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The Impact of Structural Policies on External Accounts in Infinite-horizon and Finite-horizon Models

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  • Lukas Vogel

Abstract

The paper uses the European Commission's QUEST III model to compare the impact of product market reform, labour market re-form and fiscal devaluation on economic activity and external accounts in infinite-horizon and finite-horizon versions of the model for a small open economy in monetary union with tradable and non-tradable sectors. The impact of structural policies on external positions tends to be stronger and more persistent, but also more diverse in the finite-horizon specification because of the impact of structural reforms on financial wealth and its transmission to consumption demand in the finite-horizon setting. The improvement in the net foreign asset position tends to be stronger if structural reforms are accompanied by fiscal consolidation and if countries start with high pre-reform levels of net foreign debt.

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File URL: http://hdl.handle.net/10.1111/10.1111/roie.2013.21.issue-1
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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 21 (2013)
Issue (Month): 1 (02)
Pages: 103-117

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Handle: RePEc:bla:reviec:v:21:y:2013:i:1:p:103-117

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Cited by:
  1. Barbara Annicchiarico & Fabio Di Dio & Francesco Felici, 2014. "Fiscal Devaluation Scenarios: A Quantitative Assessment for the Italian Economy," CEIS Research Paper 311, Tor Vergata University, CEIS, revised 09 Apr 2014.

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