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Structural Reforms and Economic Performance in Advanced and Developing Countries

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  • Antonio Spilimbergo
  • Alessandro Prati
  • Jonathan David Ostry

Abstract

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.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 268.

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Length: 60
Date of creation: 15 Oct 2009
Date of revision:
Handle: RePEc:imf:imfocp:268

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Keywords: Economic reforms; Economic growth; Capital account liberalization; Developing countries; Developed countries; Financial sector; Structural adjustment; Terms of trade; domestic financial sector; trade liberalization; financial sector liberalization; external capital; liberalization indices; financial reforms; output growth; international trade; financial liberalization; trade reforms; international financial statistics; bond; trade shock; bond ratings; output volatility; tariff rates; average tariff; financial dependence; trade shocks; domestic firms; political economy; terms of trade shocks; intermediate inputs; external finance; imported inputs; financial markets; agricultural liberalization; per capita income; financial system; domestic financial liberalization; financial economics; imported intermediate; trade reform; economic cooperation; trade openness; average tariff rates; financial systems; trade regime; economic liberalization; current account balance; capital inflows; intermediate goods; capital outflows; interest groups; neighboring countries; financial globalization; financial reform; financial intermediation; world output; export marketing; interest rate controls; impact of trade; trading partners; income convergence; impact of trade reforms; deposit insurance; domestic bond; transition economies; international finance; equity markets; risk diversification; foreign capital; domestic capital; capital mobility; equity market; stock market; global integration; trade flows; moral hazard; open trade; exchange rate regime; income distribution; financial stability; open trade regime; economic outcomes; national legislation; domestic finance; financial sector development; average tariffs; dynamic effects; bond spreads; deposit interest rates; import tariffs; reduction in tariffs; domestic financial systems; deposit rates; aggregate shocks; real appreciation; deposit interest; stock market development; imperfect competition; financial fragility; domestic financial system; exchange rate regimes; financial repression; liberalization of trade; global shocks; trade restrictions; liberalization policies; import substitution; competitive market; financial resources; trade performance; national policies; distortionary policies; derivative; world trade organization; development of domestic bond; financial sector? liberalization; domestic financial markets; liberal trade; liberalizing trade; transition countries; derivative markets; financial regulation; weighted tariff; monetary union; systemic banking crises; open economy; bonds; market liberalization; standard variables; world trade; financial policies; trade negotiations; regional trade; financial sector performance; import substitution policies; world economy; measure of trade; trade restriction; trade intensity; capital accumulation; direct investment; government bonds; tariff liberalization;

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Citations

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Cited by:
  1. Andrew Swiston & Luis-Diego Barrot, 2011. "The Role of Structural Reforms in Raising Economic Growth in Central America," IMF Working Papers, International Monetary Fund 11/248, International Monetary Fund.
  2. Lone Engbo Christiansen & Thierry Tressel & Martin Schindler, 2009. "Growth and Structural Reforms," IMF Working Papers, International Monetary Fund 09/284, International Monetary Fund.
  3. Feldmann, Horst, 2012. "Ethnic fractionalization and unemployment," Economics Letters, Elsevier, Elsevier, vol. 117(1), pages 192-195.
  4. Rabah Arezki & Herbert Lui & Marc Quintyn & Frederik G Toscani, 2012. "Education Attainment in Public Administration Around the World," IMF Working Papers, International Monetary Fund 12/231, International Monetary Fund.
  5. Horst Feldmann, 2012. "Product Market Regulation and Labor Market Performance around the World," LABOUR, CEIS, CEIS, vol. 26(3), pages 369-391, 09.
  6. Rabah Arezki & Marc Quintyn & Frederik G Toscani, 2012. "Structural Reforms, IMF Programs and Capacity Building," IMF Working Papers, International Monetary Fund 12/232, International Monetary Fund.
  7. Feldmann, Horst, 2012. "Real interest rate and labor market performance in developing countries," Economics Letters, Elsevier, Elsevier, vol. 117(1), pages 200-203.

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