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Portugal :, Selected Issues

Portugal :, Selected Issues
This Selected Issues paper takes stock of structural reforms in Portugal from a firm-level perspective. Structural reforms were the main available policy tool to mend Portugal’s accumulated imbalances. Portugal’s macroeconomic toolbox was severely constrained by monetary union membership and spillover considerations. This paper discusses what structural reforms were supposed to achieve at the firm level. It documents a few stylized facts about Portuguese firms and describes the structural reform agenda. The paper also reports the results of a firm survey on the perceived effectiveness of the structural reforms
international or intergovernmental publication
Literary Form
non fiction
Main title
Portugal :
Nature of contents
Series statement
IMF Staff Country Reports
Sub title
Selected Issues
Table Of Contents
Cover Page; Title Page; Copyright Page; Contents; BOXES; TABLES; APPENDIX; FIGURE; TABLES; FIGURES; TABLES; BOXES; FIGURES; APPENDIX; BOXES; FIGURE; TABLE; APPENDIX; FIGURES; TABLES; APPENDIX; A. Background; B. Structural Reforms From a Firm-Level Perspective; C. Exporting Firms in Portugal: A Few Stylized Facts; 1. The 2010-2012 Export Surge: Who Dit it?; D. Program's Structural Reform Agenda; 1. Firm Survey: Perceived Impact of Structural Reforms; E. Effectiveness of Structural Reforms: Firm Survey Evidence; F. Interpreting The Firm Survey Results2. Firm Survey: Perceived Urgency of More Reforms2. Reducing Port User Cost: An Implementation Game in Progress; 3. Fiscal Devaluation: A Structural Reform Too Far?; 3. Overview of Structural Reforms; 1. Survey Questions; REFERENCES; TAKING STOCK OF STRUCTURAL REFORMS: A FIRM-LEVEL PERSPECTIVE; A. Introduction; B. A Brief History of Euro Area Bond Spreads and Related Studies; C. Empirical Analysis; 1. Declining Spreads Across a Range of Fundamental Variables; D. Potential Objections; 1. Spreads, Global Variables, and Fundamentals; 2. Robustness Checks; REFERENCESPORTUGAL'S REGAINED MARKET ACCESS: OPPORTUNITIES AND RISKSA. Build-up of Imbalances Prior to the Crisis; B. Program Intervention and Implementation to Date; 1. General Government Spending by Economic and Functional Classification; 2. Primary Spending in Portugal and the Euro Area by Levels of Government; C. Creating Fiscal Space for Growth-Enhancing Measures; 3. Primary Expenditure Growth Under Passive and Adjustment Scenarios; 4. Public Sector Employment (2011-14); D. Supporting Growth Through Targeted Fiscal Measures; 1. Public Investment; 2. Education SpendingE. Improving Management and Implementation of Fiscal ReformsREFERENCES; STATUS OF FISCAL ADJUSTMENT AND CHALLENGES AHEAD; A. Introduction; B. Portugal's Leveraging Up Process; 1. NFC Debt, 2009-2014; 2. NFC Debt to GDP, 2014Q3; 3. Non-Performing Loans to NFCs, 2008-2014; C. The Impact of Excessive Corporate Debt on The Real Economy; 4. Key Indicators of Corporate Indebtedness; D. Disincentives for Banks and Non-Financial Corporations to Restructure Corporate Debt; E. The Outlines of a Way Forward - Using the Toolkit at Hand; 1. Corporate Debt: Data and Statistical Issues2. The Legal and Institutional Framework3. How Can Tax Policy Contribute to Corporate Deleveraging?; 4. 2014 Action Plan for Corporate Debt Restructuring; I. Data Appendix; REFERENCES; SUPPORTING MEDIUM-TERM GROWTH THROUGH CORPORATE DEBT RESTRUCTURING: PROGRESS, IMPEDIMENTS AND REMAINING CHALLENGES; A. Background; B. Measuring Labor Market Slack; 1. Labor Market Slack Rate, 2002-2014; 1. Labor Slack and Migration; C. Macroeconomic Context: The Drivers of Labor Slack; D. Labor Absorption Scenarios: 2015-20; 2. Labor Skills in a Production Function; 1. Labor Absorption Scenarios, 2015-20E. Policy Considerations
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