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Growth, Reform Indicators and Policy Complementaries

Jorge Braga de MacedoJoaquim Oliveira Martins

出版	National Bureau of Economic Research, 2006
URL	http://books.google.com.hk/books?id=EkfuAAAAMAAJ&hl=&source=gbs_api

註釋

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.