{
  "title": "Structural Reforms and Economic Performance in Advanced and Developing Countries",
  "publication": "Occasional Papers, October 15, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/structural-reforms-and-economic-performance-in-advanced-and-developing-countries-22594",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Scope and dataset",
      "content": "- 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.\n- Uses a new dataset covering reforms of:\n  - domestic product markets,\n  - international trade,\n  - the domestic financial sector,\n  - the external capital account.\n- Sample covers reforms in 91 developed and developing countries."
    },
    {
      "heading": "Key empirical findings on growth",
      "content": "- Real and financial reforms boost income growth, with particular emphasis on:\n  - domestic financial liberalization,\n  - trade liberalization,\n  - agricultural liberalization.\n- Growth effects differ significantly across alternative reform sequencing strategies:\n  - A trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a \"big bang\".\n  - Liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade."
    },
    {
      "heading": "Financial sector, resilience, and transmission mechanisms",
      "content": "- Relatively liberalized domestic financial sectors enhance the economy's resilience.\n- Such liberalization reduces output costs from adverse terms-of-trade and interest-rate shocks.\n- Increased credit availability is identified as one of the key mechanisms through which financial liberalization improves resilience.\n\n---\n\n\nSource: https://www.imf.org/en/publications/occasional-papers/issues/2016/12/31/structural-reforms-and-economic-performance-in-advanced-and-developing-countries-22594"
    }
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    "Authors: Jonathan David Ostry, Alessandro Prati, Antonio Spilimbergo",
    "Published: October 15, 2009",
    "Series: Occasional Papers",
    "DOI: https://doi.org/10.5089/9781589068186.084",
    "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.",
    "Uses a new dataset covering reforms of:",
    "Sample covers reforms in 91 developed and developing countries.",
    "Real and financial reforms boost income growth, with particular emphasis on:",
    "Growth effects differ significantly across alternative reform sequencing strategies:",
    "Relatively liberalized domestic financial sectors enhance the economy's resilience.",
    "Such liberalization reduces output costs from adverse terms-of-trade and interest-rate shocks.",
    "Increased credit availability is identified as one of the key mechanisms through which financial liberalization improves resilience."
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