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...

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...

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)...

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...

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...

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...

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 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...

This paper has the dual objective of establishing whether episodes of market shocks necessarily trigger the choice between more liquidity and more profitability and ascertaining whether the post-shock recovery path is one of liquidity giving way to non-liquid assets growth and, therefore, more...

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...

The climate crisis is inevitably looming over the horizon. Some countries are much more vulnerable than others to its harshest consequences due to their existing issues of poverty and underdevelopment. At the same time, developmental policies pursue economic growth at the cost of environmental...

In the current international monetary system, the adjustment mechanism does not work properly to eliminate the excessive surpluses/deficits on the current accounts of the major countries that participate in international trade. Consequently, the adjustment changes do not take place in an...

Over the past 30 years (1990-2019), African economies have experienced remarkable improvements in real macroeconomic conditions, characterized by higher and more stable real per-capita growth rates, and lower and more stable inflation. This paper documents and seeks to explain these changes at...

This paper investigates the effect of robot adoption on employment adjustment in China. By using detailed Chinese firm-level data and addressing endogeneity, we find that using industrial robots increases employment within firms, especially when focusing on the employment of high-educated and...

Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014-15 as a follow-up to the two previous WDN...

The paper investigates quantitatively the economic implications of the various stabilization and adjustment policies, adopted by the Greek government in the period 2008-2013, to deal with the unsustainable public finances. To this end a static computable general equilibrium model is presented,...

The COVID-19 pandemic and especially the Russian war in Ukraine and the economic sanctions imposed by the West against Russia have significantly affected the economic growth in many countries of the world. Of particular interest is economic growth in the 19 G20 countries (with the exception of...

This paper presents a structural macro simulation model to quantify the effects of alternative stabilization packages on the distribution of income and wealth. The model combines the explicit microeconomic optimizing behavior characteristic of computable general equilibrium models with asset...

The substantial narrowing of the Greek current account deficit ―by more than 13 percentage points of GDP― constitutes a significant part of the overall adjustment of the economy in the 2008-2019 period. A major issue, however, is related to whether the factors driving this exter-nal...

This paper examines the factors that affect new firms’ survival, growth and export decisions in Greece. Using firm-level data for the 2000-2016 period and the appropriate econometric techniques and performing separate estimations for the pre-crisis and the post-crisis periods (2000- 2007 and...

This paper investigates the plant-level product scope adjustment to rising import penetration at home and to growing export competition abroad, both of which have been originating from the China trade shock. Using Korean plant-level datasets with detailed product shipment and export information...

The recession that followed the global financial crisis and the sovereign debt crisis resulted in large falls in output and rises in unemployment across Europe. In this context, many countries implemented significant reforms of their labour market. In order to analyse the impact of labour market...

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...

Current climate change mitigation and adaptation financing efforts are calling for innovative green investment strategies. An emerging literature and awareness on the economic gains and losses of a warming globe being distributed unequally between countries can serve as novel basis of...

This paper investigates the effect of robot adoption on employment adjustment in China. By using detailed Chinese firm-level data and addressing endogeneity, we find that using industrial robots increases employment within firms, especially when focusing on the employment of high-educated and...

We discuss the origins of the Greek financial crisis as manifested in the growing fiscal and current-account deficits since euro-area entry in 2001. We then provide an investigation of spreads on Greek relative to German long-term government debt. Using monthly data over the period 2000 to 2010,...

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...