Spain : Selected Issues.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. European Dept.

Series:

IMF Staff Country Reports; Country Report ; No. 2015/233

IMF Staff Country Reports

Language:

English

Subjects (All):

International Monetary Fund--Spain.

International Monetary Fund.

Manpower policy--Spain.

Manpower policy.

Business enterprises--Spain.

Business enterprises.

Industrial productivity--Spain.

Industrial productivity.

Gross domestic product--Spain.

Gross domestic product.

Bankruptcy--Spain.

Bankruptcy.

Exports--Spain.

Exports.

Fiscal policy--Spain.

Fiscal policy.

Physical Description:

1 online resource (141 pages)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2015.

Summary:

This Selected Issues paper presents a preliminary assessment of recent labor market reforms in Spain, where the 2012 labor market reforms are making a difference. Wage moderation is contributing to a visible recovery in headline employment growth, and the reforms have made the labor market more resilient to shocks. Some evidence exists that the contribution of temporary contracts to employment growth has started to decrease. However, the reliance on temporary workers remains strong overall, and further structural reforms will be required to reduce the still very high level of long-term, structural unemployment.

Contents:

Cover

CONTENTS

RECENT LABOR MARKET REFORMS: A PRELIMINARY ASSESSMENT

A. Reform Context and Aggregate Stylized Facts

B. Wage Dynamics

C. Impact of Wage Moderation on Employment Gains

D. How About Duality?

E. Looking Forward

FIGURES

1. Nominal Wage Growth Before and After the Reforms

2. Wage Growth Cyclicality Before and After Reform

3. Variance Decomposition of Regional Employment Growth

4. Wage and Employment Growth Relative to National Average

5. Regional Wage and Employment Growth Before and After the Reform

6. Response of Employment Level to a Median Negative Labor Demand Shock (in percent) Over 20 Quarters

7. Flow and Stock of Temporary Versus Permanent Employment

8. Dimensions of Unemployment

TABLES

1. Summary of Structural Reforms in the Labor Market

2a.Sector-Level Wage Cyclicality

2b. Sector-Level Wage Cyclicality-Before and After Reforms

3a. Regional-Level Within Regression

3b. Wage Responsiveness to Regional Versus Aggregate Labor Demand

4. Cyclicality of the Share of Temporary Workers

APPENDIX

Role of Aggregate Versus Sector-Level Labor Demand

References

OBSTACLES TO FIRM GROWTH IN SPAIN

A. Background

B. Stylized Facts

C. Firm Size and the Role of Institutional Factors

D. A Closer Look at Determinants of Firm Productivity

E. Conclusions and Policy Implications

1. Firm Labor Productivity

2. Economy-wide Product Market Regulation, 2013

3. Firms Density

4. SMEs Access to Finance

ANNEX

POTENTIAL OUTPUT IN FRANCE, GERMANY, AND SPAIN: A RE-ASSESSMENT

A. Introduction

B. Potential Output Estimation Methods: An Overview

C. Estimation Results

D. A Closer Look at the Drivers of Potential Output Growth

E. Conclusions

BOXES.

1. The Production Function Methodology for Estimating Potential Output

2. Estimating Potential (or Sustainable) Output in the Presence of Financial Cycles

1. Potential GDP Growth and Output Gap, 1993-2020

2. Components of Potential Growth, 1993-2020

3. Growth of Capital Stock and Potential Employment, 1993-2014

4. Innovation Measures

5. Structural and Institutional Characteristics

6. Total Factor Productivity Growth Rates for Selected Sectors, 1990-2007

1. Production Function Components: Comparison of the European Commission Methodology and MVFRES

2. Potential GDP Growth, 1993-2014

SPAIN'S INSOLVENCY REGIME: REFORMS AND IMPACT

B. Amendments to the Insolvency Law

C. Maximizing Effectiveness of Reforms

D. Estimated Scale of Impact

BOXES

1. Changes to In-Court and Out-of-Court Procedures

2. The "Fresh Start" Reform

3. Personal Insolvency Regimes: Cross-Country Survey

1. Estimated Size of Private Sector Liabilities Affected by RDL, March 2015

2. Banks Post-Reform

ANNEXES

I. Estimation of Banking Sector Impact of Recent Insolvency Reform

II. Estimation of Impact on Credit Demand of Recent Insolvency Reform

SPAIN: EXTERNAL COMPETITIVENESS AND SUSTAINABILITY

B. Stylized Facts of Spain's CA and NIIP

C. Assessment of Spain's External Position: EBA and External DSA

D. Export and Import Elasticities and Determinants of the CA

E. The Structure of Exports, Firm Size, and Competiveness

F. Conclusion

Export and Import Elasticities and CA Regression Framework

COORDINATING FISCAL CONSOLIDATION IN SPAIN: PROGRESS, CHALLENGES, AND PROSPECTS

A. Overview

B. Assessing Progress in Coordination

C. Challenges

D. Prospects

1. Institutional Arrangements for Fiscal Coordination

2. Regional Finances and Tax Autonomy in Spain

3. Spain's Intergovernmental Transfer System and Fiscal Equalization

4. Regional Liquidity Mechanisms in Spain

1. Fiscal Policy Responses Across Government Levels in Spain and Peers Become More Synchronized Following the Crisis

2. Post-Crisis Fiscal Efforts and Synchronization Across Government Levels

3. Fiscal Decentraliazation in Spain Was Not Interrupted by the Crisis

VFI Temporarily Increased

4. Policy Implementation Were Actively Used During the Crisis

5. Regions' Fiscal Non-Compliance Remains Significant

References.

Notes:

Includes bibliographical references.

Description based on publisher supplied metadata and other sources.

Description based on online resource; title from PDF title page (EBook Central, viewed June 23, 2025).

ISBN:

9781513563787

1513563785

9781513588612

1513588613

9781513563930

1513563939

OCLC:

946309469