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What Determines the Likelihood of Structural Reforms?

Agnello, Luca; Castro, Vitor; Jalles, João Tovar; Sousa, Ricardo M.
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
36.88%
We use data for a panel of 60 countries over the period 1980-2005 to investigate the main drivers of the likelihood of structural reforms. We find that: (i) external debt crises are the main trigger of financial and banking reforms; (ii) inflation and banking crises are the key drivers of external capital account reforms; (iii) banking crises also hasten financial reforms; and (iv) economic recessions play an important role in promoting the necessary consensus for financial, capital, banking and trade reforms, especially in the group of OECD-countries. Additionally, we also observe that the degree of globalisation is relevant for financial reforms, in particular in the group of non-OECD countries. Moreover, an increase in the income gap accelerates the implementation of structural reforms, but increased political fragmentation does not seem to have a significant impact.

Consensus, Institutions, and Supply Response : The Political Economy of Agricultural Reforms in Sub-Saharan Africa

Aksoy, Ataman; Onal, Anil
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.88%
During the late 1980s and the 1990s, most countries in Sub-Saharan Africa implemented agricultural policy reforms, along with national political and economic reforms. The agricultural reforms focused on opening up processing and marketing activities to increased competition and eliminating export taxes and restrictions to improve producer incentives. In eight of nine country/commodity case studies analyzed in this paper, output responded positively in the short run to the reforms. In many cases, however, the initial supply response was not sustained in the face of subsequent shocks. The studies suggest that stakeholder consensus on the distribution of sector-specific rents is a key variable affecting the sustainability of supply responses. Agricultural sector reforms lead to large changes in income distribution. The greater the acceptance of the distribution of rents following the reforms, the better sectors are able to accommodate subsequent shocks. In cases where the initial consensus on the distribution of rents is weak...

Trade and Financial Sector Reforms : Interactions and Spillovers

Taylor, Ashley
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.9%
The allocation of production across firms is a potentially important explanation of the productivity gap between rich and poor economies. Reforms to trade policy and the domestic financial sector are often both key elements of policy packages aimed at reducing productive distortions. However, the impact of each reform in reallocating production within an economy is usually analyzed independently. This paper asks how do such general equilibrium effects of trade and domestic financial sector reforms interact in terms of their effects on productivity, wages and utility. Motivated by recent firm-level studies, I add two-way linkages between firms production and exporting decisions and their financial constraints to a general equilibrium heterogeneous firm trade model. The interaction effects between reforms appear qualitatively important. Trade and domestic financial sector reforms have complementary effects on the average productivity and size of domestic producers. However, if much reallocative work has already been done through a well-functioning financial sector...

The Impact of Business Environment Reforms on New Firm Registration

Klapper, Leora; Love, Inessa
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
36.85%
The authors use panel data on the number of new firm registrations in 92 countries to study how the magnitude of reforms affects new firm registrations. They find that small reforms, in general less than 40 percent reduction in costs, days, or procedures required for business registration, do not have a significant effect on new firm creation. This suggests that small reforms do not have the intended effect on private sector development. They also find important synergies in multiple reforms of two or more business environment indicators. Finally, they show that countries with relatively weaker business environments require relatively larger reforms in order to impact new firm growth. These results can be helpful to motivate policymakers to make larger, broader reforms.

Stock Market Development under Globalization : Whither the Gains from Reforms?

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.88%
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

Trends in Tariff Reforms and Trends in Wage Inequality

Galiano, Sebastian; Porto, Guido G.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
36.85%
The authors provide new evidence on the impacts of trade reforms on wages and wage inequality in developing countries. While most of the current literature on the topic achieves identification by comparing outcomes before and after one episode of trade liberalization across industries, they propose a stronger identifying strategy. The authors explore the recent historical record of policy changes adopted by Argentina: from significant protection in the early 1970s, to the first episode of liberalization during the late 1970s, back to a slowdown of reforms during the 1980s, to the second episode of liberalization in the 1990s. These swings in trade policy comprise broken trends in trade reforms that they can compare with observed trends in wages and wage inequality. After setting up unusual historical data sets of trends in tariffs, trends in wages, and trends in wage inequality, the evidence supports two well-known hypotheses: trade liberalization, other things being equal, (1) has reduced wages, and (2) has increased wage inequality.

