ASSIGNMENT 2

Macroeconomics Data Analysis

Dang Ba Quan s3926785

Lam Bao Ngoc s3911238

Ngo Le Song Thu s3937298

Truong Minh Quang s3891766

Lecturer: Tuan CT
WORD COUNT: 3343

1
 Table of Contents

Question 1. Short-term economic fluctuations and unemployment………………………4

A…………………………………………………………………………………….……….. 4
B………………………………………………………………………………….………..….5

i).............................................................................................................................5
ii)............................................................................................................................6

C…………………………………………………………………………………….………...8

i)............................................................................................................................8
ii).........................................................................................................................13

Question 2. Productivity and economic growth…………………………………………….13

i)........................................................................................................................13
ii)...................................................................................................................... 15

Question 3. Saving-investment and monetary system………………………………..……15

i)........................................................................................................................15
ii)...................................................................................................................... 17
iii)...................................................................................................................... 18

2
Question 1:
A.

Table 1: Real-GDP of 4-countries-(2005-2021). Units: Billion US$ (WorldBank n.d.).

Table 2: Real-GDP-per-capita-of-4-countries-(2005-2021). Units:-US$-(WorldBank n.d.).

3
 Table 3: GDP-growth-of-4-countries (2005-2021). Units: annual% (WorldBank n.d.).

Table 4: Unemployment-Rate-of-4-countries (2005-2021). Units: % of-total-labor-force

(WorldBank n.d.).

B.

i)

4
 Graph 1: GDP-growth-rate-of-4-countries-in-2005-2021-period (Worldbank n.d)

Argentina had the strongest annual growth rate (averaging 2.24%), followed by Switzerland
(1.93%), Germany (1.22%), and Ukraine had the lowest (0.41%) (graph 1). Both developed
countries maintained the most stable and lowest growth rate of less than 5% since they were
not as heavily affected by the 2008 market downturn as Argentina and Ukraine. Ukraine had
the lowest economic growth in 2009, with a growth rate that peaked at -15 %. In contrast,
Argentina's economy recovered in the next year with the greatest growth rate of 10%.

Ukraine suffered a dramatic decline from the Crimea conflict between Russia in 2014 (Moagar-
Poladian & Dragoi 2014); however, Ukraine's economy thrived up quickly and has shared the
same pattern with 2 developed nations. In contrast, Argentina experienced a poor
performance due to the fall of the Peso currency (Melimopoulos 2018) and COVID-19.
However, Argentina’s economy skyrocketed after due to effective extractive activity of oil and
fuel production, making it the country with highest economic growth (Nessi 2021)

Because there is less space for innovation and expansion in mature economies, which are
usually the developed countries’ economies, slower growth rates are often a hallmark of these
economies (Paprotny 2021). Additionally, developed countries may not have a more rigid
labour market and less flexible economic policies than developing nations (Rodgers 2007).
They also focus on enhancing high environmental protection and social responsibility instead
of improving the economy. Hence, developed countries have lower economic growth rates
compared to developing countries. However, these nations have more political and economic
stability, which may attract foreign capital and spur greater rates of growth (ACAR 2019). While
Argentina and Ukraine both have political weaknesses, such as the 2003 debt crisis or the
2014 post-Soviet civil wars, which have caused economic volatility. Thus, this limits economic
growth.

ii)
GERMANY
During the pandemic, Germany's economy contracted by 5% in 2020 (Dao & Mineshima
2021). Gross fixed capital formation fell by 3.5% because of the drop in private investment(I)
outweighing the continued strong growth in public investment (Christl et al. 2022). Exports and

5
imports of goods and services fell by 9.9% and 8.6%, respectively, in 2020. However,
household net savings increased to an unprecedented 16.3% as consumption(C) fell sharply
6%(EC 2021). While the extended regulations on short-time work helped prevent dismissals
on a larger scale and employment decreased by 1.1% in 2020, the unemployment rate rose
causing the decrease in consumption demand in 2020 (OECD 2020). Therefore, the AD curve
shifts to the left based on the I,NX,C decrease (Calculation in Appendix 1 and 2).

