verdugo, Davide Furceri, and Mr. Dominique M. Guillaume

OECD industrial countries and, to the best of our knowledge, only two papers have analyzed the effect of labor market institutions for a broad sample of advanced and emerging economies: (i) Botero et al., (2004) analyze the effect of labor market regulations (employment laws, collective bargaining laws, and social security laws) on unemployment for a cross-country sample of 85 countries; (ii) Feldmann (2009) assesses the impact of labor market flexibility indicators (like those used in this paper) for a panel of 73 economies over the period 2000–03. Our paper

Keywords:
WP; unemployment outcome; flexibility indicator; long-term unemployment; labor market outcome; labor market performance; correlation matrix of labor market outcome; labor market efficiency
Cover IMF Working Papers
Front Matter
Mr. Lorenzo E. Bernal-Verdugo, Davide Furceri, and Mr. Dominique M. Guillaume

Front Matter Page Middle East and Central Asia Department Contents I. Introduction II. Data and Descriptive Statistics III. Empirical Methodology and Results A. Static Relationship Between Unemployment and Labor Market Institutions B. Dynamic Relationship Between Unemployment and Labor Market Institutions IV. Conclusions References Annex I: Data Description Figure 1. Cumulative Effect of Labor Market Flexibility on Unemployment Over Time Tables 1. Summary Statistics for Labor Market Outcomes and Flexibility Indicators 2

Keywords:
WP; unemployment outcome; flexibility indicator
Cover IMF Staff Country Reports
Greece: Selected Issues
International Monetary Fund. European Dept.
Rigidities in Greece’s product and labor markets leading to economic imbalances and the significance of reforms to these markets are played out in the first paper. The second paper describes the problems, progress to date, and agenda for work in Greece’s revenue administration and how this effort has been achieved primarily by raising tax rates to high levels and reducing wages, pensions, and other spending. The third paper is on the need for designing and implementing debt restructuring frameworks as well as improving banks’ loan resolution practices so that Greece’s banks are positioned to support the economic recovery.
Keywords:
ISCR; CR; product market; labor market; firm; Greece; product market reform; adjustment cost; revenue administration; flexibility indicator; labor market reform; administration reform; Credit; Commodity markets; Nonperforming loans; Tax administration core functions; Global; Eastern Europe; Baltics
Cover IMF Working Papers
Crises, Labor Market Policy, and Unemployment
Davide Furceri, Mr. Lorenzo E. Bernal-Verdugo, and Mr. Dominique M. Guillaume
Using a sample of 97 countries spanning the period 1980?2008, we estimate that financial crises have a large negative impact on unemployment in the short term, but that this effect rapidly disappears in the medium term in countries with flexible labor market institutions, whereas the impact of financial crises is less pronounced but more persistent in countries with more rigid labor market institutions. These effects are even larger for youth unemployment in the short term and long-term unemployment in the medium term. Conversely, large upfront, or gradual but significant, comprehensive labor market policies have a positive impact on unemployment, albeit only in the medium term.
Keywords:
WP; Labor market; flexibility; unemployment; reforms; financial crises; unemployment outcome; youth unemployment; flexibility indicator; medium term; labor market resilience; labor market indicator; resilience to financial crises; Unemployment; Labor market flexibility; Labor market institutions; Labor market policy; Labor markets; Middle East; North Africa; Central and Eastern Europe; Sub-Saharan Africa; East Africa
Cover IMF Working Papers
Drivers of Spain’s Export Performance and the Role of the Labor Market Reforms
Jorge Salas
Spain’s export performance strengthened after the global financial crisis, and exports now represent more than a third of GDP. This paper argues that several factors contributed to that achievement: external demand, supported by greater diversification of destination markets; enhanced export orientation of Spanish firms, partly as a response to lower domestic demand after the crisis; and competitiveness gains, reflecting in part changes in the labor market following structural reforms adopted in 2010 and 2012. Based on cross-country panel regressions linking real export growth to employment protection indicators, those labor market reforms are estimated to account for nearly one-tenth to above one-quarter of Spain’s total export growth rate from 2010 to 2013.
Keywords:
WP; export growth; IMF staff calculation; export quality; goods export; labor market reform; Competitiveness; Labor Market Reforms; Employment Protection; Spain; Advanced Economies; Export performance; Exports; Real exports; Labor market flexibility; Global
Cover IMF Working Papers
Front Matter
Davide Furceri, Mr. Lorenzo E. Bernal-Verdugo, and Mr. Dominique M. Guillaume

of Reforms vs. Crises on Unemployment-OLS 9. The Effects of Labor Market Policies on Unemployment-OLS 10. The Effects of Labor Market Policies on Unemployment-IV 11. The Effects of Gradual Labor Market Policies on Unemployment Tables 1. Summary Statistics for Labor Market Outcomes and Flexibility Indicators 2. Correlation Matrix of Labor Market Outcomes and Flexibility Indicators 3. Short- and Medium-Term Effects of Financial Crises on Unemployment: Flexible vs. Rigid Labor Markets 4. Medium-Term Effect of Labor Market Policies—OLS 5. Probability

Keywords:
WP
Cover IMF Policy Discussion Papers
Capital Inflows and Balance of Payments Pressures: Tailoring Policy Responses in Emerging Market Economies
Mr. Bikas Joshi, Ms. Manuela Goretti, Ms. Uma Ramakrishnan, Mr. Alun H. Thomas, Mr. Atish R. Ghosh, and Mr. Juan Zalduendo
Although capital inflows are generally beneficial to recipient countries, they also pose a challenge for the conduct of economic policy. This paper proposes a conceptual taxonomy to guide the design of policy responses in the face of capital flows. We explore how responses to capital surges should be differentiated based on the source of balance of payments pressures. We also examine whether the policy choices in emerging market countries conform to the taxonomy's predictions and find some correspondence, especially during periods of high global liquidity.
Keywords:
PDP; BOP pressure; balance of payments; exchange rate; fiscal policy; appreciation; current account; surplus; capital flows; policy responses; exchange rate appreciation; appreciation pressure; financing Needs; fiscal policy measure; Capital inflows; Current account surpluses; Current account deficits; Current account balance; Global; Middle East; East Asia
Cover IMF Staff Country Reports
Portugal: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes Portugal’s export performance in 2006 and assesses whether it might augur a sustained recovery. The paper examines the factors underlying the recent export rebound, and searches for signs of fundamental changes in structures of the export industries during the last decade. It highlights the importance of labor market flexibility. Using a four-country version of the IMF Global Economic Model, the paper attempts to illustrate the benefits of labor market reform to help close the competitiveness gap.