05664oam 22011414 450 991081715870332120240402044927.01-4623-7391-71-4527-4299-597866128447131-4518-7429-41-282-84471-7(CKB)3170000000055411(SSID)ssj0000961392(PQKBManifestationID)11535921(PQKBTitleCode)TC0000961392(PQKBWorkID)10963132(PQKB)11178093(OCoLC)671571353(IMF)WPIEE2009284(MiAaPQ)EBC1606019(EXLCZ)99317000000005541120020129d2009 uf 0engurcn|||||||||txtccrGrowth and Structural Reforms : A New Assessment /Lone Engbo Christiansen, Thierry Tressel, Martin Schindler1st ed.Washington, D.C. :International Monetary Fund,2009.52 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1845-3 Includes bibliographical references.Intro -- Contents -- I. Introduction -- II. Related Literature -- III. The Empirical Model -- A. Standard Growth Regressions -- B. Dynamic Effects of Reforms -- IV. Data Description -- A. Data -- B. Descriptive Statistics -- V. Main Results -- A. Standard growth regressions -- B. Dynamic Effects of Reforms -- VI. Robustness Tests and endogeneity -- A. Robustness tests -- B. Endogeneity -- VII. Reform Sequencing and Economic Performance -- VIII. Conclusion -- References -- Figures -- 1. ReformEpisodes -- Tables -- 1. Country Sample -- 2. Summary Statistices -- 3. Bivariate Correlations -- 4. Standard Growth Regressions -- 5. The Channels of the Effects of Liberalizations -- 6. System GMM Regressions -- 7. Baseline: Dynamic Effect of Reforms -- 8. Channels Dynamic Effects of Reforms -- 9. Robustness Tests Dynamic Effect of Reforms -- 10. Dynamic Effect of Reforms on TFP and Investment Robustness -- 11. A. Instrumental Variables Regressions Second Stage -- B. Instrumental Variable Regressions Frist Stage -- 12. Sequencing Economic and Political Reforms -- Appendix Table: 2 SLS Regressions.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 Working Papers; Working Paper ;No. 2009/284Economic developmentFinanceExports and ImportsimfInflationimfMacroeconomicsimfProduction and Operations ManagementimfCurrent Account AdjustmentimfShort-term Capital MovementsimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfPersonal Income, Wealth, and Their DistributionsimfPrice LevelimfDeflationimfInternational economicsimfCapital accountimfTotal factor productivityimfCapital account liberalizationimfPersonal incomeimfBalance of paymentsimfIndustrial productivityimfIncomeimfPricesimfEstonia, Republic ofimfEconomic development.Finance.Exports and ImportsInflationMacroeconomicsProduction and Operations ManagementCurrent Account AdjustmentShort-term Capital MovementsProductionCostCapital and Total Factor ProductivityCapacityPersonal Income, Wealth, and Their DistributionsPrice LevelDeflationInternational economicsCapital accountTotal factor productivityCapital account liberalizationPersonal incomeBalance of paymentsIndustrial productivityIncomePrices332.1Christiansen Lone Engbo1679785Tressel Thierry1621895Schindler Martin1614867International Monetary Fund.DcWaIMFBOOK9910817158703321Growth and Structural Reforms4048285UNINA