Structural Transformation and the Volatility of Aggregate Output in OECD Countries PDF Download

Author: Mr.Constant Lonkeng Ngouana
Publisher: International Monetary Fund
ISBN: 1475575696
Category : Business & Economics
Languages : en
Pages : 29

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Book Description
This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD—after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more volatile in agriculture and manufacturing than in services. Aggregate output would therefore become less volatile as labor moves away from agriculture and manufacturing and toward the service sector. I examine the quantitative role of these labor shifts—termed structural transformation—on the volatility of aggregate output in OECD countries. I first calibrate to the U.S. economy an indivisible labor model in which the reallocation of labor across sectors emerges endogenously from sectoral labor productivity growth differentials. The setup is then used to generate the time path of labor shares in agriculture, manufacturing and services in individual countries. Finally, I perform a set of counterfactual analyzes in which the reallocation of labor across sectors is constrained endogenously. I find that the secular shift of labor towards the service sector was volatility-reducing in OECD countries during 1970–2006.

Author: Kwang Suk Kim
Publisher: BRILL
ISBN: 1684172195
Category : History
Languages : en
Pages : 224

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Book Description
This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of development to the colonial period. The authors explore in detail colonial development, changing national income patterns, relative price shifts, sources of aggregate growth, and sources of sectoral structural change, comparing them with other countries.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264852395
Category :
Languages : en
Pages : 94

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Book Description
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264183078
Category :
Languages : en
Pages : 146

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Book Description
OECD's 2013 Economic Survey of Austria examines recent economic developments, policies and prospects. This issue's special chapters cover long-term well-being.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264319476
Category :
Languages : en
Pages : 230

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Book Description
This issue includes a general assessment, a special chapter on the effects of digitalisation on productivity and a chapter summarising developments and providing projections for each individual country.

Author: Mr.Ayhan Kose
Publisher: International Monetary Fund
ISBN: 1484322592
Category : Business & Economics
Languages : en
Pages : 14

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Book Description
The June issue of the IMF Research Bulletin looks at the role of IMF programs and capacity building in fostering structural reforms and the economics of Arab countries undergoing political transitions. The Q&A analyzes the neutral interest rate through the experiences of several Latin American countries. The Research Bulletin also includes its regular features: a listing of IMF Working Papers and Staff Discussion Notes, information on the forthcoming IMF Economic Review and the Fourteenth Jacques Polack Annual Research Conference, and recommended readings from IMF Publications.

Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1589068181
Category : Business & Economics
Languages : en
Pages : 62

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Book Description
This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Author: Mr.Serhan Cevik
Publisher: International Monetary Fund
ISBN: 1484399811
Category : Business & Economics
Languages : en
Pages : 32

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Book Description
Structural transformation has resulted in an increasing share of services in aggregate value-added in advanced and developing countries across the world. We analyze the impact of this shift into services on countries’ efficiency in collecting the value-added tax (VAT). The analysis is based on two alternative measures of VAT efficiency: (1) the VAT C-efficiency, using a broad panel of 134 countries over the period 1970-2014; and (2) the VAT gap using a more granular, proprietary dataset that draws on the results of IMF’s Revenue Administraion-Gap Analysis Program covering 24 countries over the period 2004-2016. We find that a higher share of services in aggregate value-added reduces the VAT efficiency, and that this adverse effect is mainly a result of a rise of non-tradable services, which in turn contributes to a narrowing of the VAT base.

Author: Daniel Lederman
Publisher: World Bank Publications
ISBN: 0821384910
Category : Business & Economics
Languages : en
Pages : 153

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Book Description
Does what economies export matter for development? If so, can industrial policies improve on the export basket generated by the market? This book approaches these questions from a variety of conceptual and policy viewpoints. Reviewing the theoretical arguments in favor of industrial policies, the authors first ask whether existing indicators allow policy makers to identify growth-promoting sectors with confidence. To this end, they assess, and ultimately cast doubt upon, the reliability of many popular indicators advocated by proponents of industrial policy. Second, and central to their critique, the authors document extraordinary differences in the performance of countries exporting seemingly identical products, be they natural resources or 'high-tech' goods. Further, they argue that globalization has so fragmented the production process that even talking about exported goods as opposed to tasks may be misleading. Reviewing evidence from history and from around the world, the authors conclude that policy makers should focus less on what is produced, and more on how it is produced. They analyze alternative approaches to picking winners but conclude by favoring 'horizontal-ish' policies--for instance, those that build human capital or foment innovation in existing and future products—that only incidentally favor some sectors over others.

Author: OECD
Publisher: OECD Publishing
ISBN: 926457512X
Category :
Languages : en
Pages : 229

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Book Description
The OECD Economic Outlook is the OECD's twice-yearly analysis of the major economic trends and prospects for the next two years. The Outlook puts forward a consistent set of projections for output, employment, prices, fiscal and current account balances. Coverage is provided for all OECD member countries as well as for selected non-member countries.