About AS, Germany's consumer-confidence-was-significantly reduced as-a-result-of the

epidemic. Individual households have no incentive to spend, lowering the consumption index
(OECD 2020). Food prices rose during the pandemic due to an imbalance in supply and
demand in the scarcity of raw materials and high labor costs that caused companies to reduce
manufacturing (Dao & Mineshima 2021) which output fell by 10.4%, owing to supply chain
disruptions (OECD 2020). Hygienic constraints and health issues caused a significant drop in
hospitality, contact-intensive services, as well as overseas travel (Christl et al. 2022).
Consequently, the SRAS curve shifts to the left (Appendix 5).

ARGENTINA

According to AD, Argentina's economy in 2020, shrinking by 9.9%, which hampered private
consumption(C), investment(I), and exports(X) (CEPAL 2021). Although foreign trade’s impact
less than other developed countries by 20% of NX (CEPAL 2021), the concentration of exports
in agricultural chains and towards destinations still heavily impacted by the pandemic, such
as Brazil, the European Union, and the United States, boosting the country's vulnerability to a
drop in global prices (Arelovich 2021). Moreover, social-distancing-will-have a significant
impact on private consumption, affecting supply, demand putting small-sized businesses at
risk (OECD 2020). Investment(I) will be halted, except for industries critical to dealing with the
outbreak, such as food, pharmaceuticals, and medical equipment (Ernst et al. 2020). Major
capital outflows are expected, in addition to currency market volatility, weakening the peso
savings market even further. Therefore, the price rose leading to the consumption shock
shifted the AD to the left (Calculation in Appendix 3 and 4).

Turning to AS, Although Argentina's economy is boosted by the economies of the United
States and Europe, the epidemic’s impact in Argentina still made consumer confidence
significantly reduced (IMF 2022). Additionally, the COVID-19 recession has had negative
impacts on natural resources and labor, leading to an increase in input prices (Ernst & Mourelo
2020). Furthermore, the pandemic disrupted supply chains difficult (Pazarbasioglu 2020),
resulting in SRAS shifting to the left (Appendix 6).

AD-AS Application

6
Finally, the AD-AS of two selected countries shift to the left. The supply and demand shocks
follow the same pattern as the AD-AS theory model, raising prices while decreasing total
output. However, the AS curve shifts to the left more than the AD curve.

The German government has implemented many policies to support for citizen’s life standards
and health care (Busemeyer 2021). Therefore, German people limit their spending and
investment during Covid 19 (Christelis et al. 2020), while the manufacturing impact heavily by
input price material inflation causing many pressures, food supply has been disrupted by
covid-19 effect on the AS (Liu S 2020).

However, Argentina’s government tried to minimise the risk of Covid on citizen health by
having many policies as subsidies and protecting the at-risk group of people (Bevilacqua &
Durán 2020). Therefore, the AD curve does not shift to the left much compared to the AS
because many manufacturing industries have been disrupted in social distancing (Ernst et al.
2020).

C.
i) Developed countries

7
 Graph-3: Germany’s-unemployment-rate (2005-2021)

Germany made an excellent improvement on the unemployment rate, decreasing the rate
from 11% to 4% (Graph 3) due to substantial reform of their labour market at the beginning of
the twenty-first century, following a decade of high unemployment and slow growth. They also
eased the laws governing temporary employment agencies and turnover limits, changed the
federal employment agency's organisation, and altered unemployment policies to drastically
cut long-term unemployment benefits and curb hiring searching requirements (Engbom et al.
2015). According to the graphs (Graph 3,4), the economic growth is stable and the trend of

8
unemployment declines at a fast pace; therefore, there is an association between business
cycle and the unemployment rate.

Graph-5: Switzerland’s-unemployment-rate (2005-2021)

The unemployment rate of Switzerland has stayed around 5%, and since 2000, economic
growth has been increasing at a pace of about 0.5% annually. Despite the 2008 crisis and the
Franc currency's appreciation, the Swiss government has successfully thrived the economy.
(Rafael & Tobias 2020). According to Sheldon (2020), cyclical unemployment is an extremely
rare occurrence in Switzerland due to the low unemployment rate. However, the
unemployment rate has the same pattern with the economic growth (graph 5,6), indicating
that the rate does not associate with the business cycle.

