Growth and structural reforms: A new assessment

• 成果类型: Article
• 署名作者: Christiansen, Lone; Schindler, Martin; Tressel, Thierry
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2012.07.008
• 发表日期: 2013
• 页码: 347-356
• 关键词: economic growth; LIBERALIZATION; Domestic finance; TRADE; Capital account

摘要

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. Domestic financial reforms and trade reforms are robustly associated with economic growth, but only in middle-income countries. In contrast, there is no evidence of a 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 accounted for by improvements in measured aggregate TFP growth, not by higher aggregate investment Additional analysis suggests that sufficiently developed property rights are a precondition for reaping the benefits of financial and trade reforms. Our results are robust to endogeneity bias and a number of alternative specifications. (C) 2012 Elsevier B.V. All rights reserved.