The post-crisis growth slowdown in emerging economies and the role of structural reforms

Zia Qureshi, Jose Luis Diaz-Sanchez and Aristomene Varoudakis

No 7107, Policy Research Working Paper Series from The World Bank

Abstract: This paper constructs indicators of structural bottlenecks arising from barriers to open markets, obstacles to business operations, and constraints to access to finance. Empirical evidence from a sample of 30 emerging economies indicates that barriers to open markets and access to finance are significantly associated with differences in total factor productivity growth in the post-global financial crisis period compared with the pre-crisis period -- with countries with fewer barriers showing stronger recovery and resilience. Barriers to access to finance are also associated with differences in the performance of private investment. Reforms to improve the policy framework in these areas, up to the level of the best-ranking countries, could offset the recently observed growth slowdown in emerging economies. These reforms would revitalize potential growth and mitigate the risks from external shocks associated with the global environment in the transition from the global financial crisis.

Keywords: Emerging Markets; Debt Markets; Access to Finance; Economic Theory&Research; Investment and Investment Climate (search for similar items in EconPapers)
Date: 2014-11-01
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Citations: View citations in EconPapers (2)

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Journal Article: The Post-crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:7107

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