Making Public Sector Reforms Work : Political and Economic Contexts, Incentives, and Strategies

Bunse, Simone; Fritz, Verena
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.97%
Supporting effective public sector reform is a major challenge that the World Bank and other agencies and stakeholders have been grappling with. It is increasingly recognized that political economy factors play a crucial role. However, beyond this broad proposition, specific questions arise: What country contexts are more/less propitious for public sector reforms and what reforms are likely to succeed where? And can more explicitly taking political economy challenges into account help to pursue public sector reforms even in less propitious contexts? This paper addresses these issues in two ways: first, it draws on the existing literature to identify key propositions about factors that can trigger or facilitate public sector reforms, and those that tend to work against (successful) reforms. Second, it investigates the experience of World Bank public sector operations over the decade 2000-2010. It finds that governments in many developing countries face incentives to initiate public sector reforms, but that at the implementation stage...

The Impact of Economic Reforms in Rural Households in Ethiopia : A Study from 1989 to 1995

Dercon, Stefan
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.85%
This study examines the poverty, and growth experience of six villages in rural Ethiopia, from 1989 to 1995. The time period was one of relative peace politically, which promoted considerable change in economic policies pertaining to the rural sector. As a result, local growth out-performed the average growth rate in gross domestic product. The focus of the study is the link between economic reforms, growth, and changes in poverty. The author poses the question: Can the observed reduction in poverty be explained by reform-induced higher returns to physical, and human capital, or simply by better weather? To find the answer, a profit function framework is employed to explain growth using prices, and endowments of land, labor, human capital, and location characteristics, with controls for shocks (for example, ill health and drought). The analysis finds that, on average, the poor has benefited more from the reforms than have the non-poor. But the experience of the poor is mixed, with some out-performing all other households...

Structural Reforms in Southeastern Europe since the Kosovo Conflict

Gressani, Daniela; Mitra, Saumya
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
36.93%
This paper attempts to describe and assess the achievements of the countries of South Eastern Europe - Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYR Macedonia, Romania, and Federal Republic of Yugoslavia - in pursuing structural economic reforms in the period since the end of the Kosovo conflict. The paper concentrates on four key areas of structural reforms: a) public management and anti-corruption; b) creating a liberal environment for trade in goods and services; c) attracting foreign investments; and d) encouraging the growth of a private market based economy. Since the Kosovo conflict, the countries of Southeastern Europe have made encouraging progress in advancing structural reforms and preparing their economies for greater integration with Europe and the rest of the world with the aim of raising the rate of sustainable economic growth. But progress has been uneven across sectors and across countries. The gap in economic performance with respect to central Europe remains large and can be bridged only with determined reforms in creating the conditions for the formation and growth of private enterprises. Attention must also shift towards strengthening governance and fighting corruption.

Trade Reforms, Market Access, and Poverty in Argentina

Porto, Guido G.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.85%
Much of the literature that studies the relationship between trade and poverty in developing countries focuses on the effects of national trade reforms, such as own tariff reductions. In contrast, the World Trade Organization negotiations at the Doha Round were more concerned with the poverty effects on low-income countries, and of foreign reforms, such as the elimination of agricultural subsidies in industrial economies. The author empirically compares the relative poverty impacts of national and foreign trade reforms in Argentina. The author investigates national trade reforms, including tariff cuts on consumption goods and capital goods in Argentina. Foreign trade reforms include the elimination, in industrial countries, of agricultural subsidies and trade barriers on agricultural manufactures and industrial manufactures. These policies enhance the market access of Argentine exports. Overall, a combination of own reforms and enhanced market access would cause poverty to decline by between 1.7 and 4.6 percentage points. This evidence suggests that trade policies can be important poverty-reducing instruments in Argentina.

The Impact of Structural Reforms on Poverty : A Simple Methodology with Extensions

McCulloch, Neil
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.88%
Structural reforms are often designed to change the prices of key goods and services. Since the overall intention of such reforms is the reduction of poverty, it is important to understand how the resulting price changes affect the poor. However, organizations seeking to provide timely advice to policymakers in developing countries often do not have the data and resources needed to undertake the most sophisticated approaches to such analysis. McCulloch outlines a simple methodology based on the analysis of household survey data to estimate the first-order impact of a variety of structural reforms. He also elaborates on the ways in which this methodology may be extended in a flexible way to account for particular features of a country in question. Finally, he outlines the direction of some extensions on the approach to tackle dynamics, risk, and qualitative poverty analysis.

