LEADER 05664oam 22011414 450 001 9910817158703321 005 20240402044927.0 010 $a1-4623-7391-7 010 $a1-4527-4299-5 010 $a9786612844713 010 $a1-4518-7429-4 010 $a1-282-84471-7 035 $a(CKB)3170000000055411 035 $a(SSID)ssj0000961392 035 $a(PQKBManifestationID)11535921 035 $a(PQKBTitleCode)TC0000961392 035 $a(PQKBWorkID)10963132 035 $a(PQKB)11178093 035 $a(OCoLC)671571353 035 $a(IMF)WPIEE2009284 035 $a(MiAaPQ)EBC1606019 035 $a(EXLCZ)993170000000055411 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGrowth and Structural Reforms : $eA New Assessment /$fLone Engbo Christiansen, Thierry Tressel, Martin Schindler 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a52 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1845-3 320 $aIncludes bibliographical references. 327 $aIntro -- 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. 330 3 $aThis paper presents a simultaneous assessment of the relationship between economic performance and three groups of economic reforms: domestic finance, trade, and the capital account. Among these, domestic financial reforms, and trade reforms, are robustly associated with economic growth, but only in middle-income countries. In contrast, we do not find any systematic positive relationship between capital account liberalization and economic growth. Moreover, the effect of domestic financial reforms on economic growth in middle-income countries is explained by improvements in measured aggregate TFP growth, not by higher aggregate investment. We present evidence that variation in the quality of property rights helps explain the heterogeneity of the effectiveness of financial and trade reforms in developing countries. The evidence suggests that sufficiently developed property rights are a precondition for reaping the benefits of economic reform. Our results are robust to endogeneity bias and a number of alternative specifications. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/284 606 $aEconomic development 606 $aFinance 606 $aExports and Imports$2imf 606 $aInflation$2imf 606 $aMacroeconomics$2imf 606 $aProduction and Operations Management$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aProduction$2imf 606 $aCost$2imf 606 $aCapital and Total Factor Productivity$2imf 606 $aCapacity$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aInternational economics$2imf 606 $aCapital account$2imf 606 $aTotal factor productivity$2imf 606 $aCapital account liberalization$2imf 606 $aPersonal income$2imf 606 $aBalance of payments$2imf 606 $aIndustrial productivity$2imf 606 $aIncome$2imf 606 $aPrices$2imf 607 $aEstonia, Republic of$2imf 615 0$aEconomic development. 615 0$aFinance. 615 7$aExports and Imports 615 7$aInflation 615 7$aMacroeconomics 615 7$aProduction and Operations Management 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aProduction 615 7$aCost 615 7$aCapital and Total Factor Productivity 615 7$aCapacity 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aPrice Level 615 7$aDeflation 615 7$aInternational economics 615 7$aCapital account 615 7$aTotal factor productivity 615 7$aCapital account liberalization 615 7$aPersonal income 615 7$aBalance of payments 615 7$aIndustrial productivity 615 7$aIncome 615 7$aPrices 676 $a332.1 700 $aChristiansen$b Lone Engbo$01679785 701 $aTressel$b Thierry$01621895 701 $aSchindler$b Martin$01614867 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910817158703321 996 $aGrowth and Structural Reforms$94048285 997 $aUNINA