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On the measurement of market-oriented reforms

  • Loayza, Norman V.
  • Soto, Raimundo

This paper presents policy- and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that have been emphasized lately. These policy areas are the domestic financial system; international financial markets; international trade; the labor market; the tax system; public infrastructure and public firms; the legal and regulatory framework; and governance. For each of them, first, we discuss the general principles underlying market-oriented reform; second, we present various indicators of the policy stance in the area in question; and third, we present various outcome indicators of the policy stance.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3371.

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Date of creation: 05 Aug 2004
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Handle: RePEc:wbk:wbrwps:3371
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