9
Developing countries

Graph-7: Argentina’s-unemployment-rate (2005-2021)

10
 Graph 9: Ukraine’s unemployment rate (2005-2021)

Argentina has a higher overall unemployment rate, averaging at 8.7% while that of Ukraine is
8.1%. Moreover, Argentina and Ukraine both have their unemployment rate associated with
the business cycle. The propensity of employers to lay off employees increased during
economic downturns in 2008, as GDP growth slowed during the Great Recession 2008, the
unemployment rate rose to 8.6% and 8.8% respectively in 2009, negatively affecting groups
of workers. However, the crisis's effect on the unemployment rate was generally short-lived.
The rates began declining in 2010 at different paces and started to increase in recent years

11
due to skyrocketing inflation and global pandemic (Alcoba 2022). In addition, the Maiden
protest in 2014 has also caused a number of unemployment due to dissatisfaction upon
citizens on the new government system in the period between 2014-2015 (Ray 2014).

Both developing nations are more likely to experience cyclical unemployment because their
economies are less diversified and more vulnerable to business failures during recessions.
Therefore, their businesses are more likely to suffer losses because they are more vulnerable
to the impacts of changing market circumstances.

C.

ii)

Germany suffered a cyclical unemployment type with high levels of employment protection,
high labor expenses, and stringents regulation (Rinne & Schneider 2017). The rate reached
its peak in 2005, leading to 5 millions of unemployed workers. The number of unemployed
people has more than halved, to 2.3 million in 2018 due to improved job search incentives,
the elimination of ineffective policy tools like job creation schemes, and the enforcement of the
requirement for the unemployed to demonstrate ongoing job search efforts. The labor market
reforms were successful in addressing the German labor supply issue (Rinne & Zimmerman
2013). By making effective policy and decreasing reservation wages for the unemployed,
these measures enhanced the efficiency of the German labor market. Consequently, an
accelerated matching between job openings and unemployed individuals was seen.
Additionally, a decline in separation rates following the changes, particularly among the
elderly, has significantly aided in the reduction of unemployment (Hatung, Jung & Kuhn 2018).

Argentina’s economy during the bottom period (2020) experienced cyclical unemployment due
to COVID-19 disaster. The pandemic's effects worsened the socio-economic environment and
the healthcare system's demand, leading to higher unemployment, lower incomes and
growing uncertainty. In the pre-pandemic period, Argentina already experienced frictional type
of unemployment as a result of high inflation, rising poverty, and a sizable external debt
(Castillo-Ponce & Lai 2020). As an illustration, the inflation rate for 2019 was 53.83%, and as
of August 2020, it was 40.67% (Alzua & Gosis 2020), indicating no signs of decline. These
effects will further increase the shift away from wage-earning employment in favour of other
groups, such as own-account employees or small contributors under the simplified tax system,
who are more precariously employed, paid less, and required to put in longer hours (Ernst et
al. 2020).

Question 2:

i) The total volume of production produced per unit of labour over a specific time period is
known as labour productivity (ILOSTAT n.d).

12
 Graph 11: Annual growth rate of output per worker in developed countries (%) (ILO n.d)

Graph 12: Annual growth rate of output per worker in developing countries (%) (ILO n.d)

