Inequality and Poverty across Generations in the European Union

This SDN studies the evolution of inequality across age groups leading up to and since the global financial crisis, as well as implications for fiscal and labor policies.

Inequality and Poverty across Generations in the European Union

This SDN studies the evolution of inequality across age groups leading up to and since the global financial crisis, as well as implications for fiscal and labor policies. Europe’s population is aging, child and youth poverty are rising, and income support systems are often better equipped to address old-age poverty than the challenges faced by poor children and/or unemployed youth today.

The Routledge Handbook of Contemporary Inequalities and the Life Course

In J. Stiglitz, J. Fitoussi & M. Durand (Eds.), For Good Measure: Advancing Research on Well-being Metrics beyond GDP. Paris: OECD Publishing. ... Discussion Note Inequality and Poverty across Generations in the European Union.

The Routledge Handbook of Contemporary Inequalities and the Life Course

Drawing upon perspectives from across the globe and employing an interdisciplinary life course approach, this handbook explores the production and reproduction of different types of inequality across a variety of social contexts. Inequalities are not static, easily measurable, and essentially quantifiable circumstances of life. They are processes which impact on individuals throughout the life course, interacting with each other, accumulating, attenuating, reproducing, or distorting themselves along the way. The chapters in this handbook examine various types of inequality, such as economic, gender, racial, and ethnic inequalities, and analyse how these inequalities manifest themselves within different aspects of society, including health, education, and the family, at multiple levels and dimensions. The handbook also tackles the global COVID-19 pandemic and its striking impact on the production and intensification of inequalities. The interdisciplinary life course approach utilised in this handbook combines quantitative and qualitative methods to bridge the gap between theory and practice and offer strategies and principles for identifying and tackling issues of inequality. This book will be indispensable for students and researchers as well as activists and policy makers interested in understanding and eradicating the processes of production, reproduction, and perpetuation of inequalities.

Europe s Income Wealth Consumption and Inequality

Inequality and poverty across generations in the European Union . IMF staff discussion note 18/01 . https : // www . imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/01/ 23 / Inequality - and - Poverty - across - Generations ...

Europe s Income  Wealth  Consumption  and Inequality

"The book is the Europe volume in an international series on income, wealth, consumption, well-being and inequality. It focuses on the European Union (EU) and its member countries and other European countries that are in a close association with it. The book provides an overview of economic and social trends in the countries and in country groupings. It takes the long-term process of European integration as a starting point. It addresses policy areas pertaining to certain aspects of inequality and the European social model in thematic chapters. It makes a specific point to look at the European Union not as a conglomerate of individual countries but as an economic and political entity whose parts are closely interlinked politically and economically. It considers commonalities and differences in institutions and policies as they might impact the situation not just in one country but in the Union as a whole. The EU experience during the Great Recession and the Euro Crisis strongly show that developments in one country or a group of countries can harm not only well-being in an individual country but in the European Union more broadly. The chapters often take a novel approach in the analysis of social trends and policies and identify major policy challenges for EU and national policy makers"--

France

Inequality and Poverty Across Generations in the European Union. SDN/18/01). Gini Coefficient of Equivalised Disposable Income People at Risk of Poverty or Social Exclusion by Age (Scale from 0 (complete equality) ...

France

In a favorable global conjuncture, France has benefitted from a broad-based recovery last year, with robust growth and improving labor market trends, which have led to a decline in the fiscal deficit below 3 percent of GDP last year. But structural challenges persist, with still high unemployment, weak competitiveness, and high private and public debt burdens, which are hampering economic performance.

International Monetary Fund Annual Report 2018

... Account Rules and Regulations: http://www.imf.org/en/Publications/Policy-Papers/ Issues/2016/12/31/Rules-and-Regulations-for-the-Investment- Account-PP4734 “Inequality and Poverty across Generations in the European Union”: ...

