Growth regressions have provided important insights into the impact of economic reforms on growth in transition economies. Using principal components to decompose reform variables and construct reform clusters, we address unsettled issues such as the importance of sequencing and reform speed. The results indicate a broad-based reform policy is good for growth, but so is a policy of liberalisation and small-scale privatisation without structural reforms. Conversely, large-scale privatisation without adjoining reforms, market opening without supporting reforms and bank liberalisation without enterprise restructuring affect growth negatively. Swift reform policies allow transition countries to benefit from higher growth for a longer period of time. The speed of reforms otherwise appears to have only limited effects on short-term and medium-term growth.
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Paper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number
1/2003.
Length: 35 pages Date of creation: 03 Jan 2003 Date of revision: Handle: RePEc:hhs:bofitp:2003_001
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Find related papers by JEL classification: C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General
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