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This work focuses on the measurement and explanation of producer performance. The contributors view performance as a function of the state of technology and economic efficiency. They explore ways to construct production frontiers and levels of efficiency.
Economic production --- Business policy --- Efficiency, industrial --- Industrial productivity --- Économie --- --Efficacité --- Measurement --- 1527 --- 658.51 --- Industrial efficiency --- -Industrial productivity --- -Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Production (Economic theory) --- Efficiency, Industrial --- Industrial management --- Organization of production --- Measurement. --- -Organization of production --- 658.51 Organization of production --- -658.51 Organization of production --- Productivity, Industrial --- Production --- Econometrics --- E-books --- --Measurement --- Efficiency, industrial - Measurement --- Industrial productivity - Measurement --- Efficacité
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This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low level of financial development, high dollar invoicing, high bilateral trade with the US, high collective bargaining coverage and open capital account. Exploring the role of policy, it finds that Foreign Exchange Interventions (FXI) dampen this impact on firm productivty. Further, exploiting firm level data, the paper shows that dollar exchange rate volatility operates also through the financial friction channel, reducing contemporaneous investments, especially at firms with low liquidity buffers and weak balance sheet (high leverage). The role of financial frictions is confirmed through the finding that younger firms, more likely to face financial constraints, are also found to be more vulnerable to dollar exchange rate volatility. In addition, we also find evidence of a large and persistent effect on firms with highly irreversible investment, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery of tests, including controlling for uncertainty, financial crises and using an instrumental variable strategy exploiting US monetary policy shocks as an exogenous source of variation in dollar exchange rate volatility.
Macroeconomics --- Economics: General --- Foreign Exchange --- Production and Operations Management --- Finance: General --- Labor --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Financial Markets and the Macroeconomy --- Economic Growth of Open Economies --- Economic Growth and Aggregate Productivity: General --- Macroeconomics: Production --- Labor Contracts --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Finance --- Labour --- income economics --- Exchange rates --- Productivity --- Financial sector development --- Financial markets --- Total factor productivity --- Employment protection --- Currency crises --- Informal sector --- Economics --- Industrial productivity --- Financial services industry --- Manpower policy
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This paper examines the impact of Dollar exchange rate volatility on firm productivity in Emerging Markets economies (EMs). Using firm level data covering 16 EMs over the period 1998 -2019, the paper shows that dollar exchange rate volatility reduces firm productivity growth. Exploring channels, its finds that the results are driven by countries with low level of financial development, high dollar invoicing, high bilateral trade with the US, high collective bargaining coverage and open capital account. Exploring the role of policy, it finds that Foreign Exchange Interventions (FXI) dampen this impact on firm productivty. Further, exploiting firm level data, the paper shows that dollar exchange rate volatility operates also through the financial friction channel, reducing contemporaneous investments, especially at firms with low liquidity buffers and weak balance sheet (high leverage). The role of financial frictions is confirmed through the finding that younger firms, more likely to face financial constraints, are also found to be more vulnerable to dollar exchange rate volatility. In addition, we also find evidence of a large and persistent effect on firms with highly irreversible investment, lending support for the real option channel of uncertainty on the dollar exchange rate. These findings are robust to a battery of tests, including controlling for uncertainty, financial crises and using an instrumental variable strategy exploiting US monetary policy shocks as an exogenous source of variation in dollar exchange rate volatility.
Macroeconomics --- Economics: General --- Foreign Exchange --- Production and Operations Management --- Finance: General --- Labor --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Financial Markets and the Macroeconomy --- Economic Growth of Open Economies --- Economic Growth and Aggregate Productivity: General --- Macroeconomics: Production --- Labor Contracts --- Economic & financial crises & disasters --- Economics of specific sectors --- Currency --- Foreign exchange --- Finance --- Labour --- income economics --- Exchange rates --- Productivity --- Financial sector development --- Financial markets --- Total factor productivity --- Employment protection --- Currency crises --- Informal sector --- Economics --- Industrial productivity --- Financial services industry --- Manpower policy
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This textbook provides an overview of organisation models used in practice from over a century ago to the present day. It outlines the effects these models have on efficiency, learning, innovation and workers’ health and offers critical reflections for students. Some of the models covered are Taylorism, bureaucracy, the socio-technical school, process organisation such as lean production, learning organisations, knowledge management, project organising including agile, platform economy, professional organisations, new public management and sustainable organisations. Featuring learning objectives and reflective questions for students of organisation studies and design, this textbook has a pedagogical structure based on the division of work and the coordination of work. Conclusions are presented on contemporary work organisation models’ impact on working life, ultimately encouraging students to ask the question, how can we create more sustainable work organisations. P-O Börnfelt is a lecturer at the Department of Sociology and Work Science, University of Gothenburg in Sweden. His Work Organisation in Practice textbook was first published in Swedish, and it is used as a textbook at several universities in Sweden. His research focus is on whistleblowing, voice and silence at work.