International Monetary Fund Annual Report 2018

The past year was one of growing economic anxiety tied to skepticism about both economic integration and an international approach to economic policy making. To help make globalization work for all, the IMF focused on providing policy advice in many macro-critical areas.

Spain

Inequality and Poverty Across Generations1/ A consequence of the global financial crisis in most of Europe was an increase in inequality and poverty across generations. Spain was no exception where its youth was particularly hard hit by ...

Spain

Spain’s economy has continued to grow strongly, reflecting its improved fundamentals. However, especially the young generation still faces daunting economic challenges. In the meantime, several downside risks are clouding the medium-term outlook. Externally, they comprise sudden changes in investors’ global risk appetite, escalating global protectionism, and weakening conditions in emerging economies. Domestically, they include pressure to reverse reforms, continued procyclical fiscal policy, and prolonged uncertainty related to Catalonia. These could hurt the economy particularly in an environment of high public debt and structural unemployment as well as sluggish productivity growth, which is set to slow Spain’s income convergence.

Fair Progress

Economic Mobility across Generations around the World Ambar Narayan, Roy Van der Weide, Alexandru Cojocaru, Christoph Lakner, Silvia Redaelli, Daniel Gerszon Mahler, ... “Inequality and Poverty across Generations in the European Union.

Fair Progress

Fair Progress? Economic Mobility across Generations around the World focuses on an issue that has gotten much attention in the developed world, but will present new data and analysis covering most of the world including developing economies. The analysis considers whether those born in poverty or in prosperity are destined to remain in the same economic circumstances into which they were born, and looks back over a half a century at whether children's lives are better or worse than their parents' in different parts of the world. It suggests local, national, and global actions and policies that can help break the cycle of poverty, paving the way for the next generation to realize their potential and improve their lives.

Affordable Rental Housing Making It Part of Europe s Recovery

Inequality and Poverty Across Generations in the European Union.” IMF Staff Discussion Note 18/01, International Monetary Fund, Washington, DC. Choi, Jung, Jun Zhu, Laurie Goodman, Bhargavi Ganesh, and Sarah Strochak. 2019.

Affordable Rental Housing  Making It Part of Europe   s Recovery

Many European economies have faced pressure from rental housing affordability that has widened social and economic divergence. While significant country and regional differences exist, this departmental paper finds that in many advanced European economies a large and rising share of low-income renters, the young, and those living in cities is overburdened. In several locations, middle-income groups also increasingly face rental affordability issues.

IMF Publications Catalog Fall Winter 2018

Administering Fiscal Regimes for Extractive Industries: A Handbook, 13 Advancing the Frontiers of Monetary Policy, 4, 13,15, ... 22 Inequality and Fiscal Policy, 11 Inequality and Poverty across Generations in the European Union, ...

IMF Publications Catalog  Fall Winter 2018

This paper focuses on several IMF publications published in the winter of year 2018. Realizing Indonesia’s Economic Potential book uncovers some of the forces that are likely to shape Indonesia’s economy. It analyses the constraints to growth, propose options to boost economic growth, and explore key issues policymakers will need to handle in the future. The ASEAN Way: Sustaining Growth and Stability book provides a comprehensive account of how Association of Southeast Asian Nations, its individual members and as a group, rose above its worst regional financial crisis 20 years ago, to become one of the most resilient in the face of the worst global financial crisis just a decade later. The challenges faced and the policy responses taken, chronicled and analyzed in this study, can hopefully provide further lessons as we face a new global policy paradigm. It is a must-read for academics, the financial community, and policymakers alike.

Social Economic and Environmental Impacts Between Sustainable Financial Systems and Financial Markets

Fiscal Monitor: Tackling Inequality. Washington, DC: International Monetary Fund. IMF. (2018). Inequality and poverty across generations in the European Union. IMF Discussion Note SDN/18/01. IMF. (2019). Fiscal Monitor.