Investment Climate Reforms and Job Creation in Developing Countries : What Do We Know and What Should We Do?

Rahman, Aminur
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
36.9%
This paper reviews the literature on the role of the investment climate reforms in job creation. It finds that the current landscape of employment and private sector activity in developing countries indicates a number of potential channels through which investment climate reforms can positively affect job creation. However, rigorous empirical evidence is scarce and most of the relevant studies focus on business entry reforms with a few focusing on business taxation and investment promotion activities. Overall, there is evidence of job creation through business entry, tax reforms, and investment promotion activity in developing countries. Almost all of these evidences are from quasi-experimental studies that are significant improvements over conventional cross-country or cross-section panel data analysis. Still, various endogeneity concerns in these studies cannot be ruled out completely. In assessing job effects, future research should provide deeper insights on the gross versus net and short-run versus long-run job effects and general equilibrium effects of various investment climate reforms related to jobs...

Structural Reforms and Labor Market Outcomes : International Panel Data Evidence

Hollweg, Claire H.; Lederman, Daniel; Mitra, Devashish
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
36.88%
This paper explores the impact of structural reforms on a comprehensive set of macro-level labor-market outcomes, including the unemployment rate, the average wage index, and overall and female employment levels and labor force participation rates. Together these outcome variables capture the overall health of the labor market and the aggregate welfare of workers. Yet, there seems to be no other comprehensive empirical investigation in the existing literature of the impact of structural reforms at the cross-country macro level on labor-market outcomes other than the unemployment rate. Data were collected from a variety of sources, including the World Bank World Development Indicators, the International Monetary Fund International Financial Statistics, and the International Labor Organization Key Indicators of the Labor Market. The resulting dataset covers up to 88 countries, the majority being developing, for 10 years on either side of structural reforms that took place between 1960 and 2001. After documenting the average trends across countries in the labor-market outcomes up to 10 years on either side of each country s structural reform year...

Pakistan - Strategic Environmental, Poverty and Social Assessment of Trade and Transport Sector Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Environmental Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.85%
The Government of Pakistan's (GoP's) 2011 framework for economic growth seeks to place Pakistan on a sustained high economic growth path of 7 percent per year through measures to reduce the cost of doing business, improve the investment climate, and strengthen institutions. Trade and transport reforms are central to achieve the Framework's goal. The transport sector constitutes 10 percent of Pakistan's Gross Domestic Product (GDP) and provides 6 percent of the employment in the country. The sector plays an important role in linking other sectors in the economy, contributes to both domestic and international trade, and helps facilitate the spatial transformation occurring in Pakistan. However, present patterns in transport and trade logistics generate inefficiencies that are costing Pakistan's economy roughly 4-6 percent of GDP per year, which is a major constraint to the aspirations set out in the Framework. This analytical work on Strategic Environmental, Poverty, and Social Assessment (SEPSA) of trade and transport sector reforms examines poverty...

Democracy and Reforms

Amin, Mohammad; Djankov, Simeon
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
36.88%
The authors use a sample of 147 countries to investigate the link between democracy and reforms. Democracy may be conducive to reforms, because politicians have the incentive to embrace growth-enhancing reforms to win elections. By contrast, authoritarian regimes do not have to worry as much about public opinion and may undertake reforms that are painful in the short run but bring future prosperity. This paper tests these hypotheses, using data on micro-economic reforms from the World Bank's Doing Business database. These data do not suffer the endogeneity issues associated with other datasets on changes in economic institutions. The results provide robust support for the claim that democracy is good for growth-enhancing reforms.

Russia : Fiscal Costs of Structural Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Public Expenditure Review; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.93%
This Report discusses the challenge of budget financing of core structural reforms, within a broader framework of fiscal management reforms in Russia. It argues that explicit financing of structural reforms is fully justifiable because these are the investments in the institutional infrastructure with a high rate of return. Furthermore, Russia currently appears to have fiscal room for some incremental spending. However, the number of simultaneous reform initiatives, should be kept limited to ensure that the accumulation of new liabilities do not undermine fiscal sustainability. In addition, the Government's commitment to explicit reform financing should be accompanied by additional steps in strengthening the fiscal management system. The adoption of formal fiscal rules could strengthen the government's ability to manage external shocks, as well as provide budget support for the reform process in a predictable and affordable way. The Report develops estimates for fiscal costs of three key structural reforms (in civil service, housing, and the pension system), reviews the feasibility of different reform options, and provides recommendations related to their planning and sequencing. Key structural reforms are seen as medium-term projects/programs...

