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Structural Reform and Productivity Growth in Emerging Europe and Central Asia

Author

Listed:
  • Georgiev, Yordan

    () (Bank of England)

  • Nagy-Mohacsi, Piroska

    () (Institute of Global Affairs, London School of Economics)

  • Plekhanov, Alexander

    () (European Bank for Reconstruction and Development)

Abstract

Since 1990, countries in emerging Europe and Central Asia have undergone comprehensive economic transformation. These reforms helped achieve an impressive degree of income convergence toward the levels of the advanced economies, although at the cost of rising inequality and lower life satisfaction. Over the last decade, both the speed of reforms and economic growth have slowed down markedly. To sustain convergence, greater emphasis needs to be put on structural reforms, facilitating innovation and boosting firm productivity while, at the same time, taking into account the distributional impact of reforms.

Suggested Citation

  • Georgiev, Yordan & Nagy-Mohacsi, Piroska & Plekhanov, Alexander, 2017. "Structural Reform and Productivity Growth in Emerging Europe and Central Asia," ADB Economics Working Paper Series 523, Asian Development Bank.
  • Handle: RePEc:ris:adbewp:0523
    as

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    File URL: https://www.adb.org/sites/default/files/publication/377681/ewp-523.pdf
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    References listed on IDEAS

    as
    1. Falcetti, Elisabetta & Lysenko, Tatiana & Sanfey, Peter, 2006. "Reforms and growth in transition: Re-examining the evidence," Journal of Comparative Economics, Elsevier, vol. 34(3), pages 421-445, September.
    2. Antonio Spilimbergo & Natasha X Che, 2012. "Structural Reforms and Regional Convergence," IMF Working Papers 12/106, International Monetary Fund.
    3. Romain Wacziarg & Karen Horn Welch, 2008. "Trade Liberalization and Growth: New Evidence," World Bank Economic Review, World Bank Group, vol. 22(2), pages 187-231, June.
    4. Paola Giuliano & Prachi Mishra & Antonio Spilimbergo, 2013. "Democracy and Reforms: Evidence from a New Dataset," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 179-204, October.
    5. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, productivity and growth: OECD evidence," Economic Policy, CEPR;CES;MSH, vol. 18(36), pages 9-72, April.
    6. Chad Syverson, 2011. "What Determines Productivity?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 326-365, June.
    7. Eggertsson, Gauti & Ferrero, Andrea & Raffo, Andrea, 2014. "Can structural reforms help Europe?," Journal of Monetary Economics, Elsevier, vol. 61(C), pages 2-22.
    8. Evgeny Yakovlev & Ekaterina Zhuravskaya, 2013. "The Unequal Enforcement Of Liberalization: Evidence From Russia'S Reform Of Business Regulation," Journal of the European Economic Association, European Economic Association, vol. 11(4), pages 808-838, August.
    9. Guriev, Sergei & Rachinsky, Andrei, 2006. "The Evolution of Personal Wealth in the Former Soviet Union and Central and Eastern Europe," WIDER Working Paper Series 120, World Institute for Development Economic Research (UNU-WIDER).
    10. Alessandro Prati & Massimiliano Gaetano Onorato & Chris Papageorgiou, 2013. "Which Reforms Work and under What Institutional Environment? Evidence from a New Data Set on Structural Reforms," The Review of Economics and Statistics, MIT Press, vol. 95(3), pages 946-968, July.
    11. Asel Isakova & Zsoka Koczan & Alexander Plekhanov, 2016. "How much do tariffs matter? Evidence from the customs union of Belarus, Kazakhstan and Russia," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 19(2), pages 166-184, June.
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    More about this item

    Keywords

    economic growth; structural reform; transition;

    JEL classification:

    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation

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