Structural Reform And Growth

Author : Kevin Greenidge,Mr.Meredith A. McIntyre,Hanlei Yun
Publisher : International Monetary Fund
Page : 32 pages
File Size : 47,7 Mb
Release : 2016-04-12
Category : Business & Economics
ISBN : 9781475526547

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Structural Reform and Growth by Kevin Greenidge,Mr.Meredith A. McIntyre,Hanlei Yun Pdf

Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean. The paper reviewed the package of structural reforms in trade liberalization, financial liberalization and tax policy, and gauges their impact on growth. The paper used a set of reform indices to gauge both short-run and long-run effects of structural reforms on growth, controlling for other possible growth determinants using panel dynamic OLS estimation. In addition, recognizing the importance of institutions to growth the empirical analysis also analyzed the impact of institutional quality on growth for a sample of small states including the Caribbean. We concluded that the benefits of structural reforms are only seen over the long-term and in reinvigorating growth the reform effort needs to be revived and include greater attention to strengthening institutional quality.

Author : McMillan, Margaret ,Rodrik, Dani,Sepúlveda, Claudia
Publisher : Intl Food Policy Res Inst
Page : 328 pages
File Size : 43,8 Mb
Release : 2017-05-11
Category : Political Science
ISBN : 9780896292147

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Structural change, fundamentals, and growth : a framework and case studies by McMillan, Margaret ,Rodrik, Dani,Sepúlveda, Claudia Pdf

Author : Mr.Thierry Tressel,Mr.Martin Schindler,Lone Engbo Christiansen
Publisher : International Monetary Fund
Page : 54 pages
File Size : 46,8 Mb
Release : 2009-12-01
Category : Business & Economics
ISBN : 9781451874297

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Growth and Structural Reforms by Mr.Thierry Tressel,Mr.Martin Schindler,Lone Engbo Christiansen Pdf

This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.

Author : Jakob de Haan,Jante Parlevliet
Publisher : Springer
Page : 284 pages
File Size : 44,7 Mb
Release : 2018-03-22
Category : Political Science
ISBN : 9783319744001

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Structural Reforms by Jakob de Haan,Jante Parlevliet Pdf

This book presents a selection of contributions on the timely topic of structural reforms in Western economies, written by experts from central banks, the International Monetary Fund, and leading universities. It includes latest research on the impacts of structural reforms on the market economy, especially on the labor market, and investigates the results of collective bargaining in theory and practice. The book also comprises case studies of structural reforms. A literature survey on the topic serves as a valuable source for further research. The book is written by and targeted at both academics and policy makers.

Author : Jorge M. Katz,United Nations. Economic Commission for Latin America and the Caribbean
Publisher : United Nations Publications
Page : 164 pages
File Size : 55,7 Mb
Release : 2001
Category : Business & Economics
ISBN : UCSD:31822029884582

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Structural Reforms, Productivity and Technological Change in Latin America by Jorge M. Katz,United Nations. Economic Commission for Latin America and the Caribbean Pdf

In the last ten to fifteen years, profound structural reforms have moved Latin America and the Caribbean from closed, state-dominated economies to ones that are more market-oriented and open. Policymakers expected that these changes would speed up growth. This book is part of a multi-year project to determine whether these expectation have been fulfilled. Focusing on technological change, the impact of the reforms on the process of innovation is examined. It notes that the development process is proving to be highly heterogenous across industries, regions and firms and can be described as strongly inequitable. This differentiation that has emerged has implications for job creation, trade balance, and the role of small and medium sized firms. This ultimately suggests, amongst other things, the need for policies to better spread the use of new technologies.

Author : MissAnna Rose Bordon,Mr.Christian Ebeke,Ms.Kazuko Shirono
Publisher : International Monetary Fund
Page : 28 pages
File Size : 46,8 Mb
Release : 2016-03-15
Category : Business & Economics
ISBN : 9781513589923

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When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies by MissAnna Rose Bordon,Mr.Christian Ebeke,Ms.Kazuko Shirono Pdf

Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.

Author : Mr.Jonathan David Ostry,Mr.Andrew Berg,Siddharth Kothari
Publisher : International Monetary Fund
Page : 46 pages
File Size : 46,9 Mb
Release : 2018-01-05
Category : Business & Economics
ISBN : 9781484336809

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Growth-Equity Trade-offs in Structural Reforms by Mr.Jonathan David Ostry,Mr.Andrew Berg,Siddharth Kothari Pdf

Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging-market, and low-income countries. Our main finding is that there is indeed evidence of a growth-equity tradeoff for some important reforms. Financial and capital account liberalization seem to increase both growth and inequality, as do some measures of liberalization of current account transactions. Reforms aimed at strengthening the impartiality of and adherence to the legal system seem to entail no growth-equity tradeoff—such reforms are good for growth and do not worsen inequality. The results for our index of network reforms as well as our measure of the decentralization of collective labor bargaining are the weakest and least robust, potentially due to data limitations. We also ask: If some structural reforms worsen inequality, to what degree does this offset the growth gains from the reforms themselves? While higher inequality does dampen the growth benefits, the net effect on growth remains positive for most reform indicators.

Author : Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 62 pages
File Size : 48,6 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9781589068186

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Structural Reforms and Economic Performance in Advanced and Developing Countries by Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo Pdf

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Author : Mr. Anil Ari,Gabor Pula
Publisher : International Monetary Fund
Page : 37 pages
File Size : 52,7 Mb
Release : 2021-04-23
Category : Business & Economics
ISBN : 9781513582580

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Assessing the Macroeconomic Impact of Structural Reforms in Ukraine by Mr. Anil Ari,Gabor Pula Pdf

Ukraine’s economic performance has been anemic since the early 1990s. A major impediment to productivity growth has been low investment, held back by lack of strong and independent institutions. This paper aims to assess the major areas of institutional weakness in Ukraine and quantify the long-term growth impact of catching-up to Poland in terms of the quality of major economic institutions and market development. Our analysis identifies the legal system as the area where the institutional quality is weakest compared to Poland, followed distantly by market competition, openness to trade and financial depth. Using a methodology that accounts for positive spillovers between the structural reform areas, we estimate that even under the most optimistic scenario, where institutional gaps are fully addressed, Ukraine would need 15 years to catch up to Poland’s current income level.

