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Crises, What Crises?

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Author Info

  • Campos, Nauro F

    ()
    (Brunel University)

  • Hsiao, Cheng

    ()
    (University of Southern California)

  • Nugent, Jeffrey B.

    ()
    (University of Southern California)

Abstract

Recent research convincingly shows that crises beget reform. Although the consensus is that economic crises foster macroeconomic stabilization, it is silent on which types of crises cause which types of reform. Is it economic or political crises that are the most important drivers of structural reforms? To answer this question we put forward evidence on trade and labour market liberalization from panel data on more than 100 developed and developing countries from 1950 to 2000. We find important differences in the effects of the two types of crises on the two reforms across regions and even from one measure of crisis to another. Yet, in general, we consistently find that political considerations (political crises as well as political institutions) are more important determinants of these reforms than economic crises. This finding is robust to the inclusion of interdependencies between the two types of crises, feedbacks between the two types of reform, the use of alternative measures of political and economic crises and whether or not the data are pooled across all countries or only across regions.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2217.

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Length: 41 pages
Date of creation: Jul 2006
Date of revision:
Publication status: published as 'Crises, What Crises? New Evidence on the Relative Roles of Political and Economic Crises in Begetting Reforms' in: Journal of Development Studies, 2010, 46 (10), 1670-1691, Winner of Dudley Seers Prize
Handle: RePEc:iza:izadps:dp2217

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Keywords: economic reform; economic crisis; political crisis; trade liberalisation; labour;

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References

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  1. Aaron Tornell, 1998. "Reform from Within," NBER Working Papers 6497, National Bureau of Economic Research, Inc.
  2. Dani Rodrik & Romain Wacziarg, 2005. "Do Democratic Transitions Produce Bad Economic Outcomes?," American Economic Review, American Economic Association, vol. 95(2), pages 50-55, May.
  3. Mariano Tommasi & Andres Velasco, 1995. "Where Are We in the Political Economy of Reform?," Working Papers 11, Universidad de San Andres, Departamento de Economia, revised Apr 1996.
  4. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
  5. Wacziarg, Romain & Welch, Karen Horn, 2003. "Trade Liberalization and Growth: New Evidence," Research Papers 1826, Stanford University, Graduate School of Business.
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Cited by:
  1. Fabrizio Coricelli & Mathilde Maurel, 2010. "Growth and crisis in transition : a comparative perspective," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00469327, HAL.
  2. Campos, Nauro F & Horváth, Roman, 2006. "Reform Redux: Measurement, Determinants and Reversals," IZA Discussion Papers 2093, Institute for the Study of Labor (IZA).

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