Item Details

Structural Reforms and Economic Performance in Advanced and Developing Countries

Jonathan D. Ostry, Alessandro Prati, and Antonio Spilimbergo
Format
Book; Government Document
Published
Washington, D.C. : International Monetary Fund, 2009.
Language
English
Series
Occasional Paper
Occasional Paper (International Monetary Fund)
ISBN
9781589068186, 1589068181
Summary
This volume examines the impact on economic performance of structural 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 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.--Publisher's description.
Contents
  • Overview
  • Introduction
  • Structural reforms : measurement and trends
  • Determinants of structural reforms
  • Structural reforms and economic growth
  • Sequencing real and financial sector reforms
  • Financial sector reforms and resilience
  • Conclusions.
Description
v, 53 p. : col. ill. ; 28 cm.
Notes
Includes bibliographical references (p. 48-51).
Series Statement
Occasional paper ; 268
Occasional paper (International Monetary Fund) ; no. 268
Technical Details
  • Access in Virgo Classic

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    a| This volume examines the impact on economic performance of structural 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 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.--Publisher's description.
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