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Growth, reform indicators and policy complementarities1

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  • Jorge Braga De Macedo
  • Joaquim Oliveira Martins

Abstract

In order to assess the growth implications of policy complementarities, this paper applies second‐best results to reform indicators. During the transition from central planning to EU integration, which corresponds to a policy cycle, a complementarity index based on structural indicators compiled by the European Bank for Reconstruction and Development (EBRD) decreases and then increases while the level of reforms tends to rise throughout. Corrected for initial conditions, the extent of macroeconomic stabilization and endogeneity, the level of reforms and changes in their complementarity are found to be positively related to output growth. The study uses panel data for 27 countries between 1989 and 2004.

Suggested Citation

  • Jorge Braga De Macedo & Joaquim Oliveira Martins, 2008. "Growth, reform indicators and policy complementarities1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(2), pages 141-164, April.
  • Handle: RePEc:bla:etrans:v:16:y:2008:i:2:p:141-164
    DOI: 10.1111/j.1468-0351.2008.00323.x
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    File URL: https://doi.org/10.1111/j.1468-0351.2008.00323.x
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    1. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
    2. Rabah Amir, 2005. "Supermodularity and Complementarity in Economics: An Elementary Survey," Southern Economic Journal, Southern Economic Association, vol. 71(3), pages 636-660, January.
    3. Daron Acemoglu, 2007. "Equilibrium Bias of Technology," Econometrica, Econometric Society, vol. 75(5), pages 1371-1409, September.
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