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Are Monetary Rules and Reforms Complements or Substitutes? A Panel Analysis for the World versus OECD Countries

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Author Info
Ansgar Belke (University of Hohenheim)
Bernhard Herz (University of Bayreuth)
Lukas Vogel (University of Bayreuth)

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Abstract

This paper investigates the relationship between the exchange rate regime and the degree of structural reforms using panel data techniques. We look at a broad sample of countries (the “world sample”) and also an OECD sample. Our main findings suggest that adopting a fixed exchange rate rule is positively correlated with the degree of overall structural reforms and the trade component. The paper also highlights the fact that considering a heterogeneous panel of countries as opposed to a limited does not matter for this results.

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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 129.

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Length: 51 pages
Date of creation: 07 Jun 2006
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Handle: RePEc:onb:oenbwp:129

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  4. Witold J. Henisz, 2002. "The institutional environment for infrastructure investment," Industrial and Corporate Change, Oxford University Press, vol. 11(2), pages 355-389.
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  7. Romain Duval & Jørgen Elmeskov, 2006. "The effects of EMU on structural reforms in labour and product markets," Working Paper Series 596, European Central Bank. [Downloadable!]
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  19. W. J. Henisz, 2000. "The Institutional Environment for Economic Growth," Economics and Politics, Blackwell Publishing, vol. 12(1), pages 1-31, 03. [Downloadable!] (restricted)
  20. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford. [Downloadable!]
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  21. Alogoskoufis, George & Lockwood, Ben & Philippopoulos, Apostolis, 1992. "Wage Inflation, Electoral Uncertainty and the Exchange Rate Regime: Theory and UK Evidence," CEPR Discussion Papers 657, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  22. Dani Rodrik, 1998. "Why Do More Open Economies Have Bigger Governments?," Journal of Political Economy, University of Chicago Press, vol. 106(5), pages 997-1032, October. [Downloadable!] (restricted)
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  23. Dornbusch, Rudiger & Favero, Carlo A & Giavazzi, Francesco, 1998. "A Red Letter Day?," CEPR Discussion Papers 1804, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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