Suchergebnisse

One of the peculiarities of the Spanish labour market has been the existence
of a high share of temporary employment, a result of the 1984 labour reform
which made the use of temporary contracts more flexible. Since 1994, various
reforms have sought to increase the use of open-ended contracts and
discourage the use of fixed-term contracts. Although these reforms, in
particular the 2012 and 2021 reforms, have led to a reduction in the share
of temporary workers they have also created other unintended problems, such
as a reduction in the duration of fixed-term contracts, the proliferation of
part-time contracts and atypical open-ended contracts, and a high share of
temporary employment in public sector.

Despite the relevance given by the Post-Keynesian thought to wage and incomes
policies, little attention has been paid to the institutional elements that
would favour the unions? acceptance of a voluntary moderation of wage claims.
Recent wage policies have been implemented in European countries, like
Ireland and Spain, which do not fulfil the requirements assumed by
corporatist analysis for a successful implementation of wage policies. The
success of wage policies in Ireland and Spain, in terms of economic
performance and the length of current wage policies, offers a valuable
insight on how wages policies can be implemented as a key piece of
macroeconomic policy: It also helps our understanding of the institutional
framework that favours the implementation of voluntary wages policies.

In the paper we analyze the impact of Inflation Targeting (IT) in Mexico. The
objective is to evaluate the impact of the implementation of inflation
targeting and full-fledged inflation targeting (FFIT) on the level and the
variability of the inflation and the output in the Mexican economy. We
conclude that inflation rates had been reduced in Mexico before the
introduction of IT and FFIT. In our opinion, the structural reforms,
including the Banxico reforms, are the main determinants of the decrease in
inflation and its variability. The main impact of IT would have been the
lock-in of inflation expectations around a low rate of inflation.

La estrategia general de política económica desarrollada desde la década de los ochenta por los respectivos gobiernos del Partido Socialista Obrero Español (1982-1996) y del Partido Popular (desde 1996) ha estado sujeta a las contradicciones generadas entre sus principales objetivos. Desde el punto de vista macroeconómico, dicha estrategia de política económica se centraba, como en el resto de economías occidentales, en el control de la inflación. Sin embargo, desde una óptica de largo plazo, siendo este uno de los pilares en los que se sustentaba el consenso en torno al proceso de transición hacia la democracia, la actuación pública debía contribuir simultáneamente a la modernización de la economía española y al desarrollo del Estado de bienestar. Estos tres objetivos no siempre resultaron complementarios y, de hecho, los cambios registrados en la política económica en las últimas décadas pueden explicarse por la necesidad de responder a las tensiones entre tales objetivos.

This article analyses the Spanish experience with voluntary wage moderation, focusing on the differences between the current model of wage moderation that began in 1997 and the traditional model of wages policies and social pacts implemented between 1977 and 1986. The article stresses the importance of changes in the economic and political environment and in the attitudes of unions towards the effectiveness and suitability of wage moderation as a tool to solve micro- and macroeconomic problems, to explain the abandonment of wages policies and then their renaissance in the late 1990s.

This paper analyses the role played by the flexibilization of labour markets
on functional income distribution. Specifically, we analyse whether
employment protection legislation affects the evolution of labour income
share, measured by the size of compensation of employees as a percentage of
GDP, the sum of wages and salaries as a percentage of GDP and the size of
the adjusted wage share, in twenty European economies. Our study?s results
show that the evolution of labour income share is explained by the economic
growth, the growth of employment and unemployment rates, and the growth of
real wages. Regarding the role played by the flexibility of the labour
market, and specifically of the employment protection legislation, only
employment protection for temporary workers has a significant impact on the
evolution of labour shares. Our results show that stricter provisions on the
use of fixed-term and temporary agency contracts have a positive impact on
the growth of labour shares.

The paper analyses the determinant elements of the evolution of labour income
share, measured by the size of compensation of employees as a percentage of
GDP in twenty European economies. In doing so, special attention is paid to
the impact of employment protection legislation. Our study?s results show
that the evolution of labour income share is explained by the economic
growth, the growth of employment and unemployment rates, and the growth of
real wages. Regarding employment protection, only employment protection for
temporary workers matters. Our results shows that stricter provisions on the
use of fixed-term and temporary agency contracts have a positive impact on
the growth of the labour shares.

