Structural Reforms and Macroeconomic Performance - Country Cases
Structural Reforms and Macroeconomic Performance - Country Cases

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2015-10-14

Total Pages: 28

ISBN-13: 1498344100

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As a companion piece to the Board paper on Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, this paper presents a selection of case studies on the structural reform experiences of member countries. These papers update the Board on work since the Triennial Surveillance Review toward strengthening the Fund’s capacity to analyze and, where relevant, offer policy advice on macro-relevant structural issues. The paper builds on the already considerable analytical work underway across the Fund, setting out considerations to support a more strategic approach going forward.

Structural Reforms and Macroeconomic Performance - Initial Considerations for the Fund
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.

Structural Reforms and Economic Performance in Advanced and Developing Countries
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

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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.

Structural Reform and Macroeconomic Policy
Structural Reform and Macroeconomic Policy

Author: R. Solow

Publisher: Springer

Published: 2004-06-29

Total Pages: 180

ISBN-13: 0230524443

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The relation between structural reform and macroeconomic policy underlies the widespread perception that the large European economies have under-performed in the past decade in comparison both with their own standards and with the contemporaneous performance of the United States. This book, edited and introduced by Noel Laureate Robert M. Solow, provides analyses of how these economies could take a co-ordinated and simultaneous approach to reform in labour and product markets and the demand side.

Assessing the Macroeconomic Impact of Structural Reforms in Ukraine
Assessing the Macroeconomic Impact of Structural Reforms in Ukraine

Author: Mr. Anil Ari

Publisher: International Monetary Fund

Published: 2021-04-23

Total Pages: 37

ISBN-13: 1513582585

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Ukraine’s economic performance has been anemic since the early 1990s. A major impediment to productivity growth has been low investment, held back by lack of strong and independent institutions. This paper aims to assess the major areas of institutional weakness in Ukraine and quantify the long-term growth impact of catching-up to Poland in terms of the quality of major economic institutions and market development. Our analysis identifies the legal system as the area where the institutional quality is weakest compared to Poland, followed distantly by market competition, openness to trade and financial depth. Using a methodology that accounts for positive spillovers between the structural reform areas, we estimate that even under the most optimistic scenario, where institutional gaps are fully addressed, Ukraine would need 15 years to catch up to Poland’s current income level.

When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies
When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies

Author: MissAnna Rose Bordon

Publisher: International Monetary Fund

Published: 2016-03-15

Total Pages: 28

ISBN-13: 1513590243

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Structural reforms are expected to lift growth and employment, but their effects are surprisingly difficult to pin down empirically. One reason is their potential endogeneity to the economic environment in which they are conducted. For example, the impact of a reform implemented shortly before a cyclical upswing is difficult to distinguish from the recovery itself. Similarly, macroeconomic policies conducted along a structural reform could affect the estimated impact. Exploring various options, this paper develops robust estimates of the impact of labor and product market reforms by using local projection techniques while controlling for endogeneity of reforms and other biases. The results suggest that labor and product market reforms have a lagged but positive impact on employment creation, and the positive effect remains even after controlling for the endogeneity of the decision to reform. Supportive macroeconomic policies are found to increase the effect of labor and product market reforms, consistent with the view that some structural reforms are best initiated in conjunction with supportive fiscal or monetary policy.

Growth and Structural Reforms
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.

Corruption, Structural Reforms, and Economic Performance in the Transition Economies
Corruption, Structural Reforms, and Economic Performance in the Transition Economies

Author: Mr.Hamid Reza Davoodi

Publisher: INTERNATIONAL MONETARY FUND

Published: 2000-07-01

Total Pages: 0

ISBN-13: 9781451855371

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Recent studies have highlighted the adverse impact of corruption on economic performance. This paper advances the hypothesis that corruption is largely a symptom of underlying weaknesses in public policies and institutions, a formulation that provides deeper insights into economic performance than do measures of “perceived corruption.” The hypothesis is tested by assessing the relative importance of structural reforms vs. corruption in explaining macroeconomic performance in the transition economies. The paper finds that for four widely used measures of economic performance—growth, inflation, the fiscal balance, and foreign direct investment—structural reforms tend to dominate the corruption variable.

Macroeconomic Policies and Structural Reform
Macroeconomic Policies and Structural Reform

Author: Organisation for Economic Co-operation and Development

Publisher: OECD

Published: 1996

Total Pages: 356

ISBN-13:

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Contains the papers presented at the international conference "Interactions between structural reform, macroeconomic policies and economic performance" & summarises discussions held. Part of the follow-up programme of work [from] the OECD jobs study. - On cover: OECD proceedings