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Italy: Quantifying the Benefits of a Comprehensive Reform Package

Michal Andrle, Alvar Kangur and Mehdi Raissi

No 2018/060, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 17
Date: 2018-03-16
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Citations: View citations in EconPapers (4)

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Handle: RePEc:imf:imfwpa:2018/060