Both developed nations had a declining trend in productivity in 2011, then Switzerland's rate
increased to 0.7% and Germany's trend continued to decline to -1% in 2013. In the years that
followed, the two nations varied slightly, but in 2020, they fell by -3.9% and -2.6%, respectively.
The trends reached its peak of 3.1% and 4.7% in 2021. The developing nation's rate also fell
in 2012, but Argentina rapidly recovered, while Ukraine's value fell sharply, plummeting to -
9.2% in 2015. Argentina's rate was in constant fluctuation until 2018, when it began to
gradually increase through 2021, at a rate of -2%. Ukraine's rate remained stable from 2016
to 2019 and had a minor decline in 2020 before increasing once again to 3.6% in 2021
(Appendix 8).
Switzerland has the fastest-growing pace since it reached the highest rate of 4,7%, according
to the chart's trend. With a highly trained workforce, Switzerland has one of the highest GDPs
per capita in the world. Swiss employees are the most productive because they provide $69.26
per hour to the national economy while Germany’s productivity is $66.71 per hour.
The key determinants of these countries are physical capital and human capital like education
and living standard. In developing nations, the majority of the human capital consists of elderly
workers whose skills are no longer applicable in a market that demands for new job types.
Due to skill mismatches, poor educational attainment, and gender inequalities, there is a low
employment rate and a high young inactivity rate (ILO n.d). These nations have discriminatory
taxation policies, and inconsistent enforcement across industries. The macroeconomic

13
environment in Ukraine continues to be characterised by instability, a-paucity-of-financial-
development, and-high financial-risk due-to high-inflation from political crisis and tax evasion
(Cieslik et al 2017). Because of weak institutions and , existing labour laws incentivize low
scale production, which lowers productivity in developing countries. Poor infrastructure has
made Argentina's supply networks less effective and raised the commodities cost.
PInadequate infrastructure threatens public health and income, which affects the productivity
of the poor. Due to a lack of necessary inputs, developing nations that lack educated workers
and proper infrastructure often fall behind in the industrialisation process.
Developed nations with higher GNP per capita had much fewer health problems and longer
life expectancies. In fact, healthier individuals are more productive, indicating that the standard
of life affects labor output. Other drivers at higher levels, such as education quality and
innovation, benefit developed economies. These countries allocate resources more effectively
and have a higher proportion of well-educated workforce. Educated individuals can utilise
modern technologies and increase productive capacity, which is essential for economic
growth. Switzerland is among the most competitive nations, and Germany is among the most
technologically advanced nations in the world, both of which have a favourable impact on
productivity. Free trade and financial openness expand the advantages beyond national
borders and promote more competition, which boosts productivity higher (Wolla 2013).

ii) The COVID-19 has negatively impacted health and education in Switzerland and Argentina,
which has led to poverty and income inequality. In fact, Switzerland's unemployment rate
increased to 5.2% and GDP shrink to 2.5% in 2020 (OECD 2022). As households lack access
for remote employment and education, these gaps in underdeveloped nations like Argentina
only get worse from COVID-19. Limited alternatives for learning and employment irritate young
people, which leads to long-term effects on production in the form of less employability or
weaker incentives for developing human capital.
Due to lockdown, a high unemployment-rate and sharp-declines in household-income
prompted the closure-of-stores, restaurants, and businesses (Worldbank 2020). Delays in the
supply chain result in a less effective resource reallocation. Many manufacturing industries
were struggling, and the productivity performance of those industries has gotten worse
because of the destruction of global supply networks and the steep slowing of globalisation.
The productivity will also be harmed by decreased usage rates for physical capital like hotels,
stadiums, and public transportations.
The pandemic's negative effects exacerbate Argentina's labour market. The extreme poverty
rate increased to 9.7%, and the unemployment rate increased to 10.4% in 2020 (ILO 2020).
Despite capital and technology investment in Argentina, high relative price volatility raises
doubts about the returns. This drives investors to embrace low-productivity technologies
(Galiani et al n.d.). Due to insufficient investment during the crisis, there was a high under-
qualified workforce for technological advancement, which prevented technology adoption and
productivity.

Question 3:
i)

14
Table 5: Germany’s-gross-domestic-savings-and-gross-capital-formation (% of GDP) (World
bank n.d.)

Table 6: Switzerland's-gross-domestic-savings-and-gross-capital-formation (% of GDP)

(World bank n.d.)

Table 7: Ukraine’s-gross-domestic-savings-and-gross-capital-formation (% of GDP) (World

bank n.d.)

