POLICIES IN HARD TIMES: ASSESSING THE IMPACT OF FINANCIAL CRISES ON STRUCTURAL REFORMS

• 成果类型: Article
• 署名作者: Gokmen, Gunes; Nannicini, Tommaso; Onorato, Massimiliano Gaetano; Papageorgiou, Chris
• 署名单位: Bocconi University; Lund University; Bocconi University; University of Bologna; International Monetary Fund
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueab017
• 发表日期: 2021
• 页码: 2529-2552
• 关键词: washington consensus; ECONOMIC-GROWTH; IMF programs; LIBERALIZATION; DEMOCRACY; openness; integration; RULE

摘要

It is argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. We show that not only is the crises-reforms nexus unfounded in the data, but rather crises are associated with a reversal of liberalisation interventions depending on the institutional environment. We find that, in democratic countries, crises occurrences have no significant impact on liberalisation measures. On the contrary, after a crisis, autocracies reduce liberalisation in multiple economic sectors, which we interpret as the fear of regime change leading non-democratic rulers to please vested economic interests.