UID:
edoccha_9958118844202883
Format:
1 online resource (60 p.)
ISBN:
1-4755-4136-8
,
1-4755-7501-7
,
1-299-26489-1
,
1-4755-4857-5
Series Statement:
IMF working paper ; WP/13/22
Content:
Wide-ranging structural reforms are underway in Italy, aimed at addressing key bottlenecks in the product and labor markets. Our analysis, based on the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), attempts to quantify the potential gains to the economy from a comprehensive package of structural reforms. We find that these gains can be sizeable. While in most cases, the reforms go in the right direction, their impact would depend on effective and timely implementation. In some areas, especially in the labor market, reforms would benefit from further strengthening. The priorities should be to strengthen competition in the non-tradable sector and make the labor market more efficient and inclusive, supported by growth-friendly fiscal reforms.
Note:
"European Department and Research Department."
,
"January 2013."
,
Cover; Abstract; Contents; I. Introduction; II. Recent Structural Reforms in Italy: An Overview; A. Product Markets: Deregulating and Enhancing Competition; Tables; 1. Italy: Product Market Reforms--A Summary of Main Problems and Actions Taken; B. Labor Market: Improving Participation and Productivity; 2. Italy: Labor Market Reform--A Summary of Main Problems and Actions Taken; III. Assessing the Impact of Structural Reforms; A. Empirical Literature on Structural Reforms: Some Recent Findings; B. The Model and Simulation Design: Using the IMF's GIMF
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C. The Benchmark Scenario of Structural ReformsD. Additional Labor Market and Fiscal Reforms; E. Sensitivity Analysis around the Benchmark Scenario; IV. Concluding Remarks: Reform Priorities and Implementation; Figures; 1. Regulatory Barriers and High Profit Margins in Non-tradable Sectors; 2. Difficult Environment for Doing Business; 3. Low R&D, Poor Educational Attainment, and Insufficient Complexity of Exports; 4. Inefficient Public Administration and High Tax Burden; 5. Italy: Product Market Reforms; 6. Italy: Labor Market Reforms; 7. Italy: Benchmark Scenario of Structural Reforms
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8. Italy: Stepwise Credible Reduction in the Wage Markup over 5 years9. Italy: Fiscal Reform; 3. Main Reform Measures and Proxies Used in Simulations; 4. Italy: Benchmark Scenario with Details of Product Market Reforms; 5. Italy: Benchmark Scenario with Details of Labor Market Reforms; 6. Italy and the Euro Area: Simultaneous Reforms Scenario, in Year 5; 7. Mapping Product Market Reforms; 8. Mapping Labor Market Reforms; 9. The Degree of Short-Run Nominal Rigidities; 10. The Share of Liquidity-Constrained Households; 11. Immediately Credible versus Stepwise Credible Policies; References
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Annex: IMF's GIMF and Transition Dynamics
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English
Additional Edition:
ISBN 1-4755-3086-2
Language:
English
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