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Italy: Quantifying the Benefits of a Comprehensive Reform Package
Author:
Michal Andrle null

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,
Mr. Alvar Kangur
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Mr. Mehdi Raissi
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Series:
IMF Working Papers
Volume/Issue:
Volume 2018: Issue 060
Language:
English
Publication Date:
16 Mar 2018
DOI:
https://doi.org/10.5089/9781484347614.001
ISBN:
9781484347614
ISSN:
1018-5941
Pages:
17
Keywords:
WP; GDP; Italy; reform; real GDP; OECD estimate; growth; competitiveness; fiscal policy; wage bargaining; labor market reforms; product market reforms; banking sector; DSGE models; GIMF simulation; IMF's Global Integrated Monetary and Fiscal; competitiveness gain; NPL ratio; Structural reforms; Nonperforming loans; Total factor productivity; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy’s inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package of fiscal, financial, wage bargaining, and other structural reforms. Credible implementation of such a package yields substantial mediumterm dividends at negligible near-term growth costs. Real GDP growth is estimated to be substantially higher over the medium term, while the real effective exchange rate depreciates notably.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund