G2TT
来源类型CEPS Working Documents
规范类型论文
Towards More Resilient Economies: The role of well-functioning economic structures
David Sondermann; Principal Economist; European Central Bank
发表日期2017-01-27
出处Infrastructure Finance
出版年2017
语种英语
摘要

Economic resilience is essential to withstand adverse shocks and reduce the economic costs associated with them, argues the author of this CEPS Working Document. He proposes different measures of resilience and gauges how countries differ in their shock absorption capacity, while controlling for the quality of their economic structures.

The paper finds robust evidence that sound labour and product markets, framework conditions and political institutions increase resilience to adverse shocks and reduce the incidence of crisis more generally. In the presence of a common shock, a country with weaker economic structures can, on average, suffer up to twice the output loss in a given year compared to a country with sound institutional parameters. Similarly, the likelihood of a severe economic crisis is reduced if a country exhibits flexible and adaptable institutions. The proposed measures can be used to establish a governance process for more resilient economic structures, as suggested for the euro area in the so-called Five Presidents’ Report.

JEL classification: E32, L50, J21.

Keywords: economic resilience, common shocks, economic structures, institutions.

 

David Sondermann is Principal Economist at the European Central Bank.

The views expressed here are attributable only to the author in a personal capacity and not to any of the institutions with which he is associated.

主题Economy and Finance
URLhttps://www.ceps.eu/publications/towards-more-resilient-economies-role-well-functioning-economic-structures
来源智库Centre for European Policy Studies (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/62869
推荐引用方式
GB/T 7714
David Sondermann,Principal Economist,European Central Bank. Towards More Resilient Economies: The role of well-functioning economic structures. 2017.
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