15
 Table 8: Argentina’s gross domestic savings and gross capital formation (% of GDP) (World
bank n.d.)
The graph (Appendix 8,9,10,11) of the countries' savings and investment rates demonstrates
that the two variables are linked. It is clear that most of the time, an increase in saving rates
leads to an increase in investment rates. From 2005 to 2008, Ukraine's saving rates were
increasing which led to a significant raise in the investment rates up until nearly 2009 when
both factors decreased (Appendix 11). However, from 2018 to 2021, Argentina witnessed
inflation rates of over 40% due to the recession and COVID-19 (Goodman and Politi 2021)
which caused the government to raise interest rates significantly, therefore, Argentina's saving
rates increased sharply over 3 years meanwhile the investment rate dropped dramatically.
Because Germany and Switzerland are both industrialised countries, their saving and
investment rates have remained steady over the years, even though they still follow the
proportional relationship between the two components (Appendix 8,9).

The relationship between saving and investment rate is illustrated by the dual integrated
activity, in which savings are used to finance the creation of fixed capital which is referred to
as investments (Gonzalez 2014). When people are saving more, banks will have more money
to lend to companies for investments. Therefore, the higher the saving rates the higher the
investment rates since the capital formation has to be backed by the volume of savings (Jangili
2011). Nations with higher savings rates have had faster economic growth because savings
encourage investment, output, and employment, all of which led to higher rates of sustainable
economic growth (Ribaj and Mexhuani 2021).

ii)
Based on the economic policy, Argentina's central bank raised interest rates to 40% (nominal)
in 2018, to defend the slumping peso and control inflation (Fletcher 2018). Interest rates are
expected to fall to 29.3% in 2020, before rising to 33.5% at the end of 2021. Therefore, the
Argentine saving rate has increased significantly since 2018 because of COVID-19 on
spending opportunities (Madeira 2022), despite the fact that Argentina's real interest rates
touched rock bottom in 2020 and 2021, at rates of -7.5% and -12%, respectively (World bank
n.d.).

16
 Graph 13: Argentina’s loanable funds market diagram

During an economic downturn, the supply of loanable money increases because people prefer
to save more, while the demand for loanable funds decreases, resulting in a drop in interest
rates (Diamond 2009). Consequently, a loanable funds surplus will occur during this state,
increasing the amount of investment and loanable funds requested in the future (Wicker 1960).

Graph 14: Switzerland's loanable fund market

Switzerland employed negative interest rates in January 2015 to boost inflation and prevent
the franc currency's rise in value. The Swiss Central Bank was the one who put the policy in
place (Ziegler-Hasiba and Turnes, cited in Gilman 2021). This policy is designed to reduce
business and individual savings rates because it is costly to save money in a bank. People

17
are encouraged to borrow from banks and spend more, which raises investment rates and
allows banks to lend more freely.

As the policy encourages people to save less and borrow and spend more, the supply of
loanable funds drops while demand rises dramatically. Consequently, the demand curve (D1)
shifts to the right (D2), while the supply curve (S1) shifts to the left (S2). Resulting in the
significant increase of real investment rate and quantity of loanable funds in the future.

iii) According to the article, money is a unit of account, a means of exchange, and it can be
used to store value in the form of bank deposits. Central banks control the value of money and
the transmission of credit by supplying banknotes to commercial banks. They hold and invest
in assets including corporate bonds, loans to commercial banks, and foreign currency
reserves. Important economic elements like interest rates are also under the authority of
central banks. Due to the tight relationship between accountability and transparency in central
bank legislative frameworks, central bank openness aids in de facto accountability (OECD
n.d). Central banks deployed a variety of conventional and non-conventional strategies in
response to the epidemic to release monetary policy, sustain liquidity in important financial
markets, and maintain the credit flow (IMF 2022).

Firstly, money has the property of being a medium of trade. Money allows consumers and
sellers to readily trade goods and services without the appearance of a conflict of interests.
While digital currency has the potential to be a medium of exchange, this depends on how
broadly it is utilised for that purpose. The problem with using digital money as a means of
exchange in this scenario is its supply, which poses several difficulties for users and
consequently inhibits its widespread adoption. Second, money's capacity as a unit of account
permits it to value commodities. There is scant proof that digital money has ever been used to
determine the value of anything for how volatile its exchange rates are (Gerba 2019). Lastly,
the value of virtual money as a long-term store of value is determined by the strength of
demand over time, which is determined by users' evolving beliefs about the digital currency's
ultimate success, while they appear to be poor short-term stores of value due to significant
volatility in exchange rates with traditional currencies (Ali et al. 2014).

