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Service regulation and growth: evidence from OECD countries

Author Info

Listed author(s):
  • Guglielmo Barone

    ()

    (Bank of Italy, Economic Research Unit, Bologna Main Branch)

  • Federico Cingano

    ()

    (Bank of Italy, Research Department)

Abstract

We study the effects of anti-competitive service regulation by examining whether OECD countries with less anti-competitive regulation see a better economic performance of manufacturing industries using less-regulated services more intensively. Our results indicate that lower service regulation translates into faster value added, productivity, and export growth of downstream service-intensive industries. The negative growth-effect of anti-competitive regulation is particularly relevant in the case of professional services and energy provision. Our estimates prove robust to accounting for alternative forms of regulation (such as product and labor market regulation), for the degree of financial development and also to a number of other specification checks.

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Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 675.

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Date of creation: Jun 2008
Handle: RePEc:bdi:wptemi:td_675_08
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Keywords: Regulation; financial development; sector analysis; growth;

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Find related papers by JEL classification:
  • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
  • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
  • L80 - Industrial Organization - - Industry Studies: Services - - - General

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  1. Alain de Serres & Shuji Kobayakawa & Torsten Sløk & Laura Vartia, 2006. "Regulation of Financial Systems and Economic Growth," OECD Economics Department Working Papers 506, OECD Publishing.
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  5. repec:hrv:faseco:30747190 is not listed on IDEAS
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  11. Raquel Fonseca & Natalia Utrero, 2005. "Financial Development, Labor and Market Regulations and Growth," Documents de recherche 05-05, Centre d'Études des Politiques Économiques (EPEE), Université d'Evry Val d'Essonne.
  12. Antonio Ciccone & Elias Papaioannou, 2007. "Red Tape and Delayed Entry," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 444-458, 04-05.
  13. Giovanni Favara, 2003. "An Empirical Reassessment of the Relationship Between Finance and Growth," IMF Working Papers 03/123, International Monetary Fund.
  14. Papaioannou, Elias & Ciccone, Antonio, 2007. "Red tape and delayed entry," Working Paper Series 758, European Central Bank.
  15. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, productivity and growth: OECD evidence," Economic Policy, CEPR;CES;MSH, vol. 18(36), pages 9-72, 04.
  16. Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2006. "Entry regulation as a barrier to entrepreneurship," Journal of Financial Economics, Elsevier, vol. 82(3), pages 591-629, December.
  17. Papke, Leslie E & Wooldridge, Jeffrey M, 1996. "Econometric Methods for Fractional Response Variables with an Application to 401(K) Plan Participation Rates," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 619-632, Nov.-Dec..
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