State Fiscal Reforms in India : Progress and Prospects

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Debt and Creditworthiness Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
36.96%
Following two decades of relatively rapid growth, and a decade of liberalization, there is growing confidence within India, as well as internationally, about the state of the economy, and India's development potential. Nonetheless, and particularly since the late nineties, when India's states experienced a sharp fiscal deterioration, they have faced a squeeze on development spending, particularly acute in the poorer ones. In response, most state governments embarked on fiscal reforms, aimed at reducing deficits, and enabling effective interventions in priority areas. States in India play an increasingly important role in devising, and implementing policies to stimulate economic growth, and promote human development. But the performance of India's states is increasingly divergent, State deficits and debt levels rose sharply in the late nineties, and off-budget liabilities also increased rapidly. This sharp fiscal deterioration gave rise to state-level fiscal adjustment efforts, which in recent years have shown some signs of improved fiscal performance. Concerns about the level...

A Firm's-Eye View of Commercial Policy and Fiscal Reforms in Cameroon

Gauthier, Bernard; Soloaga, Isidro; Tybout, James
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Journal Article; Publications & Research :: Journal Article; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.85%
After decades of high trade restrictions, fiscal distortions, and currency overvaluation, Cameroon implemented important commercial and fiscal policy reforms in 1994. Almost simultaneously, a major devaluation cut the international price of Cameroon's currency in half. This article examines the effects of those reforms on the incentive structure faced by manufacturing firms. Did the reforms create a coherent new set of signals? Did they reduce dispersion in tax burdens? Was the net effect to stimulate the production of tradable goods? The results of applying a cost function decomposition to detailed firm-level panel data suggest that the reforms created clear new signals for manufacturers, as effective protection rates fell by 80 to 120 percentage points. In contrast, neither the tax reforms nor the devaluation had a major systematic effect on profit margins. The devaluation did shift relative prices dramatically in favor of exportable goods, causing exporters to grow relatively rapidly.

A Firm's-Eye View of Policy and Fiscal Reforms in Cameroon

Gauthier, Bernard; Soloaga, Isidro; Tybout, James
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research; Publications & Research :: Policy Research Working Paper
EN_US
Relevância na Pesquisa
36.88%
After decades of heavy trade restrictions, fiscal distortions, and currency overvaluation, Cameroon implemented important commercial and fiscal policy reforms. Almost simultaneously, a major CFA devaluation cut the international price of Cameroon's currency in half. The authors examine the effects of these reforms on the incentive structure that manufacturing firms face. Did they create a coherent set of new signals? Was the net effect to stimulate the production of tradable goods? Was the dispersion of tax burdens lessened? They address each of these questions using a cost function decomposition applied to detailed firm-level panel data. They observe that Cameroon's reforms appear to have sent clear new signals to manufacturers, as the effective rate of protection fell by between 80 and 120 percentage points. Unlike trade liberalization, neither tax reforms nor the CFA devaluation had a major systemic effect on profit margins. But the CFA devaluation did twist relative prices dramatically in favor of exportable goods, so export-oriented firms exhibited rapid output growth.

Fighting Corruption in Public Services : Chronicling Georgia's Reforms

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
36.85%
This book chronicles the anticorruption reforms that have transformed public service in Georgia since the Rose Revolution in late 2003. The focus is on the 'how' behind successful reforms of selected public services. This book tries to answer some of these questions. It is based largely on data and informed by interviews with past and current high-ranking government officials who provide insights from within government on the challenges and solutions, the decisions, and the trade-offs considered. This book does not assess Georgia's overall reforms since the rose revolution. It does not address efforts toward democratization, which were a key part of the rose revolution. The book focuses on how the state was able to root out corruption and eliminate red tape in selected public services. It does not analyze areas in which government efforts are still continuing or may have fallen short. Nor does it suggest any causality between anticorruption reforms and growth or social outcomes. From the case studies on each of these efforts...