II) Appendices

Appendix 1: Germany’s GDP components (current US$) (World Bank n.d.) and the
calculation of AD. Units: billion US dollar.

18
 Appendix 2: AD curve of Germany

Appendix 3: Argentina’s GDP components (current US$) (World Bank n.d.) and the
calculation of AD. Units: billion US dollar.

Appendix 4: AD curve of Argentina

19
Appendix 5: Households and NPISHs final consumption expenditure of Germany (World
Bank n.d.)

Appendix 6: Households and NPISHs final consumption expenditure of Argentina (World

Bank n.d.)
Year Germany Switzerland Argentina Ukraine

2010 3.3 4.4 8.6 3.4

2011 1.3 -0.6 3.2 5.8

20
 2012 -0.2 -0.2 -1.8 0.5

2013 -1 0.7 1.7 0.2

2014 1.4 0.7 -2.7 -3.8

2015 1 0.2 2.1 -9.2

2016 -0.1 0.6 -2.3 3.1

2017 1.5 0.8 2.2 3.4

2018 0 2.1 -4.1 3.4

2019 -1 0.4 -3.7 3.3

2020 -3.9 -2.6 -2.4 -0.2

2021 3.1 4.7 -2 3.6

Appendix 7: Annual growth rate of output per worker (GDP constant 2017 international $ at
PPP) (%) (ILOSDG 2022)

Appendix 8: Switzerland’s gross domestic saving and gross capital formation (%GDP)
(World Bank n.d.)

Appendix 9: Germany’s gross domestic saving and gross capital formation (%GDP) (World
Bank n.d.)

21
 Appendix 10: Argentina’s gross domestic saving and gross capital formation (%GDP)
(World Bank n.d.)

Appendix 11: Ukraine’s gross domestic saving and gross capital formation (%GDP) (World
Bank n.d.)

IV) Reference

Acar Ali (2019) ‘THE EFFECTS OF POLITICAL STABILITY ON ECONOMIC GROWTH OF

THE PRESIDENTAL GOVERNMENT SYSTEM’, International Journal of Economics and
Political Science Academic Research, vol 3, No.9, pp 18-30 ISSN: 2564-7822, accessed 13
August 2022.

Alcoba N (2022) ‘As inflation skyrockets, everyone is poorer, Aljazeera, accessed 13 August
2022. [Link]
everyone-is-poorer

Ali R, Barrdear J, Clews R and Southgate J (2014) ‘The economics of digital currencies’, Bank
of England Quarterly Bulletin, p.Q3.

22
Alzua ML and Gosis P (2020) ‘Social and Economic Impact of COVID-19 and Policy Options
in Argentina’, Policy document series No.6, UNDP, accessed 17 August 2022.

Arelovich HM (2021) Facts and thoughts on how the COVID-19 pandemic has affected animal
agriculture in Argentina., 5: 11(1):28-32, doi: 10.1093/af/vfaa045.

Bevilacqua MB and Durán A (2020) Argentine Measures around Covid-19: Protection of Risk
Groups and Work Sources, International Bar Association, accessed 17 August 2022,
[Link]

Brunnermeier MK, James H and Landau JP (2019) The Digitalization of Money, NBER
Working Papers, accessed 12 August 2022. [Link]

Busemeyer MR (2021) ‘Financing the welfare state in times of extreme crisis: public support
for health care spending during the Covid-19 pandemic in Germany’, Journal of European
Public Policy, pp. 1–20.

Castilli-Ponce RA and Lai KS (2020) ‘On Argentina’s Currency Crisis of 2018’, Lecturas de
Economia, No.92 ISSN 0120-2596, accessed 19 August 2022.
[Link]

CEPAL (2021) 'Economic Survey of Latin America and the Caribbean ', Argentina: 1-9.

