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Structural Adjustments and Reforms

In: Monetary Unions

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  • Hubert Kempf

    (École Normale Supérieure Paris-Saclay
    NRU Higher School of Economics)

Abstract

This chapter addresses the issue of structural reforms, which is the subject of concern for many policy-makers in a monetary union. A monetary union requires specific adjustment mechanism to supplement the absence of exchange rates. Structural reforms are not necessarily focused on markets with the aim of freeing markets. The public sector may be the object of reforms. Issues of impact and implementation of structural reforms are discussed. A model of structural reforms in a monetary union is presented and used to discuss the outcome of a non-cooperative game on reform adoption. It is shown that it can take the form of a coordination game generating multiple equilibria.

Suggested Citation

  • Hubert Kempf, 2022. "Structural Adjustments and Reforms," Springer Texts in Business and Economics, in: Monetary Unions, chapter 8, pages 275-317, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-93232-9_8
    DOI: 10.1007/978-3-030-93232-9_8
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