Portugal : Selected Issues Paper.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. European Department.

Contributor:

International Monetary Fund.

Series:

IMF Staff Country Reports; Country Report ; No. 2013/019

IMF Staff Country Reports

Language:

English

Subjects (All):

Monetary policy--Portugal.

Monetary policy.

Portugal--Economic conditions.

Portugal.

Physical Description:

1 online resource (104 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Language Note:

English

Summary:

Portugal’s economy is in deep recession, and the crisis has opened up a large output gap, with severe consequences for employment and government revenue. While the focus is on the medium- and long-term, this analysis also offers insights on how deep the output gap is. It also highlights ways in which policies and reforms can promote growth over the longer haul and suggests that achieving a 2-percent growth rate over the long term—consistent with moderate convergence growth—is a realistic objective.

Contents:

Cover; Contents; I. How Fast Can Portugal Grow?; A. Introduction; B. Stylized Facts on Portugal's Growth and Convergence; Boxes; I-1. Growth Accounting and Best-Practice Production Frontier Frameworks; C. Taking Stock-Where Does Portugal Stand in 2012?; I-2. Potential Output and Output Gap; D. Prospect for Medium- to Long-Term Growth: Potential Gains from Structural Reforms; I-3. Four Scenarios for the Steady State; E. Conclusion; Tables; I-1. Portugal: Labor and Product Markets Since 2011; I-2. Selected Studies on the Impact of Labor and Product Market Reforms; Figures

I-1: Contributions to Relative Labor ProductivityI-2. Relative Labor Productivity - Key Sectors; I-3. Contribution to Growth - Key Sectors; I-4. Contribution to Growth - Demand Side; I-5. Four Scenarios Under Structural Reforms; I-6. Baseline: Potential Output-Capital and TFP; References; II. Portugal's Competitiveness; A. How Did Competitiveness Get Out of Line?; B. Crisis and External Adjustment; C. Episodes of Internal Devaluation; D. Assessment; II-1 External Adjustment Episodes Under Rigid Nominal Exchange Rates; II-1A. Internal Devaluation Episodes: Sustained Declines in Relative Prices

II-1B. Internal Devaluation: Limited Relative Price AdjustmentII-2. Cost- and Price-Competitiveness: Alternative REER Measure; II-3. Cumulative Current Account Adjustment; References; III. Portugal's Corporate (De) Leveraging; A. Introduction; B. Diagnostics of Corporate Vulnerabilities and Risks in Portugal; C. Macro-Financial Implications of Corporate Deleveraging; III-1. Bank and Corporate Deleveraging; D. Key Lessons and Policy Recommendations for Portugal; Appendix I. Portuguese Firms' Leveraging Process in the Run-up to the Crisis

III-1. Portugal: Leverage of Nonfinancial Corporations, 1997-2011III-1. Corporate Vulnerability Indicators; III-2. Evolution of Firms' Capacity to Repay Indicators, 1991-2011; III-3. Corporate Vulnerability Indicators By Firm Size, 2011; III-4. Contingent Claims Analysis; III-5. Corporate Balance Sheet Adjustment in Past Crisis Episodes; III-6. Macro-Economic Developments in Past Crisis Episodes; References; IV. Growth-Friendly, Equitable, and Sustainable Fiscal Reform in Portugal; A. The Scale of the Challenge; B. Towards A More Efficient and Better Targeted Expenditure Profile

C. Designing a Growth-Oriented Tax PolicyD. Conclusions; Appendix I. General Government Fiscal Accounts; Appendix II. Expenditure Outcomes; References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on print version record.

ISBN:

9781475595536

1475595530

9781475590777

1475590776

9781299265028

1299265022

9781475595819

1475595816