Christelis D, Georgarakos D, Jappelli T and Kenny, G (2020) ‘The COVID-19 Crisis and
Consumption: Survey Evidence from Six EU Countries’, European Central Bank.

Christl M et al. (2022) ‘The role of short-time work and discretionary policy measures in
mitigating the effects of the COVID-19 crisis in Germany’, International Tax and Public
Finance. [Link]

Cieslik A, Gauger I and Michalek J (2017) 'Determinants Of Productivity Of Ukrainian Firms',

Comparative Economic Research, 20:6-19, doi: 10.1515/cer-2017-0001.

Dao MC and Mineshima A (2021) Germany’s Post-COVID-19 Recovery in Five Charts, IMF,
accessed 12 August 2022, [Link]
germanys-post-covid19-recovery-in-five-charts.

Diamond DW and Rajan RG (2009) ‘Illiquidity and interest rate policy’, Journal of Political
Economy, No. w15197, DOI 10.3386/w15197

Dowd K, and Greenaway D (1993) “Currency Competition, Network Externalities and

Switching Costs: Towards an Alternative View of Optimum Currency Areas.”, The Economic
Journal, 103(420): 1180–1189.

23
EC (2021) The Winter 2021 Economic Forecast: Germany, European Commission - European
Commission, accessed 2 August 2022,
[Link]

Engbom et al. (2015) ‘The German Labor Market Reforms and Post-Unemployment Earnings’,
IMF, accessed 15 August 2022. [Link]

Ernst C and Mourelo LE (2020) ‘COVID-19 and the world of work in Argentina: impact and
policy responses’, International Labour Organization,3-4

Galiani S, Gomez D and Scattolo G (n.d) ‘Productivity in Argentina Part B: Barriers to

Productivity in Argentina. New evidence’, World Bank, accessed 10 August 2022.
[Link]
[Link]

Gerba E and Rubio M (2019) Virtual Money: How Much Do Cryptocurrencies Alter the
Fundamental Functions of Money?, EPRS: European Parliamentary Research Service,
accessed 20 August 2022.

Gilman J (2021) ‘Negative interest rates: How do they work? Case studies in Japan, Europe,
Switzerland, Sweden, and Denmark’, Journal of Corporate Accounting & Finance, 32(2),
pp.162-168.

Gonzalez JV (2014) ‘THE COMPLETE EQUATION, SAVING EQUALS INVESTMENT’,

Advances in Economics and Business Vol. 2(6), pp. 238 – 247, DOI:
10.13189/aeb.2014.020604

Goodman PS and Politi D (2021) ‘’We were left with nothing’: Argentina’s Misery Deepens in
the Pandemic’, The New York Times, accessed 20 August 2022.
[Link]

Hartung B, Jung P and Kuhn M (2018) 'What Hides behind the German Labor Market Miracle?
Unemployment Insurance Reforms and Labor Market Dynamics’, IZA Discussion Paper
No.12001, 2018, accessed 13 August 2022.

ILO (International Labour Organization) (n.d) COVID-19 and the labour market in Argentina,
ILO, accessed 19 August 2022. [Link]
ed_emp/documents/publication/wcms_754689.pdf
ILO (International Labour Organization) (n.d) Decent Work Country Programme 2020–2024,
ILO, accessed 10 August 2022. [Link]
program/documents/genericdocument/wcms_774552.pdf
ILO (International Labour Organization) (n.d) Statistics on labour productivity [data set], ILO,
accessed 10 August 2022.
[Link]
NOC_RT_A
IMF (2022) Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures,
IMF, accessed 10 August 2022,

24
[Link]
and-Types-of-COVID-19-Containment-Measures-511377.

IMF (2022) Monetary Policy and Central Banking, IMF, accessed 19 August 2022.
[Link]
Central-Banking

Jangili R (2011) ‘Causal relationship between saving, investment and economic growth for
India – what does the relation imply?’, Reserve Bank of India Occasional Papers, Vol. 32, No.
1 (2011): pp. 25-39

Liu S (2020) 'Journal of Agriculture, Food Systems, and Community Development', Food and
Agriculture Organization of the United Nation, 9, Doi: 10.5304/jafscd.2020.094.007.