Social  Economic  and Environmental Impacts Between Sustainable Financial Systems and Financial Markets

Sustainable development is necessary to counteract and mitigate the impact of socially harmful forces in a globalized world. However, sustainable development and its organizations must ensure the effective management of their funds and beneficial financial frameworks in order to best realize their sustainable goals. There is a need for studies that seek to understand how to connect sustainable development and the financial world in order to maximize the economic and environmental wellbeing of the world. Social, Economic, and Environmental Impacts Between Sustainable Financial Systems and Financial Markets is a pivotal reference source that examines the funding and monetary utilization of environmental and socially-responsible entities. Featuring research on topics such as green taxes, intergenerational equity, and shadow economy, this book is ideally designed for government officials, policymakers, economists, financial managers, sustainability developers, and academicians seeking current research on the relationship between new sustainable financial phenomena and negative global externalities.

Cyprus

2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cyprus International Monetary Fund. European Dept. ... 2/ See “Inequality and Poverty Across Generations in the European Union” ...

Cyprus

Cyprus is recovering strongly from the 2012–13 crisis. GDP growth is projected to remain above 4 percent in 2018–19, buoyed by services and foreign-financed construction. Unemployment is rapidly declining while large fiscal primary surpluses are putting public debt back on a declining path. Nevertheless, crisis legacies continue to weigh on the banking system. In early 2018, difficulties in the Cyprus Cooperative Bank led the authorities to intervene, albeit at a significant fiscal cost. In the process, a package of legislative measures strengthening the insolvency and foreclosure regime was also approved, which is now catalyzing the cleanup of bank balance sheets. These developments have led to a sovereign ratings upgrade, restoring Cyprus’s investment grade status.

Mobility as a Service

Inequality and poverty across generations in the European Union. International Monetary Fund. Clewlow, R. R., & Mishra, G. S. (2017). Disruptive transportation: The adoption, utilization, and impacts of ride-hailing in the United States ...

Mobility as a Service

The advent of mobility-as-a-service and the disruption of the automotive industry are both overlapping and fuelled by the same developments and thus raise a very fundamental question: are we at peak car? Based on the author's extensive field research, academic study, and professional experience, this book explores this very question as well as the underlying social, economic, generational, and regulatory changes that lead to a new mobility regime. Through rich descriptions of established OEMs and mobility start-ups, it discusses the current forms of mobility and the promise of autonomous technology. It further explores the strategic dimension of these developments so as to navigate and succeed within the disruptive and ever-changing environment of mobility services.

Japan

Cabinet Office, 2006, Annual Report on the Japanese Economy and Public Finance, “Japanese Economy Heading for New Growth Era with ... I. Yackovlev, 2018, “Inequality and Poverty Across Generations in the European Union,” IMF SDN/18/01.

Japan

This Selected Issues explores Japan’s experiences with past valued added tax (VAT) rate increases and discusses potential policy options to mitigate the economic impact of a third-rate increase. It assesses the impact on the Japanese economy and, where possible, provides some international context. Alongside possible mitigating policies, it also discusses the importance of policy commitment and credibility, and how they can influence the macroeconomic impact of tax rate changes. Carefully designing policy measures and communicating them clearly to the public are paramount to attenuate any negative outcomes in the short term. A simple, single-rate VAT would efficiently raise tax revenues and support the government’s objective of achieving fiscal consolidation in the medium term. Assuming underlying macroeconomic conditions are favorable, the October 2019 VAT rate increase could potentially have a smaller impact on the economy relative to that of 2014 for several reasons. In order to reduce policy uncertainty and alleviate any adverse impacts from the 2019 VAT rate increase, the authorities should clearly communicate the timing and content of associated mitigating measures.

The Authority of EU Law

... one country's economic weakness results in another country's financial risks leaving all societies frustrated. ... Shabunina A, Vandenbussche J, Yackovlev I (2018) Inequality and Poverty across Generations in the European Union.