Author : Ms.Era Dabla-Norris,Giang Ho,Ms.Annette Kyobe
Publisher : International Monetary Fund
Page : 35 pages
File Size : 51,6 Mb
Release : 2016-02-09
Category : Business & Economics
ISBN : 9781498306560

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Structural Reforms and Productivity Growth in Emerging Market and Developing Economies by Ms.Era Dabla-Norris,Giang Ho,Ms.Annette Kyobe Pdf

This paper empirically assesses the role of structural and institutional reforms in driving productivity growth across countries at different stages of development, using a distance-to-frontier framework. It gauges whether particular policies and reforms matter more for increasing productivity growth at the aggregate and sectoral levels for some emerging market and developing economies (EMDEs) than others. Recognizing the possibility of time lags between reform implementation and reform payoffs, the paper also examines how productivity gains from various reforms evolve over the the short- and medium-term.

Author : Cai Fang
Publisher : Routledge
Page : 218 pages
File Size : 51,5 Mb
Release : 2021-11-29
Category : Business & Economics
ISBN : 9781000466201

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China’s New Normal, Supply-side, and Structural Reform by Cai Fang Pdf

China’s continuous, rapid economic growth since the Reform and Opening up of the country in the early 1980s has been praised as a miracle of the world economy. However, since 2012, the rate of growth has slowed down, rendering some people pessimistic about the country’s economic prospects. This title is a collection of a leading Chinese economists’ views on China’s economic growth and structural reform. The author argues that China’s economy has entered “the new normal”, meaning that slowed growth rate is not a cyclical phenomenon but a change in the stage of economic development. Therefore, there is a need to enact supply-side structural reforms, such as improved efficiency of resource reallocation, while shifting the mode of development from one of inputs to innovation. In addition, the author discusses the five major concepts of development proposed for the “13th Five-Year Plan”, as well as some critical topics related to supply-side structural reform, such as agricultural development, labor employment, and product quality. Scholars and students of macroeconomics, development economics, and the Chinese economy will find this book to be essential reading.

Author : Luiza Antoun de Almeida,Vybhavi Balasundharam
Publisher : International Monetary Fund
Page : 36 pages
File Size : 41,6 Mb
Release : 2018-04-06
Category : Business & Economics
ISBN : 9781484351772

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On the Impact of Structural Reforms on Output and Employment by Luiza Antoun de Almeida,Vybhavi Balasundharam Pdf

This paper analyzes the effects of selected structural reforms on output and employment in the short and medium term. It uses a comprehensive cross-country firm-level dataset covering both advanced and emerging market economies over the period 2003-2014. In line with previous studies, it finds that structural reforms have in general a positive impact on output and employment in the medium term. Furthermore, the paper also assesses whether the impact of structural reforms varies with firm-specific characteristics, such as size, leverage, profitability, and sector. We find evidence that firm characteristics do influence the effectiveness of structural reforms. These findings have relevant policy implications as they help policymakers tailor the design of structural reforms to maximize their payoffs, taking into account their heterogeneous impact on firms.

Author : OECD
Publisher : OECD Publishing
Page : 223 pages
File Size : 50,6 Mb
Release : 2012-02-24
Category : Electronic
ISBN : 9789264168442

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Economic Policy Reforms 2012 Going for Growth by OECD Pdf

Going for Growth is the OECD’s annual report highlighting developments in structural policies in OECD countries. It identifies structural reform priorities to boost real income for each OECD country and key emerging economies.

Author : Jesus Felipe
Publisher : Anthem Press
Page : 369 pages
File Size : 43,6 Mb
Release : 2012-12-15
Category : Business & Economics
ISBN : 9780857285720

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Inclusive Growth, Full Employment, and Structural Change by Jesus Felipe Pdf

'Inclusive Growth, Full Employment, and Structural Change: Implications and Policies for Developing Asia' discusses policies to achieve inclusive growth in developing Asia, including agriculture, investment, certain state interventions, monetary, fiscal, and the role of the state as employer of last resort. Felipe argues that full employment of the labor force is the key to delivering inclusive growth. Full employment is the most direct way to improve the well-being of the people, especially of the most disadvantaged. Since unemployment and underemployment are pervasive in many parts of the region, Asian leaders must commit to the goal of full employment. The book also analyzes the region's phenomenal growth in recent decades in terms of structural transformation. Accelerating it is vital for the continued growth of developing Asia. But efforts to achieve full employment might be held back given that structural transformation requires massive labor shifts across sectors, and these are difficult to coordinate. Moreover, the goal of full employment was abandoned in the 1970s, and governments and central banks have since concentrated on keeping inflation low.

Author : OECD
Publisher : OECD Publishing
Page : 330 pages
File Size : 43,5 Mb
Release : 2021-04-14
Category : Electronic
ISBN : 9789264911376

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Economic Policy Reforms 2021 Going for Growth: Shaping a Vibrant Recovery by OECD Pdf

Going for Growth 2021 identifies country-specific structural policy priorities for the recovery across OECD and key non-member countries (Argentina, Brazil, The People’s Republic of China, Costa Rica, India, Indonesia and South Africa). It frames the main policy challenges of the current juncture along three main areas: building resilience; facilitating reallocation and boosting productivity growth for all; and supporting people in transition.