The Chinese economy upheld a frail recovery in 2022 under the triple superposition of contraction of demand, disruption in supply, and weakening expectations, aggravated by unanticipated adverse shocks in the midst of global turmoil. Over the year, rising income uncertainty set off by the...

The traditional image of Latin America as a troubled region seems to continue even after the Covid-19 crisis, this time in the wake of the war in Ukraine and the sanctions imposed by the West. Inflationary pressures, budget deficits and the danger that broad sections of the population will slip...

Closing the prosperity gap between regions has always been a key political aspiration of the European Union - and cohesion policy is the primary means to achieve that goal. Europe is currently undergoing a digital and green transition that is drastically changing the way its economy works. How...

Using a panel of 37 OECD countries over the period 1990–2019, we examine the short to medium term effect of structural reforms and governance or institutional improvements on growth. Employing an updated OECD dataset on product and labor market regulation and governance indicators for the...

This paper examines the impact of labour market and product market reforms on income inequality for 25 OECD countries, using the local projections approach and updates of the reform indicators put together by Duval et al. (2018) until 2020. Our results suggest that both types of (endogenized)...

Purpose – In a constantly turbulent industry environment, companies seeking to survive or even maintain a competitive edge should be able to adapt their capabilities to respond to opportunities and challenges wherever and whenever they arise. This study proposes a research model based on...

Amalgamation reforms have been extensively implemented in several countries as policy instruments to improve local government service provision and reduce costs based on scale economies. However, their effectiveness has proved ambiguous in practice. We investigate the impact of a substantial...

Policymakers across the world are striving to tackle the century-defining challenge of climate change without undermining potential growth. This paper examines the impact of structural reforms in the energy sector (electricity and gas) on enviromental outcomes and green growth indicators in a...

The Country Policy and Institutional Assessment (CPIA) for Africa is an annual diagnostic tool for Sub-Saharan African countries that are eligible for financing from the International Development Association (IDA), the part of the World Bank that helps the world's poorest countries. The CPIA...

More than three years after the first COVID-19 case was discovered in the East Asia and Pacific (EAP) region, it is time to take stock of the lasting effects-and opportunities-of the pandemic and identify which policies may have helped stem the economic losses suffered by households and firms....

This paper investigates the effect of robot adoption on employment adjustment at the firm level in China. Using an instrument that exploits the source of the firm-level variation in robot adoption, we find that using industrial robots increases employment within firms, especially when focusing...

Amalgamation reforms have been extensively implemented in several countries as policy instruments to improve local government service provision and reduce costs based on scale economies. However, their effectiveness has proved ambiguous in practice. We investigate the impact of a substantial...

The stock price index is a thermometer reflecting changes in the stock market, and can convey key information on capital market dynamics and trends to investors. This paper empirically investigates the impact of index adjustments on corporate social responsibility performance by employing the...

During the 2008-2019 period Greece, Italy, and Spain managed to achieve substantial improvements in their CA balances. In Greece, the CA deficit shrunk from €36.6 billion to €2.7 billion, and in Italy and Spain the deficits were gradually transformed into surpluses. While the CA dynamics in...

This study investigates whether tourism sector recovery from the COVID-19 pandemic is influenced by only the size of the economic stimulus packages or whether a country's resilience plays a moderating influence in the underlying relationship. The results show that while economic stimulus...

The war between the two neighbouring countries Russia and Ukraine is a major setback to the world economy and it adversely affect the growth and high Inflation rate, because of this crisis the whole world economy could be seen slower growth and faster inflation. Russia and Ukraine are the major...

Policy work in both the United States and the European Union is underway on how best to structure border carbon adjustments (BCA) mechanisms to protect the competitiveness of domestic industries while these enterprises make investments in reducing their greenhouse gas (GHG) emissions—thereby...

This survey reviews research on how workers and labor markets respond to trade shocks, with an emphasis on recent and ongoing work and on dynamic rather than static analysis. Some studies estimate rich models of worker behavior, while others simplify the worker's problem to embed it in a rich...

This paper develops our analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring an official devaluation. The effects of postponing adjustment depend on the source of the original shock,...

In this paper we argue that many topics in macroeconomics can be viewed as part of the broader theory of the economics of adjustment. We argue that existing approaches to the economics of adjustment take a very narrow view of the role of information. We outline an approach to this topic that...

In this paper a three-country model based on intertemporal maximizing behavior is constructed in order to analyze the effects of oil price increases on welfare levels and trade balance positions. The model can also be used to assess the effects of oil price increases on the world interest rate,...

The 2007 global crisis triggered a severe sovereign debt crisis in Portugal, which led to the need to comply with an Economic Adjustment Programme (EAP) based, among other pillars, on fiscal consolidation. According to our literature review, the economic environment in which the adjustment...

Europe must increasingly deal with the harmful impacts of climate change, regardless of its success in reducing emissions. These impacts have significant cross-border effects and threaten to deepen existing divisions. Cooperation on adaptation, which is mostly seen as requiring local or regional...

The paper considers whether structural reforms have a different impact on adjusted household disposable income (AHDI) compared to GDP, particularly given that while the latter is currently used as the basis for the OECD Economics Department's framework for evaluating the effect of structural...

Under what conditions do high levels of export concentration in a single market generate vulnerability to coercive economic power? This paper investigates that question by examining the experiences of Australian export industries that lost access to the Chinese market during a sanctions episode...

The 1990s ‘good governance agenda produced a programme of change called the standard reform model. It involves privatising utilities, the creation of markets and the unbundling of electricity-system functions into formally separate, ‘independent’ regulated units. Pushed by the World Bank...

We examined the adjustment speed of Vietnamese firms’ capital structures using a partial adjustment model. We also analyzed whether firms, depending on their characteristics, primarily use debt or equity to finance new investments. The study results revealed that adjustment speed is very slow...

China has set the goal of controlling the total energy consumption to 6 billion tonnes of standard coal by 2030 in an attempt to avoid an energy crisis. Generally, freight transportation is an energy-intensive industry. Controlling the energy consumption of freight transportation is crucial for...

This paper analyzes the macroeconomic effects of fiscal and labor market policies in a small open developing country. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor market is segmented as a result of efficiency...

This paper examines how inward and outward foreign direct investment (FDI) have influenced the restructuring of the Japanese economy and can be expected to continue to do so in the future. We find that outward investment has helped Japanese firms to sustain foreign market shares and contributed...

China’s hog market faces the challenge of several external shocks, which arise from the ongoing COVID-19 pandemic, African Swine Fever (ASF) and related global trade uncertainties. This article develops a shocks, cycles and adjustments (SCA) model to evaluate the dynamic impact of different...

This empirical study stresses the underlying macroeconomic forces which determine foreign trade flows in CPEs. The general specification includes a planners' demand equation for the volume of imports, a planners' supply equation for the volume of exports, and a rest-of-world demand equation for...

This paper assesses whether the impact of uncertainty on the U.S. economy has changed over time. Estimating a Time-Varying Parameter Vector Autoregressive model on U.S. data from 1985Q1 to 2021Q2, we find that uncertainty shocks have larger negative effects on output during the Covid-19...

The goal of this work is to optimize five parameters of expected high impact on COSMO model performance in non-hydrostatic regime using a calibration method based on the so called Meta-Model. The domain of consideration covers the Central-Eastern Mediterranean area with a horizontal mesh of 0.03...