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Is there a role for macroeconomic policy in fostering structural reforms? Panel evidence from OECD countries over the past two decades

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  • Duval, Romain

Abstract

This paper is an empirical attempt to determine whether macroeconomic policies influence reform patterns in labour and product markets. Multivariate probit and linear econometric analyses of the determinants of structural reforms in labour and product markets are carried out for 21 OECD countries over the period 1985-2003. Robust evidence is found that sound public finances and fiscal expansions help foster reforms. The effect of fiscal expansion may also be greater for countries that pursue fixed exchange-rate regimes.

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Bibliographic Info

Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 24 (2008)
Issue (Month): 2 (June)
Pages: 491-502

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Handle: RePEc:eee:poleco:v:24:y:2008:i:2:p:491-502

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Web page: http://www.elsevier.com/locate/inca/505544

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  1. Alesina, A. & Drazen, A., 1991. "Why Are Stabilizations Delayed?," Papers 6-91, Tel Aviv - the Sackler Institute of Economic Studies.
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  8. Cukierman, Alex & Tommasi, Mariano, 1998. "When Does It Take a Nixon to Go to China?," American Economic Review, American Economic Association, vol. 88(1), pages 180-97, March.
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  11. Nicola Brandt & Jean-Marc Burniaux & Romain Duval, 2005. "Assessing the OECD Jobs Strategy: Past Developments and Reforms," OECD Economics Department Working Papers 429, OECD Publishing.
  12. Barry Eichengreen & Charles Wyplosz, 1998. "The Stability Pact: more than a minor nuisance?," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 65-113, 04.
  13. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
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  15. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-party System as a Repeated Game," Scholarly Articles 4552531, Harvard University Department of Economics.
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