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Reform redux: Measurement, determinants and growth implications

  • Campos, Nauro F.
  • Horváth, Roman

Measurement issues are one of the most important reasons for the highly contrasting findings in the literature on the effects of structural reforms on growth. This paper puts forward improved measures of economic liberalization across countries and over time, focusing on the unique experience of the transition economies. The paper shows that structural reforms, according to these new measures, follow a much richer dynamics than the one suggested by existing indexes. It also finds that such improved measures also generate stronger links with current theoretical work: in standard growth specifications, it finds that these new measures of reform have larger and more precisely estimated effects than the existing ones.

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Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 28 (2012)
Issue (Month): 2 ()
Pages: 227-237

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Handle: RePEc:eee:poleco:v:28:y:2012:i:2:p:227-237
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505544

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  1. Mathias Dewatripont & Gérard Roland, 1992. "The virtues of gradualism and legitimacy in the transition to a market economy," ULB Institutional Repository 2013/9587, ULB -- Universite Libre de Bruxelles.
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  3. Mathias Dewatripont & Gérard Roland, 1995. "The design of reform packages under uncertainty," ULB Institutional Repository 2013/9607, ULB -- Universite Libre de Bruxelles.
  4. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, Productivity and Growth: OECD Evidence," OECD Economics Department Working Papers 347, OECD Publishing.
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  6. Babecký, Jan & Campos, Nauro F., 2011. "Does reform work? An econometric survey of the reform-growth puzzle," Journal of Comparative Economics, Elsevier, vol. 39(2), pages 140-158, June.
  7. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 793-836, September.
  8. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
  9. Graciela Laura Kaminsky & Sergio L. Schmukler, 2008. "Short-Run Pain, Long-Run Gain: Financial Liberalization and Stock Market Cycles," Review of Finance, European Finance Association, vol. 12(2), pages 253-292.
  10. Kim, Byung-Yeon & Pirttila, Jukka, 2006. "Political constraints and economic reform: Empirical evidence from the post-communist transition in the 1990s," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 446-466, September.
  11. Edward L. Glaeser & Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2004. "Do Institutions Cause Growth?," Journal of Economic Growth, Springer, vol. 9(3), pages 271-303, 09.
  12. Ashoka Mody & Abdul Abiad, 2005. "Financial Reform; What Shakes It? What Shapes It?," IMF Economic Issues 35, International Monetary Fund.
  13. Eduardo Lora, 2001. "Structural Reforms in Latin America: What Has Been Reformed and How to Measure It," Research Department Publications 4293, Inter-American Development Bank, Research Department.
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  16. B. Merlevede, 2003. "Reform Reversals and Output Growth in Transition Economies," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 03/183, Ghent University, Faculty of Economics and Business Administration.
  17. Blanchard, Olivier Jean & Aghion, Philippe, 1994. "On the Speed of Transition in Central Europe," Scholarly Articles 4481322, Harvard University Department of Economics.
  18. de Melo, Martha & Denizer, Cevdet & Gelb, Alan, 1996. "Patterns of Transition from Plan to Market," World Bank Economic Review, World Bank Group, vol. 10(3), pages 397-424, September.
  19. Drazen, Allan & Grilli, Vittorio, 1993. "The Benefit of Crises for Economic Reforms," American Economic Review, American Economic Association, vol. 83(3), pages 598-607, June.
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  23. Berta Heybey & Peter Murrell, 1999. "The relationship between economic growth and the speed of liberalization during transition," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 3(2), pages 121-137.
  24. Nauro F. Campos & Roman Horváth, 2006. "Reform Redux: Measurement, Determinants and Reversals," Working Papers IES 2006/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006.
  25. Loayza, Norman V. & Oviedo, Ana Maria & Serven, Luis, 2005. "Regulation and macroeconomic performance," Policy Research Working Paper Series 3469, The World Bank.
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  27. repec:dau:papers:123456789/7960 is not listed on IDEAS
  28. Falcetti, Elisabetta & Raiser, Martin & Sanfey, Peter, 2002. "Defying the Odds: Initial Conditions, Reforms, and Growth in the First Decade of Transition," Journal of Comparative Economics, Elsevier, vol. 30(2), pages 229-250, June.
  29. Efendic, Adnan & Pugh, Geoff & Adnett, Nick, 2011. "Institutions and economic performance: A meta-regression analysis," European Journal of Political Economy, Elsevier, vol. 27(3), pages 586-599, September.
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