Crawl : algumas considerações.

Dissertação de Licenciatura -INE

Missing Links in the Inclusive Growth Debate: Functional Income Distribution and Labour Market Institutions

The aim of this article is to discuss the ‘inclusive growth’ proposals made by the IMF, the OECD and the EU, and to examine to what extent these proposals are consistent with the objective to be achieved. To do this, we examine the importance of two ‘missing links’ commonly overlooked by these institutions when promoting ‘inclusive growth’: functional income distribution and labor market institutions. Using a panel of 42 advanced countries for the period 1990–2018, we estimate an econometric model and we obtain two relevant results. First, functional income distribution has an important influence on income inequality. Second, collective bargaining coverage plays a significant role in explaining increases in the wage share and reductions in income inequality. Consequently, these two ‘missing links’ must be fully integrated into the policy debate of international organizations if ‘inclusive growth’ is to be successfully promoted

Estimation of a fiscal policy rule for EMU countries (1984-2005)

The primary objective of this article is to estimate a fiscal policy rule for each of the EMU member States from 1984 to 2005 in order to know if there has been a systematic response of the cyclically adjusted primary balance to output gap and debt level variations. Also, we aim to discover whether the change in the fiscal framework, which took place after 1992 has had a substantial impact on the fiscal policy applied. The principal novelty is that the estimation is performed simultaneously by means of a seemingly unrelated regression estimator model. We are thus able to obtain different coefficients for each country, while developing possible correlations between national fiscal policies, which would reveal the existence of common factors. The results provide clear evidence of a structural break in the rule after the introduction of the new fiscal regulations and, as the hypothesis of equality in the national coefficients of the rule is clearly rejected, reveal a need to consider specific national factors.