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What makes reforms likely: Political economy determinants of reforms in Latin America

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Abstract

The purpose of this paper is to test the main hypotheses of the recent theoretical literature on the political economy of reform for the case of the Latin American countries between 1985 and 1995. The paper first reviews the literature and extracts the main testable hypotheses. Then, a system of indices that measure the extent of reform in five policy areas is presented. These indices are used as the dependent variables in panel regressions where the main explanatory variables are indicators of crisis, political variables and indicators of channels of contagion. We find very strong support for the well-known hypothesis that crises make reform viable and also for the (less theoretically sound) hypotheses that reforms are more likely at the beginning of government periods. None of the hypotheses on the role of political and distributional variables, the importance of compensation schemes or contagion, finds support in our results. Rather disappointingly, however, most of the reforms seem to have responded to a process of convergence.

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Bibliographic Info

Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): VII (2004)
Issue (Month): (May)
Pages: 99-135

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Handle: RePEc:cem:jaecon:v:7:y:2004:n:1:p:99-135

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Keywords: structural reforms; political economy; Latin America;

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References

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  1. Darren Lubotsky & Martin Wittenberg, 2006. "Interpretation of Regressions with Multiple Proxies," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 88(3), pages 549-562, August.
  2. Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," IDB Publications 39858, Inter-American Development Bank.
  3. Eduardo Lora & Ugo Panizza, 2002. "Structural Reforms in Latin America under Scrutiny," Research Department Publications, Inter-American Development Bank, Research Department 4303, Inter-American Development Bank, Research Department.
  4. Cesar Martinelli & Mariano Tommasi, 1993. "Sequencing of Economic Reforms in the Presence of Political Constraints," UCLA Economics Working Papers, UCLA Department of Economics 701, UCLA Department of Economics.
  5. Eduardo Fernández-Arias & Peter Montiel, 1997. "Reform and Growth in Latin America: All Pain, No Gain?," Research Department Publications, Inter-American Development Bank, Research Department 4078, Inter-American Development Bank, Research Department.
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Cited by:
  1. Cavallo, Alberto F. & Cavallo, Eduardo A., 2010. "Are crises good for long-term growth? The role of political institutions," Journal of Macroeconomics, Elsevier, Elsevier, vol. 32(3), pages 838-857, September.
  2. Paulo Arvate & Braz Camargo & Carlos Pereira, 2010. "Fiscal Responsibility and the Supply of Public Goods," Working Papers, Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto 06-2010, Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto.
  3. Mauricio Olivera & Monica Pachon & Guillermo Perry, 2010. "The Political Economy of Fiscal Reform: The Case of Colombia, 1986-2006," Research Department Publications, Inter-American Development Bank, Research Department 4674, Inter-American Development Bank, Research Department.
  4. Quichun He & Meng Sun & Heng-Fu Zou, 2013. "Financial deregulation, absorptive capability, technology diffusion and growth: Evidence from Chinese panel data," Journal of Applied Economics, Universidad del CEMA, Universidad del CEMA, vol. 0, pages 275-302, November.
  5. Peria, Maria Soledad Martinez & Singh, Sandeep, 2014. "The impact of credit information sharing reforms on firm financing?," Policy Research Working Paper Series, The World Bank 7013, The World Bank.
  6. Alejandro Hoyos & Hugo Nopo, 2010. "Evolution of Gender Gaps in Latin America at the Turn of the Twentieth Century: An Addendum to "New Century, Old Disparities"," Research Department Publications, Inter-American Development Bank, Research Department 4665, Inter-American Development Bank, Research Department.
  7. University of Montreal & Alessandro Riboni, 2009. "Ideology and Endogenous Constitutions," 2009 Meeting Papers, Society for Economic Dynamics 988, Society for Economic Dynamics.
  8. Hector J. Villarreal & Ricardo Cantú, . "Do Walmartians Ruled? The political power of an emerging middle class in Mexico," Working Papers, Escuela de Graduados en Administración Pública y Políticas Públicas, Campus Monterrey 20081, Escuela de Graduados en Administración Pública y Políticas Públicas, Campus Monterrey, revised Jun 2007.
  9. Tella, Rafael Di & Donna, Javier & MacCulloch, Robert, 2008. "Crime and beliefs: Evidence from Latin America," Economics Letters, Elsevier, Elsevier, vol. 99(3), pages 566-569, June.
  10. Jan Fidrmuc & Ariane Tichit, 2012. "How I Learned to Stop Worrying and Love the Crisis," CESifo Working Paper Series, CESifo Group Munich 3720, CESifo Group Munich.
  11. Vatcharin Sirimaneetham, 2006. "What drives liberal policies in developing countries?," Bristol Economics Discussion Papers 06/587, Department of Economics, University of Bristol, UK.
  12. Alvaro Forteza & Daniel Buquet & Mario Ibarburu & Jorge Lanzaro & Andrés Pereyra & Eduardo Siandra & Marcel Vaillant, 2003. "Understanding reform. The Uruguayan case," Documentos de Trabajo (working papers), Department of Economics - dECON 0603, Department of Economics - dECON.

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