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The post-crisis growth slowdown in emerging economies and the role of structural reforms

Listed author(s):
  • Qureshi, Zia
  • Diaz-Sanchez, Jose L.
  • Varoudakis, Aristomene

This paper 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.

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File URL: http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/11/13/000158349_20141113115057/Rendered/PDF/WPS7107.pdf
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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 7107.

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Date of creation: 01 Nov 2014
Handle: RePEc:wbk:wbrwps:7107
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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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