Growth, Reform Indicators and Policy Complementaries

Jorge Braga de Macedo and Joaquim Oliveira Martins

No 12544, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper discusses the design of structural policies by relating second-best results and the complementarity of reforms. It computes a complementarity index based on structural reform indicators compiled by the EBRD for transition countries, assuming that the run-up to EU integration corresponds to a nearly complete policy cycle. Using econometric panel estimates, the level of reforms and changes in their complementarity are found to be positively related to output growth, corrected for endogeneity, and given initial conditions and the extent of macroeconomic stabilisation.

JEL-codes: C33 O40 P2 (search for similar items in EconPapers)
Date: 2006-09
New Economics Papers: this item is included in nep-dev, nep-mac and nep-tra
Note: PR
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Citations: View citations in EconPapers (6)

Published as Jorge Braga De Macedo & Joaquim Oliveira Martins, 2008. "Growth, reform indicators and policy complementarities," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(2), pages 141-164, 04.

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Working Paper: Growth, reform indicators and policy complementarities (2006)
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