Industrial productivity. --- Organizational behavior. --- Behavior in organizations --- Management --- Organization --- Psychology, Industrial --- Social psychology --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Industrial organization. --- Technological innovations. --- Personnel management. --- Organization. --- Innovation and Technology Management. --- Human Resource Management. --- Corporations --- Employment management --- Human resource management --- Human resources management --- Manpower utilization --- Personnel administration --- Public administration --- Employees --- Employment practices liability insurance --- Supervision of employees --- Breakthroughs, Technological --- Innovations, Industrial --- Innovations, Technological --- Technical innovations --- Technological breakthroughs --- Technological change --- Creative ability in technology --- Inventions --- Domestication of technology --- Innovation relay centers --- Research, Industrial --- Technology transfer --- Industries --- Industrial concentration --- Industrial management --- Industrial sociology --- Personnel management
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This Selected Issues paper focuses on recalibrating the coronavirus disease (COVID) strategy in the People’s Republic of China. Successfully containing outbreaks also supported the gradual transition to more targeted and flexible containment measures, refining the overall strategy in line with the evolution of the pandemic. In late 2022, the authorities started easing COVID containment policies notwithstanding ongoing spikes in infections. Even though the economy bounced back quickly from the 2020 outbreaks, the recovery of private consumption has been lagging—in part as a result of the need for recurring lockdowns and elevated uncertainty. Throughout 2022, the emergence of more transmissible variants put the zero-COVID strategy to test and outbreaks have significantly hurt domestic economic activity. An immediate withdrawal of all nonpharmaceutical interventions could have severe health consequences, given the relatively lower level of vaccination for the most vulnerable, a possible lack of antiviral treatments, and still limited medical capacities.
Money and Monetary Policy --- International Economics --- Environmental Economics --- Macroeconomics --- Production and Operations Management --- Environmental Conservation and Protection --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Environmental Economics: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Fiscal Policy --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Monetary economics --- International institutions --- Green finance / sustainable finance --- Climate change --- Environmental management --- Monetary policy --- International organization --- Climate finance --- Environment --- Credit --- Money --- Greenhouse gas emissions --- Total factor productivity --- International agencies --- Climatic changes --- Industrial productivity --- Fiscal policy --- Greenhouse gases --- China, People's Republic of
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This chapter investigates the link between informality and growth in Madagascar and aims for a better understanding of the informal sector. It provides an analysis of the characteristics of informal production units and informal employment. Findings suggest that informality is a key feature of economic activity in Madagascar, and that informal production units are the main driver of employment with a deep concentration around self-employment. Overall, informality is associated with a lack of awareness of administrative procedures and the complexity and cost of tax and regulatory measures. The informal sector’s Total Factor Productivity (TFP) growth is more stable and higher on average than the formal sector TFP.
Money and Monetary Policy --- International Economics --- Labor --- Production and Operations Management --- Macroeconomics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Informal Economy --- Underground Econom --- Formal and Informal Sectors --- Shadow Economy --- Institutional Arrangements --- Informal Labor Markets --- Labor Economics: General --- Monetary economics --- International institutions --- Labour --- income economics --- Economics of specific sectors --- Monetary policy --- International organization --- Total factor productivity --- Informal employment --- Informal economy --- Economic sectors --- International agencies --- Economic theory --- Industrial productivity --- Labor economics --- Informal sector --- Economics --- Madagascar, Republic of
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Firms play an important role in shaping income inequality at the aggregated country level, given that wages represent a significant proportion of household income. We investigate the distributional consequences of capital account liberalization, relying on firm level data to explore the implications for betweenfirms earning inequality in ASEAN5 countries over the period 1995-2019. We find that between-firms wage dispersion alone, accounts for a nontrivial proportion of the variation in the market Gini. Our empirical findings show that capital account liberalization increases between-firms wage inequality, as wages grow faster at initially high-paying firms and slow-down at firms at the lower portion of the wage distribution. These results are robust to a battery of robustness checks. Further, the directions and categories of capital account liberalization matter as results are pronounced for inflow liberalization and equity capital flows. We also show that capital account liberalization induces an increase in Profit-to-Wage ratios. Furthermore, the impact depends on country characteristics (wage setting institutions, the level of financial development and the size of the informal sector) as well as industry characteristics (export orientation and external finance dependence).
