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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://ec.europa.eu/economy_finance/publications/economic_paper/2012/ecp474_en.htm
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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 474.

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Length: 41 pages
Date of creation: Dec 2012
Date of revision:
Handle: RePEc:euf:ecopap:0474

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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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