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Mr. Anil Ari and Gabor Pula

markets, financial system and trade and openness, but the structural gap in the legal system, which is by the far largest, is not addressed and remains constant. Land reform is assumed to be partial, with access to land restricted to Ukrainian nationals only. While land may still be pledged as collateral, lower land prices due to restrictions on foreigners also impact its valuation as collateral. Backsliding scenario : The reform impetus comes to an end in this scenario, resulting in a deterioration in the structural gap in the legal system at the same pace as in 2010

Mr. Antonio David, Mr. Takuji Komatsuzaki, and Samuel Pienknagura

indices along these four dimensions. Figure 1 depicts an overall index of reforms in the region as the simple average of the four dimensions outlined above normalized to take a value between 0 and 1, with 1 being the most liberalized and better regulated. Data shows that the typical country in the region has undertaken substantial reforms over the 1990s and early 2000s, but reform impetus has stalled somewhat in more recent periods. Figure 1. Trends in the Structural Reforms Index Excludes Venezuela. Despite notable progress, the region lags Advanced

Mr. Antonio David, Mr. Takuji Komatsuzaki, and Samuel Pienknagura
This paper estimates the macroeconomic effects of structural reforms in Latin America and the Caribbean (LAC) using the dataset constructed by Alesina et al. (2020). We find that large changes in the reform index have positive effects on GDP and employment that reach 2 percent after 5 years. Furthermore, reforms boost investment, exports, imports, and reduce export concentration, in addition to favoring tradable sectors. Nonetheless, the results also indicate that the effects of reforms have not been uniform across different segments of the population. These findings bring to the forefront the need to consider accompanying policies to ensure that reforms promote inclusive growth. Moreover, evidence from country case studies using the synthetic control method point to heterogeneous effects of reforms on income per capita.
International Monetary Fund

attract investors at a time when more lucrative alternatives have emerged in other markets, particularly as interest rates on bank deposits and corporate paper have increased. A sustained increase in long-term saving would require giving market participants greater flexibility in portfolio allocation, while greater private sector involvement would help to boost competition and more innovative product development. The Government has taken preliminary steps in this direction, but a stronger reform impetus is still required in some areas. The following reviews the

International Monetary Fund. European Dept.

percent in the second semester of 2016. Consumer confidence indicators are at a 17 year high. This strategy will continue in 2017, with policies to reduce indebtedness of households and firms, promote investment and foster social cohesion. The Portuguese Government expects labor productivity to improve by 0.5 percent and unemployment is expected to improve over the 10.3% target envisaged in the 2017 State Budget. The Government is committed to continue to deliver strong reform impetus through the implementation of the National Reform Program (discussed in section V

Mr. Martin Mühleisen

. The government has taken preliminary steps in this direction, but a stronger reform impetus is still required in some areas. Provident funds . The Indian provident fund system—consisting of the EPF and a number of smaller provident funds—provides fully funded defined-contribution retirement schemes for about 8 percent of the labor force. Those not covered under these schemes—over 90 percent of the population—rely mainly on extended family networks and informal saving arrangements for old-age security. The entire portfolios of provident funds are invested in

Mr. Ashoka Mody and Mr. Abdul d Abiad

of reforms can be explained in several ways. Initial reforms tended to strengthen those who benefited from (and lobbied for) them relative to those who opposed them. Initial reforms may also have caused changes that necessitated further reforms. An interesting example is Japan, which received its initial reform impetus in the 1970s from the need to finance large fiscal deficits. This led to the development of the government bond market, which, in turn, created demand for a more open corporate bond market. As the corporate bond market grew, commercial banks