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The Post-crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms

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  • Zia Qureshi

    (The World Bank, Washington, DC, United States.)

  • Jose L. Diaz-Sanchez

    (The World Bank, Washington, DC, United States.)

  • Aristomene Varoudakis

    (The World Bank, Washington, DC, United States.)

Abstract

This article constructs indicators of structural bottlenecks arising from barriers to open markets, obstacles to business operations, and constraints to access to finance. Empirical evidence from a sample of 30 emerging economies indicates that barriers to open markets and access to finance are significantly associated with differences in total factor productivity growth in the post-global financial crisis period compared with the pre-crisis period—with countries with fewer barriers showing stronger recovery and resilience. Barriers to access to finance are also associated with differences in the performance of private investment. Reforms to improve the policy framework in these areas, up to the level of the best-ranking countries, could offset the recently observed growth slowdown in emerging economies. These reforms would revitalize potential growth and mitigate the risks from external shocks associated with the global environment in the transition from the global financial crisis.

Suggested Citation

  • Zia Qureshi & Jose L. Diaz-Sanchez & Aristomene Varoudakis, 2015. "The Post-crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 7(2), pages 179-200, May.
  • Handle: RePEc:sae:emeeco:v:7:y:2015:i:2:p:179-200
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    References listed on IDEAS

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    1. Abdur Chowdhury & George Mavrotas, 2006. "FDI and Growth: What Causes What?," The World Economy, Wiley Blackwell, vol. 29(1), pages 9-19, January.
    2. James B. Ang, 2008. "A Survey Of Recent Developments In The Literature Of Finance And Growth," Journal of Economic Surveys, Wiley Blackwell, vol. 22(3), pages 536-576, July.
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    Cited by:

    1. Kose,Ayhan & Ohnsorge,Franziska Lieselotte & Ye,Lei Sandy & Islamaj,Ergys, 2017. "Weakness in investment growth : causes, implications and policy responses," Policy Research Working Paper Series 7990, The World Bank.
    2. Pitterle, Ingo & Haufler, Fabio & Hong, Pingfan, 2015. "Assessing emerging markets’ vulnerability to financial crisis," Journal of Policy Modeling, Elsevier, vol. 37(3), pages 484-500.
    3. World Bank Group, 2017. "Global Economic Prospects, January 2017," World Bank Publications, The World Bank, number 25823, July.
    4. Dabús, Carlos & Tohmé, Fernando & Caraballo, M. Ángeles, 2016. "A middle income trap in a small open economy: Modeling the Argentinean case," Economic Modelling, Elsevier, vol. 53(C), pages 436-444.

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