structural reforms and economic performance in advanced and developing countries occasional paper intl monetary fund

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Structural Reforms And Economic Performance In Advanced And Developing Countries

Author : Mr. Antonio Spilimbergo
ISBN : 9781451987164
Genre : Business & Economics
File Size : 64. 41 MB
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This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Growth And Structural Reforms

Author : Lone Engbo Christiansen
ISBN : 9781451918458
Genre : Business & Economics
File Size : 73. 69 MB
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This paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications.

Imf Research Bulletin June 2013

Author : -;- Mr. M. Ayhan Kose
ISBN : 9781475557824
Genre : Business & Economics
File Size : 31. 72 MB
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The June issue of the IMF Research Bulletin looks at the role of IMF programs and capacity building in fostering structural reforms and the economics of Arab countries undergoing political transitions. The Q&A analyzes the neutral interest rate through the experiences of several Latin American countries. The Research Bulletin also includes its regular features: a listing of IMF Working Papers and Staff Discussion Notes, information on the forthcoming IMF Economic Review and the Fourteenth Jacques Polack Annual Research Conference, and recommended readings from IMF Publications.

Imf Research Bulletin June 2010

Author : International Monetary Fund
ISBN : 9781455210572
Genre : Business & Economics
File Size : 49. 1 MB
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As the recovery from the financial crisis firms up, many country authorities will turn their focus from short-term stabilization policies to more structural policies to spur long-term potential growth. This leads to the following questions: Which reforms have the largest and most sustained growth impact? Does the sequencing of reforms matter? This article summarizes recent research on the link between structural reforms and growth, with a particular focus on a paper by Christiansen, Schindler, and Tressel (2009) that examines the joint growth effects of reforms.

Yes Africa Can

Author : Punam Chuhan-Pole
ISBN : 9780821387450
Genre : Business & Economics
File Size : 32. 19 MB
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Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.

Structural Reforms And Regional Convergence

Author : Mr. Antonio Spilimbergo
ISBN : 9781475596267
Genre : Business & Economics
File Size : 23. 45 MB
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Which structural reforms affect the speed the regional convergence within a country? We found that domestic financial development, trade/current account openness, better institutional infrastructure, and selected labor market reforms facilitate regional convergence. However, these reforms have mixed effects on the growth of regions closer to the country’s development frontier. We also document that regional income disparity and average income are inversely correlated across countries so that speeding up regional convergence increases national income. We also present a theoretical model to discuss these results.

A Decade Of Transition Achievements And Challenges

Author : Oli Havrylyshyn
ISBN : 158906013X
Genre : History
File Size : 90. 27 MB
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This volume reviews the experience of 25 non-Asian transition economies 10 years into their transformation to market economies. The volume is based on an IMF conference held in February 1999 in Washington, D.C., to take stock of the achievements and the challenges of transition in the context of three questions: How far has transition progressed ineach country? What factors explain the differences in the progress made? And what remains to be done?

Challenges Of Growth And Globalization In The Middle East And North Africa

Author : Hamid Reza Davoodi
ISBN : 9781463919382
Genre : Business & Economics
File Size : 76. 63 MB
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The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region's economic performance in the past 30 years has been below potential. This paper takes stock of the region's relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.

Raising The Consumption Tax In Japan

Author : Mr. Kenneth Kang
ISBN : 9781589069602
Genre : Business & Economics
File Size : 89. 63 MB
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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Who Benefits From Capital Account Liberalization Evidence From Firm Level Credit Ratings Data

Author : Martin Schindler
ISBN : IND:30000111481143
Genre : Business & Economics
File Size : 21. 76 MB
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We provide new firm-level evidence on the effects of capital account liberalization. Based on corporate foreign-currency credit ratings data and a novel capital account restrictions index, we find that capital controls can substantially limit access to, and raise the cost of, foreign currency debt, especially for firms without foreign currency revenues. As an identification strategy, we exploit, via a difference-in-difference approach, within-country variation in firms' access to foreign currency, measured by whether or not a firm belongs to the nontradables sector. Nontradables firms benefit substantially more from capital account liberalization than others, a finding that is robust to a broad range of alternative specifications.

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