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International Monetary Fund. External Relations Dept.
This chapter discusses the impact of global recession on the working population and looks at the future of work in the global economy from a variety of angles. IMF economist Prakash Loungani leads off with an overview of the global jobs landscape and examines the reasons behind the slow recovery of jobs in the wake of the global financial crisis. The chapter also highlights an argument for a jobs- and wage-led global recovery, while IMF researchers probe the relationship between declining trade union membership and inequality.
International Monetary Fund. External Relations Dept.

(Bruce Edwards); immigration (Çağlar Özden); technology (James Bessen); labor market trends (Ekkehard Ernst); and unemployment in the euro area (Angana Banerji). To round out the jobs package, ITUC head Sharan Burrow argues strongly for a jobs- and wage-led global recovery, while IMF researchers Florence Jaumotte and Carolina Osorio Buitron probe the relationship between declining trade union membership and inequality. Elsewhere in this issue, IMF Fiscal Affairs chief Vitor Gaspar tells us in a Straight Talk column what we can learn about fiscal policy and power

International Monetary Fund

but in reduced amounts in the face of broader downward pressures on the dollar. Officials have emphasized that the overall policy towards the yen remains unchanged, and that a premature strengthening of the exchange rate would be undesirable. 5. Recently approved guidelines for drawing up the FY2000 budget have increased the need for a substantial second FY1999 supplementary budget . The first supplementary budget for FY1999—authorizing 500 billion of spending related to the June 11 jobs package—has now been passed by the Diet. On July 30, the Cabinet approved

International Monetary Fund
This 1999 Article IV Consultation highlights that Japanese growth has been lackluster throughout most of the 1990s. Since the asset price bubble burst in 1991, the economy has grown at an average of 1 percent per year, in striking contrast to the rapid growth achieved in previous decades. A series of fiscal stimulus packages raised the structural general government deficit by more than 5 percentage points of GDP between FY1991 and FY1998, while monetary policy has progressively eased.
International Monetary Fund

rehabilitation and is expected to be presented to the Diet in September. The June 11 jobs package included a number of measures to facilitate corporate restructuring , including liberalization of limits on bank ownership to facilitate debt-equity swaps and easing the Anti-Monopoly Law to allow large-scale mergers (after consideration of international competition). Tax changes to support restructuring that are expected to be submitted to the current Diet session include: extending the period for carrying forward losses from scrapping capital equipment from 5 to 7 years