The paper studies the fiscal policies implemented in the European Union countries since the beginning of the current crisis. With this aim in mind we have analyzed separately the expansionary fiscal policies implemented at the first stage of the crisis and the fiscal consolidation policies that became widespread at the beginning of the current decade. Studying the content of the national fiscal policies (discretionary measures versus built-in stabilizers, revenue-based versus expenditure-based fiscal policies, the relationship existing between the size of the fiscal impulses-adjustments and the composition of these measures) shows the significant differences between the fiscal policies implemented in the European Union countries.

The paper studies the fiscal policies implemented in the European Union countries since the beginning of the current crisis. With this aim in mind we have analyzed separately the expansionary fiscal policies implemented at the first stage of the crisis and the fiscal consolidation policies that became widespread at the beginning of the current decade. Studying the content of the national fiscal policies (discretionary measures versus built-in stabilizers, revenue-based versus expenditure-based fiscal policies, the relationship existing between the size of the fiscal impulses-adjustments and the composition of these measures) shows the significant differences between the fiscal policies implemented in the European Union countries.

The paper studies the fiscal policies implemented in the European Union
countries since the beginning of the current crisis. With this aim in mind we
have analyzed separately the expansionary fiscal policies implemented at the
first stage of the crisis and the fiscal consolidation policies that became
widespread at the beginning of the current decade. Studying the content of
the national fiscal policies (discretionary measures versus built-in
stabilizers, revenue-based versus expenditure-based fiscal policies, the
relationship existing between the size of the fiscal impulses-adjustments and
the composition of these measures) shows the significant differences between
the fiscal policies implemented in the European Union countries.

The paper analyses the mistakes made in the management of the fiscal policy
in Spain before the crisis. The authors argue that the low size of the public
expenditures, the adoption of a procyclical expansionary fiscal policy the
years before the crisis, and the lack of a correct coordination between the
Spanish fiscal policy and the ECB?s monetary policy, are key elements to
understand the depth and length of the economic crisis and the current high
fiscal imbalances in Spain.

Résumé.Dans de nombreux pays développés, le vieillissement de la population compromet la viabilité financière des régimes de retraite par répartition. L'immigration est souvent présentée comme l'une des solutions, particulièrement dans les pays où elle est forte. Les auteurs présentent un modèle d'analyse des effets de l'immigration sur la viabilité des régimes par répartition en prenant l'Espagne comme exemple. Ils montrent que l'afflux migratoire ne résout pas le problème, d'où la nécessité de recourir à des réformes paramétriques. Ils donnent aussi la mesure des réformes nécessaires à l'équilibre financier du système.

Resumen.El envejecimiento de la población genera problemas de viabilidad financiera a los sistemas de pensiones de muchos países desarrollados que se basan en el método de reparto. Un posible remedio del que se habla a menudo es la inmigración, sobre todo en los países que reciben a muchos trabajadores extranjeros. Los autores proponen un modelo para analizar el impacto de los flujos de inmigración en la sostenibilidad financiera del citado sistema, sirviéndose de España como ejemplo práctico. Muestran que, a pesar de su magnitud, estas corrientes no resuelven el problema, por lo que deben hacerse reformas paramétricas. Los autores exponen también la intensidad de los cambios necesarios para mantener el equilibrio financiero del sistema.

Abstract.Population ageing generates problems of financial sustainability for unfunded pension systems in many developed countries. Immigration is often presented as one potential solution to this problem, mainly in countries with high migration inflows. The authors propose a model to analyse the impact of immigration flows on the financial sustainability of the pay‐as‐you‐go method, using Spain as a test case. They show that, despite their size, these inflows do not solve the Spanish pension system's sustainability problem, leading to the need for parametric reforms. The article also presents the intensity of the reforms required to maintain the system's financial equilibrium.