Macroeconomics --- Economics: General --- Exports and Imports --- Labor --- Production and Operations Management --- Equity, Justice, Inequality, and Other Normative Criteria and Measurement --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wage Level and Structure --- Wage Differentials --- Current Account Adjustment --- Short-term Capital Movements --- Wages, Compensation, and Labor Costs: General --- Aggregate Factor Income Distribution --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Labour --- income economics --- Capital account liberalization --- Balance of payments --- Income inequality --- National accounts --- Total factor productivity --- Wage adjustments --- Currency crises --- Informal sector --- Economics --- Income distribution --- Industrial productivity --- Brazil
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This Selected Issues paper focuses on labor productivity dynamics in Spain. Labor productivity has been a long-standing structural challenge in Spain. Productivity performance has been weak across several dimensions: labor productivity levels are significantly lower than in some peer economies, its growth rate has been low and not favored convergence, and differences in output per hour worked across Spanish regions is considerable. In the aftermath of the Global Financial Crisis, labor productivity in Spain exhibited a counter-cyclical pattern driven by the large reduction in employment. Total factor productivity (TFP) has been consistently low and lagging peers for decades. Sustained policy focus on raising productivity will be important to increase living standards, help rebuild fiscal buffers and make growth more inclusive. The empirical analysis benefits from the rich information in firm financial statements to provide a deep-dive study on differences across firms based on their size and age. Firm-level characteristics, such as balance sheet health and growth potentials, have also shown to be significant determinants for firm investment.
Money and Monetary Policy --- International Economics --- Environmental Economics --- Production and Operations Management --- Labor --- Macroeconomics --- Environmental Policy --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Climate --- Natural Disasters and Their Management --- Global Warming --- Environmental Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Monetary economics --- International institutions --- Labour --- income economics --- Environmental economics --- Green finance / sustainable finance --- Economic growth --- Monetary policy --- International organization --- Climate finance --- Environment --- Total factor productivity --- Labor productivity --- International agencies --- Emissions trading --- Industrial productivity --- Climatic changes --- Economic theory --- Spain
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This paper uses firm-level data that covers over 1.2 million Spanish firms during the period of 2003-2019 to provide an updated assessment of the drivers of labor productivity in the Spanish economy, focusing on both TFP and firm investment. The empirical analysis shows significant differences in production constraints in both the capital market and the labor market, across firm size and age. This paper also includes a review of Spain’s ambitious reform commitments under the Recovery, Transformation and Resilience Plan and concludes with recommendations for further action.
Money and Monetary Policy --- International Economics --- Production and Operations Management --- Macroeconomics --- Labor --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Investment --- Capital --- Intangible Capital --- Macroeconomics: Production --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Intertemporal Firm Choice: Investment, Capacity, and Financing --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labor Economics: General --- Demand and Supply of Labor: General --- Monetary economics --- International institutions --- Labour --- income economics --- Monetary policy --- International organization --- Labor productivity --- Total factor productivity --- Labor markets --- Productivity --- International agencies --- Industrial productivity --- Labor economics --- Labor market --- Spain
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This Selected Issues paper presents the main features and weaknesses of the current Panamanian tax system and provides an international comparison of its performance. Panama’s macroeconomic performance has been notably robust. Panama’s macroeconomic performance has been notably robust, but Panama’s tax collection has been historically low. A tax system without adequate revenues led to chronic fiscal deficits and a lack of resources to invest in human capital (education and health) and promote social inclusion policies. In addition, the tax system is notably regressive, and several rules are very inefficient and distortive contradicting the overall policy objective of the country to attract investment. Taxation of the business sector is very complex. On the other hand, the system is very generous regarding benefits. Overall, the desirable reform direction is clear: A reduction in tax incentives, following their analysis, as well as stronger anti-abuse provisions, and revenues from an international minimum tax can finance reductions in the inefficient parts of the tax system, such as the multiple business taxes and the strict loss carry forward.
Money and Monetary Policy --- International Economics --- Taxation --- Banks and Banking --- Production and Operations Management --- Corporate Taxation --- Public Finance --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Business Taxes and Subsidies --- Taxation, Subsidies, and Revenue: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- International Investment --- Long-term Capital Movements --- Monetary economics --- International institutions --- Public finance & taxation --- Banking --- Macroeconomics --- Corporate & business tax --- International economics --- Monetary policy --- International organization --- International reserves --- Central banks --- Total factor productivity --- Tax incentives --- Taxes --- Corporate income tax --- Revenue administration --- International agencies --- Foreign exchange reserves --- Industrial productivity --- Corporations --- Revenue --- Panama
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