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Structural Reforms and Economic Performance in Advanced and Developing Countries

Author: Mr.Jonathan David Ostry

Publisher: International Monetary Fund

Published: 2009-10-15

Total Pages: 62

ISBN-13: 1589068181

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: Mr.Thierry Tressel

Publisher: International Monetary Fund

Published: 2009-12-01

Total Pages: 54

ISBN-13: 1451874294

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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.

Anchoring Growth

Author: Ms.Era Dabla-Norris

Publisher: International Monetary Fund

Published: 2013-09-24

Total Pages: 36

ISBN-13: 1475524595

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Fostering and sustaining robust economic growth is an imperative across advanced, emerging, and low-income countries alike. Countries will need to focus on supply-side reforms to raise their potential output and anchor medium-term growth prospects. This SDN will emphasize the role of structural reforms and supportive policy and institutional frameworks for boosting productivity–a key engine of economic growth–in the wake of the crisis. By examining a broad spectrum of reforms that eliminate impediments to growth, the paper will seek to highlight a differentiated policy agenda across countries.

Anchoring Growth

Author: Ms.Era Dabla-Norris

Publisher: International Monetary Fund

Published: 2013-09-24

Total Pages: 36

ISBN-13: 1616357290

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Structural Reforms and Productivity Growth in Emerging Market and Developing Economies

Author: Ms.Era Dabla-Norris

Publisher: International Monetary Fund

Published: 2016-02-09

Total Pages: 35

ISBN-13: 149830656X

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This paper empirically assesses the role of structural and institutional reforms in driving productivity growth across countries at different stages of development, using a distance-to-frontier framework. It gauges whether particular policies and reforms matter more for increasing productivity growth at the aggregate and sectoral levels for some emerging market and developing economies (EMDEs) than others. Recognizing the possibility of time lags between reform implementation and reform payoffs, the paper also examines how productivity gains from various reforms evolve over the the short- and medium-term.

Growth-Equity Trade-offs in Structural Reforms

Author: Mr.Jonathan David Ostry

Publisher: International Monetary Fund

Published: 2018-01-05

Total Pages: 46

ISBN-13: 1484336801

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Do structural reforms that aim to boost potential output also change the distribution of income? We shed light on this question by looking at the broad patterns in the cross-country data covering advanced, emerging-market, and low-income countries. Our main finding is that there is indeed evidence of a growth-equity tradeoff for some important reforms. Financial and capital account liberalization seem to increase both growth and inequality, as do some measures of liberalization of current account transactions. Reforms aimed at strengthening the impartiality of and adherence to the legal system seem to entail no growth-equity tradeoff—such reforms are good for growth and do not worsen inequality. The results for our index of network reforms as well as our measure of the decentralization of collective labor bargaining are the weakest and least robust, potentially due to data limitations. We also ask: If some structural reforms worsen inequality, to what degree does this offset the growth gains from the reforms themselves? While higher inequality does dampen the growth benefits, the net effect on growth remains positive for most reform indicators.

World Economic Outlook, October 2019

Author: International Monetary Fund. Research Dept.

Publisher: International Monetary Fund

Published: 2019-10-15

Total Pages: 208

ISBN-13: 1513516175

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Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.

Structural Reforms and Macroeconomic Performance - Initial Considerations for the Fund

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2015-10-14

Total Pages: 64

ISBN-13: 1498344119

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Structural policies have become a prominent feature of today’s macroeconomic policy discussion. For many countries, lackluster economic growth and high unemployment cloud the outlook. With fewer traditional policy options, policymakers are increasingly focused on the complementary role of structural policies in promoting more durable job-rich growth. In particular, the G20 has emphasized the essential role of structural reforms in ensuring strong, sustainable and balanced growth. Against this backdrop, the 2014 Triennial Surveillance Review (TSR) called for further work to enhance the Fund’s ability to selectively provide more expert analysis and advice on structural issues, particularly where there is broad interest among member countries. The purpose of this paper is to engage the Board on staff’s post-TSR work toward strengthening the Fund’s capacity to analyze and, where relevant, offer policy advice on macro-relevant structural issues.

The Role of Structural Reforms in Raising Economic Growth in Central America

Author: Mr.Andrew Swiston

Publisher: International Monetary Fund

Published: 2011-10-01

Total Pages: 22

ISBN-13: 1463923279

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Central America experienced moderate growth during the last decade, including in the years leading up to the global financial crisis, but the rate of convergence toward advanced country income levels has still been slow. Moreover, forecasts imply that these trends will continue. What can be done to spur higher growth in Central America? We bring new data to bear on this question-version 7.0 of the Penn World Table and a new IMF database on structural reforms. Our cross-country panel regression of economic growth using System GMM captures the importance to growth of conditional convergence, factor accumulation, and macro policies. In addition, structural efficiency is a significant factor in explaining growth performance. We construct a broad index of efficiency and find that increasing the degree of structural efficiency by one standard deviation raises growth by 1⁄2 percent. This implies that Central American countries could significantly increase their long-run growth rates by increasing the flexibility of markets and improving the quality of regulation.

Structural Reforms and Firms’ Productivity: Evidence from Developing Countries

Author: Wilfried A. Kouamé

Publisher: International Monetary Fund

Published: 2018-03-19

Total Pages: 42

ISBN-13: 1484347005

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This paper assesses the effects of structural reforms on firm-level productivity for 37 developing countries from 2006 to 2014 period. It takes advantage of the IMF Monitoring of Fund Arrangements dataset for reform indexes and the World Bank Enterprise Surveys for firm-level productivity. The paper highlights the following results. Structural reforms such as financial, fiscal, real sector, and trade reforms, significantly improve firm-level productivity. Interestingly, real sector reforms have the most sizeable effects on firm-level productivity. The relationship between structural reforms and firm-level productivity is nonlinear and shaped by some firms’ characteristics such as the financial access, the distortionary environment, and the size of firms. The pace of structural reforms matters since being a “strong reformer” is associated with a clear productivity dividend for firms. Finally, except for financial and trade reforms, all structural reforms under consideration are bilaterally complementary in improving firm-level productivity. These findings are robust to several sensitivity checks.