Madeira C (2022) ‘The impact of the Chilean pension withdrawals during the Covid pandemic
on the future savings rate’, Journal of International Money and Finance, 126, p.102650.

Melimopoulos E (2018) ‘Argentina’s crisis: What went wrong and what is next?’, Aljazeera,
accessed 14 August 2022. [Link]
what-went-wrong-and-what-is-next

Moagar-Poladian S and Dragoi A (2015) ‘Crimean Crisis Impact on International Economy:

Risks and Global Threats’, ScienceDirect, vol 22 pp 452-462, accessed 15 August 2022.
[Link]

Nessi H (2021) ‘Argentina’s economy rebounds strongly in third quarter’, Reuters, accessed
15 August 2022. [Link]
strongly-third-quarter-2021-12-16/

OECD (2020) "Germany: COVID-19 and labour market", in OECD Economic Outlook, Volume
2020 Issue 2, OECD Publishing, Paris, [Link]

OECD (2020) OECD Economic Outlook, Volume 2020 Issue 1, OECD Publishing, Paris,
[Link]

OECD (2022) ‘Switzerland: reviving productivity growth and improving labour market
participation key for sustained recovery from COVID-19, says OECD’, OECD, accessed 10
August 2022. [Link]
improving-labour-market-participation-key-for-sustained-recovery-from-covid-
[Link]#:~:text=Swiss%20GDP%20shrank%20by%20just,growth%20of%203.0%25%20in%
202022

OECD (n.d.) ‘‘Central banks’ governance and operations’, OECD library, accessed 19 August
2022. [Link]
en/[Link]?itemId=/content/component/97bb0aad-en

25
Paprotny D (2021) ‘Convergence Between Developed and Developing Countries: A
Centennial Perspective’. Soc Indic Res 153, pp 193–225, accessed 19 August 2022,
[Link]

Pazarbasioglu C (2020) Current Sovereign Debt Challenges and Priorities in the Period
Ahead, IMF, accessed 11 August 2022,
[Link]
challenges-and-priorities-in-the-period-ahead.

Rafael L and Tobias L (2020) ‘The labor market in Switzerland, 2000-2018’, IZA World of
Labor, accessed 17 August 2022, [Link]
[Link]

Ray M (2022) "Ukraine crisis". Encyclopedia Britannica, accessed 19 August 2022.

[Link]

Ribaj A and Mexhuani F (2021) ‘The impact of savings on economic growth in a developing
country (the case of Kosovo)’, J Innov Entrep, 10, 1

Rinne U and Zimmermann KF (2013) ‘Is Germany the north star of labor market policy?’ IMF
Economic Review, pp 702–729. accessed 13 August 2022
[Link]

Rodgers G (2007) ‘Labour Market Flexibility and Decent Work’, Economics & Social Affairs,
accessed 17 August 2022.

Schneider H and Rinne U (2019) ‘The labor market in Germany,2000–2018’. IZA World of
Labor, accessed 13 August 2022. [Link]
germany/long

Sheldon G (2020) ‘Unemployment in Switzerland in the wake of the Covid-19 pandemic: an

intertemporal perspective’, Swiss J Economics Statistics, vol 156, No. 8, accessed 15 August
2022. [Link]

Wicker ER (1960) ‘Some Loanable-Funds Concepts and Banking Theory’, The Journal of
Finance, 15(3), pp.325-332.

Wolla, SA (2013) 'What Are the "Ingredients" for Economic Growth?', Economic Research
Federal Reserve Bank of St. Louis, accessed 10 August 2022.
[Link]
economics/uploads/newsletter/2013/PageOne0913_What_Are_the_Ingredients_for_Econom
ic_Growth.pdf

WorldBank (n.d.) World Development Indicators | DataBank, World bank, accessed 20 August
2022.
[Link]
ntry=#.

26
27