tailieunhanh - WORLD ECONOMIC OUTLOOK Rebalancing Growth phần 8

tính năng e định của chương trình làm việc thời gian ngắn là một điều chỉnh cho một sự suy giảm nhu cầu lao động bằng việc giảm giờ, để lại công ăn việc làm về cơ bản không thay đổi. chúng tôi, không giống như sa thải, nơi mà gánh nặng chỉ được minh chứng bởi các công nhân chấm dứt, thời gian ngắn làm việc liên quan đến gánh nặng lớn hơn | CHAPTER 4 GETTING THE BALANCE RIGHT TRANSITIONING OUT OF SUSTAINED CURRENT ACCOUNT SURPLUSES levels. Savings and particularly private savings either remained unchanged or fell substantially in the case of Taiwan Province of China. There was a clear sectoral reallocation of resources from the tradables to the nontradables sector. The share of the nontradables sector in the economy rose in all cases most substantially in Korea and Taiwan Province of China where there was more scope for reallocation given the relatively smaller size of the nontradables sector prior to the reversal. Employment in the tradables sector was either stagnant or declined in Taiwan Province of China the loss of manufacturing jobs was particularly large as Taiwanese firms moved their production offshore to lower-cost economies in southeast Asia and later to mainland China. But these losses were either partially or fully offset by gains in the nontradables sector employment growth in this sector was positive in all cases and was substantial in the case of Japan Korea and Taiwan Province of China in the mid- to late 1980s. There is evidence that these economies climbed the export quality ladder with the share of high- and medium-tech exports rising. This was more pronounced where there was more room to improve most notably in Taiwan Province of China Box than in economies such as Japan where high-tech manufactures already accounted for a large share of exports. In Taiwan Province of China the reallocation of production toward higher-value-added industries was also supported by structural policies such as tax incentives that encouraged investment in research and development. In sum exchange rate appreciation was only one among several important factors in the process of reversing the current account surpluses in the case study economies. The analysis indicates that differences in macroeconomic management and in the external environment are central to economic performance following surplus .