The Authority of EU Law

This book analyses the supposed erosion of the authority of EU law from various perspectives: legislation, jurisprudence of national supreme and constitutional courts, enforcement of Single Market rules, of EMU rules and of the rule of law. It discusses the interdependence between the perceived legitimacy of the European project and respect for the authority of EU law.

Republic of Latvia

2018, “Inequality and Poverty Across Generations in the European Union,” Organisation for Economic Co-operation and Development (OECD), 2017a, “OECD Economic Surveys: Latvia,” September 2017 (Paris). ——————, 2017b, Education at a Glance ...

Republic of Latvia

This Selected Issues paper analyzes labor market challenges in Latvia. In the boom period leading up to the global financial crisis, the economy experienced widespread labor shortages and soaring wage growth. The bursting of the bubble led to a deep recession, high unemployment, and a sharp contraction in wages. With the economy now in its eighth year of recovery, Latvia is once again experiencing a tightening labor market—a situation exacerbated by unfavorable demographic trends. Latvia’s future prosperity will depend critically on whether it is able to address its labor market challenges. Employment protection legislation (EPL) is relatively restrictive. EPL refers to the procedures and costs associated with hiring and dismissing workers. Theory suggests that overly restrictive EPL reduces both job creation and job destruction and may slow productivity growth by raising labor adjustment costs for firms. Latvia’s tightening labor market calls for reforms that make the most of the country’s human resources. Reforms should aim to tackle barriers to employment, encourage more labor market participation, help Latvia’s citizens build new skills, and stem the decline in the working-age population.

Job Polarization and the Declining Fortunes of the Young Evidence from the United Kingdom

Chen, T., Hallaert, J. J., Pitt, A., Qu, H., Queyranne, M., Rhee, A., Shabunina, A., Vandenbussche, J., Yackovlev, I. (2018) “Inequality and Poverty Across Generations in the European Union.” IMF Staff Discussion Note 18/01.

Job Polarization and the Declining Fortunes of the Young  Evidence from the United Kingdom

This paper uses a life-cycle framework to document new stylized facts about the nexus between job polarization and earnings inequality. Using quarterly labor force data for the UK over the period 2000-2018, we find clear life-cycle profiles in the probability of being employed within each occupation type and wages earned therein. Cohort plots and econometric analysis suggest that labor market outcomes and prospects have gradually worsened for the young. These adverse trends are particularly significant for low-skill women: estimated cohort effects point to a fall in wages within each occupation as well as a lower propensity of being employed in abstract-task occupations. We also find evidence of general occupational downgrading in the UK, with more educated workers taking up fewer high-skill occupations than they did in the past. Our analysis informs the policy debate over appropriate measures needed to reduce skill mismatches and alleviate labor market transitions.

VOX

Oesch D (2008a) Explaining workers' support for right- wing populist parties in Western Europe: Evidence from Austria, Belgium, France, Norway, and Switzerland. ... (2018) Inequality and Poverty across Generations in the European Union.

VOX

This book examines VOX, the first major and electorally successful populist radical right-wing party to emerge in Spain since the death of General Franco, and the restoration of parliamentary democracy in the late 1970s. In December 2018, VOX, a new party on the populist radical right, entered the Andalusian regional parliament, and played the role of kingmaker in the ensuing government formation discussions. Since then, under the leadership of Santiago Abascal, VOX has earned political representation in numerous local, regional and national elections. The party attracted more than 3.6 million votes in the November 2019 general election, making VOX the third largest party in the Spanish Congress. In two years, the party has become a key political challenger and an important player in Spanish politics. This book explains the origins of the party, its ideology and relationship with democracy, its appeal with voters, and its similarities with (and differences from) other populist radical right parties in Europe. It draws upon a rich source of domestic as well as cross-national survey data and a systematic analysis of party manifestos which provide a detailed account of the rise of VOX and what its emergence means for Spanish politics. This volume will be of interest to scholars of comparative politics, political parties, voters and elections, Spanish politics, the populist radical right and populism in general.

