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The Quantification of Structural Reforms: Extending the Framework to Emerging Market Economies

Balázs Égert

No 6921, CESifo Working Paper Series from CESifo Group Munich

Abstract: This paper estimates and quantifies the impact of structural reforms on per capita income for a large set of OECD and non-OECD countries. The findings suggest that the quality of institutions matters to a large extent for economic outcomes. More competition-friendly regulations, as measured by the OECDs’ Product Market Regulation (PMR) indicator improve economic outcomes. Lower barriers to foreign trade and investment help MFP. Lower barriers to entry and less pervasive state control of businesses boost the capital stock and the employment rate. No robust link between labour market regulation and MFP and capital deepening could be established. But looser labour market regulation is found to go hand in hand with higher employment rates. The paper shows that countries at different level of economic development face different policy impacts. Furthermore, PMR effects depend on the level of labour market regulations.

Keywords: structural reforms; product markets; labour markets; regulation; institutions; simulation; multi-factor productivity; investment; employment; per capital impact; OECD; emerging market economies; developing countries (search for similar items in EconPapers)
JEL-codes: D24 E17 E22 E24 J08 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab and nep-mac
Date: 2018
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Working Paper: The quantification of structural reforms: extending the framework to emerging market economies (2018) Downloads
Working Paper: The quantification of structural reforms: Extending the framework to emerging market economies (2017) Downloads
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