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The quantification of structural reforms: Extending the framework to emerging market economies

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  • Balázs Égert

Abstract

This paper estimates and quantifies the impact of structural reforms on per capita income for a large set of OECD and non-OECD countries. The findings suggest that the quality of institutions matters to a large extent for economic outcomes. More competition-friendly regulations, as measured by the OECDs’ Product Market Regulation (PMR) indicator improve economic outcomes. Lower barriers to foreign trade and investment help MFP. Lower barriers to entry and less pervasive state control of businesses boost the capital stock and the employment rate. No robust link between labour market regulation and MFP and capital deepening could be established. But looser labour market regulation is found to go hand in hand with higher employment rates. The paper shows that countries at different level of economic development face different policy impacts. Furthermore, PMR effects depend on the level of labour market regulations.

Suggested Citation

  • Balázs Égert, 2017. "The quantification of structural reforms: Extending the framework to emerging market economies," OECD Economics Department Working Papers 1442, OECD Publishing.
    • Handle: RePEc:oec:ecoaaa:1442-en
    DOI: 10.1787/f0a6fdcb-en
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    Cited by:

    1. Rovo,Natasha, 2020. "Structural Reforms to Set the Growth Ambition," Policy Research Working Paper Series 9175, The World Bank.
    2. Ms. Lusine Lusinyan, 2018. "Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina," IMF Working Papers 2018/183, International Monetary Fund.

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    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies

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