When Do Countries Implement Structural Reforms?

Silva, António Dias da; Givone, Audrey; Sondermann, David

doi:10.1093/oso/9780198821878.003.0002

Cited by 9 publications

(7 citation statements)

References 22 publications

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“…Empirical evidence on this issue is still scant. If anything, available evidence (Dias Da Silva, Givone andSondemann, 2017 andDraghi, 2017a) suggests that "low interest rates, if at all, tend to promote rather than discourage structural reforms," while there is no clear link between fiscal policy and reforms. Furthermore, there are good reasons to believe that monetary policy may support, rather than discourage, the adoption of structural reforms and efforts aimed at consolidating fiscal balances.…”

Section: Risks and Unintended Consequencesmentioning

confidence: 99%

The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

Neri¹,

Siviero²

2018

CCM

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This paper examines the challenges faced by the European Central Bank since the outbreak of the global financial crisis. From 2008 to 2014, the need to preserve the correct functioning of the monetary policy transmission mechanism and ensure the supply of credit to the private sector stretched the limits of conventional monetary policy. In 2015, the risk of deflation led the ECB to start a large scale asset purchase programme. The analysis is largely based on a review of the many studies that Banca d’Italia staff has produced on the factors that have brought inflation to unprecedented low levels in 2014 and on the effects of the asset purchase programme. Zusammenfassung Dieser Beitrag untersucht die Herausforderungen, vor denen die Europäische Zentralbank seit dem Ausbruch der globalen Finanzkrise steht. Von 2008 bis 2014 hat die Notwendigkeit, das ordnungsgemäße Funktionieren des geldpolitischen Transmissionsmechanismus zu wahren und die Kreditversorgung des privaten Sektors sicherzustellen, die Grenzen der konventionellen Geldpolitik überschritten. Im Jahr 2015 führte das Deflationsrisiko dazu, dass die EZB ein groß angelegtes Anleihenkaufprogramm aufnahm. Die vorliegende Analyse basiert im Wesentlichen auf einer Überprüfung der zahlreichen Studien, welche die Mitarbeiter der Banca d‘Italia zu den Faktoren erstellt haben. Diese Faktoren haben einerseits die Inflation 2014 auf ein beispiellos niedriges Niveau gebracht und andererseits Auswirkungen auf das Programm zum Ankauf von Vermögenswerten zur Folge gehabt. JEL Classification: E31, E43, E52

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Section: Risks and Unintended Consequencesmentioning

confidence: 99%

The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

Neri¹,

Siviero²

2018

CCM

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“…They show that reforms targeting the stabilization of large budgetary deficits or of the inflation rate are more likely to occur in times of economic crisis, after the appointment of a new government, and when the government is stronger. Dias da Silva et al (2017) consider European Union member states and find that the probability of implementing structural reforms is higher during deep recessions and in periods of high unemployment, a result that is stronger for changes in employment protection legislation. Prati et al (2013) show that there is a positive, albeit very heterogeneous across countries, association between reforms of real and financial markets and growth.…”

Section: Introductionmentioning

confidence: 99%

“…Dias da Silva et al . (2017) consider European Union (EU) member states and find that the probability of implementing structural reforms is higher during deep recessions and in periods of high unemployment, a result that is stronger for changes in employment protection legislation. Prati et al .…”

Section: Introductionmentioning

confidence: 99%

Voting in the aftermath of a pension reform: the role of financial literacy

Fornero¹,

Prete²

2018

Journal of Pension Economics and Finance

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This study documents that the electoral cost of major pension reforms is lower in countries where the level of financial literacy is higher. The evidence from data on legislative elections held between 1990 and 2010 in 21 advanced countries is robust when we control for macroeconomic, demographic, and political conditions. Interestingly, these findings are not robust when we use less specific indicators of human capital as general schooling, supporting the view that knowledge of basic economic and financial concepts has distinctive features that may help reduce the electoral cost of reforms having a relevant impact on the life cycle of individuals.

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“…13 To overcome these issues, Kim and Lee (2021) 10 Assessing the changes in key economic metrics to measure reforms is also subjective. Large changes in an index might be interpreted as a reform (as in Duval and Elmeskov, 2006;Da Silva, Givone. and Sondermann, 2017;David, Komatsuzaki, and Pienknagura, 2020), but the strategy of considering large changes in indices as reforms has the limitation of missing variations that are not large enough (Bustos et al, 2022).…”

Section: Difficulties In Identifying and Measuring Progress In Achiev...mentioning

confidence: 99%

Trends and Features of Policy-Based Lending at the Inter-American Development Bank

Avellán¹,

Brito²,

León-Díaz³

et al. 2022

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Policy-based lending is an important element within the toolbox of multilateral development banks to assist countries that need budget support and/or that are embarked on institutional changes or reforms. This Technical Note reviews different aspects of policy-based loans (PBLs) to gain a fresh perspective on their structural and financial features. It examines policy-based loans through the lens of their dual goals of providing beneficiary countries with flexible, liquid, and timely funding to meet their financing needs and of supporting policy reforms or institutional changes in a sector or subsector. The discussion identifies general trends in policy-based lending in Latin America and the Caribbean, explores the sectoral allocation of the policy-based loans of the Inter-American Development Bank (IDB), and examines how policy-based loans are combined with other instruments as they provide liquidity and support reforms. It also explores how the IDB compares to other multilateral development banks in Latin America and the Caribbean in terms of policy-based lending.

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When Do Countries Implement Structural Reforms?

Cited by 9 publications

References 22 publications

The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

The Non-Standard Monetary Policy Measures of the ECB: Motivations, Effectiveness and Risks

Voting in the aftermath of a pension reform: the role of financial literacy

Trends and Features of Policy-Based Lending at the Inter-American Development Bank

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