A Strategy for IMF Engagement on Social Spending

Chen, Tingyun, Jean-Jacques Hallaert, Alexander Pitt, Haonan Qu, Maximilien Queyranne, Alaina Rhee, Anna Shabunina, Jérôme Vandenbussche, and Irene Yackovlev, 2018, “Inequality and Poverty across Generations in the European Union,” IMF ...

A Strategy for IMF Engagement on Social Spending

Interest in social spending issues has intensified over the last decade. This reflects concerns about rising inequality and the need to support vulnerable groups, especially in the aftermath of the global financial crisis. In line with this, the Fund has also increased its engagement on social spending issues. This paper outlines a strategy to guide IMF engagement on social spending issues going forward.

How to Operationalize Inequality Issues in Country Work

... Dealing with the Gathering Clouds,” October 2017 MCD “Regional Economic Outlook: Promoting Higher and Inclusive Growth in MENA”, or the 2018 IMF Staff Discussion Note on “Inequality and Poverty Across Generations in European Union” ...

How to Operationalize Inequality Issues in Country Work

"Economic inclusion is the broad sharing of the benefits of, and the opportunities to participate in, economic growth. It embodies equitable outcomes related to financial well-being as well as opportunities in access to markets and resources, and protects the vulnerable. Economic inclusion is a high priority issue for the IMF. High inequality is negatively associated with macroeconomic stability and sustainable growth—core to the Fund’s mandate in promoting systemic, balance of payments, and domestic stability. Some macroeconomic policies and reforms may have adverse distributional implications, which in turn can undermine public support for reforms. And, interest in distributional issues and inequality has grown among the membership, increasing the demand for the Fund to work in these areas. While the IMF has long recognized the importance of inequality issues, it has adopted in the recent years a more systematic and structured approach. In this regard, a pilot initiative on inequality was launched in 2015, with the third wave of countries currently participating. Once this wave is concluded, staff proposes to incorporate the analysis of inequality-related issues into broader country work where relevant. This note provides an overview of good practices and resources available to staff. The note is consistent with the 2015 Guidance Note for Surveillance Under Article IV Consultations and draws also on the 2013 Guidance Note on Jobs and Growth Issues in Surveillance and Program Work. It provides examples of good practices with respect to coverage of inequality-related issues in country reports and lays out the resources available to country teams, both with respect to existing analytical work as well as the availability of data and tools. Coverage of inequality issues in staff reports should be selective and calibrated to the degree of macroeconomic significance. All teams should consider whether inequality issues are relevant, taking into account also the authorities’ priorities, but with no presumption that inequality will be covered everywhere or every year and in-depth coverage anticipated in only a limited number of cases any year. Staff should point to macroeconomic significance where it exists, with analysis focused on aspects with economic implications and specific policy advice limited to areas where there is Fund expertise."

Effectiveness and Equity in Social Spending The Case of Spain

Chen, T., Hallaert, J.J., Pitt, A., Qu, H., Queyranne, M., Rhee, A., Shabunina, A., Vandenbussche, J., and I. Yackovlev, 2018, “Inequality and Poverty Across Generations in the European Union”, Staff Discussion Note No.

Effectiveness and Equity in Social Spending   The Case of Spain

Spain is experiencing sustained economic and social disparities in several areas. Social spending policies have a heightened responsibility to respond but are challenged by high public debt and pressures from an aging society. This study takes stock of the level and effectiveness of public social expenditure from a cross-country and macroeconomic view, complementing recent targeted spending reviews. The results suggest that social protection spending should aim to improve redistribution through better targeting the most vulnerable while more effective education and active labor market policies should aim to create more equal opportunities and income prospects. In some areas more fiscal resources are needed. But social spending alone cannot reduce inequality, and efforts also should be directed toward making the labor market more inclusive.