{
  "title": "Structural Reform and Growth: What Really Matters? Evidence from the Caribbean",
  "publication": "IMF Working Papers, April 7, 2016",
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  "summary": "Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean.",
  "sections": [
    {
      "heading": "Scope and reform areas reviewed",
      "content": "- Timeframe context: Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean.\n- Package of structural reforms analyzed:\n  - Trade liberalization\n  - Financial liberalization\n  - Tax policy (including Consumption taxes, Personal income tax, Value-added tax, Tariffs)"
    },
    {
      "heading": "Methodology",
      "content": "- Empirical approach:\n  - Used a set of reform indices to gauge both short-run and long-run effects of structural reforms on growth.\n  - Controlled for other possible growth determinants using panel dynamic OLS estimation.\n- Institutional analysis:\n  - Recognizing the importance of institutions to growth, the empirical analysis also analyzed the impact of institutional quality on growth for a sample of small states including the Caribbean."
    },
    {
      "heading": "Key findings",
      "content": "- Timing of benefits:\n  - The benefits of structural reforms are only seen over the long-term.\n- Institutional quality:\n  - Strengthening institutional quality is an important determinant of growth in the sample of small states including the Caribbean.\n- Overall conclusion:\n  - To reinvigorate growth the reform effort needs to be revived and include greater attention to strengthening institutional quality."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Revive and sustain structural reform efforts across trade, financial, and tax policy areas to realize long-term growth benefits.\n- Place greater emphasis on strengthening institutional quality alongside structural reforms to enhance growth outcomes."
    },
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      "content": "- Authors: Kevin Greenidge, Meredith A McIntyre, Hanlei Yun\n- Date: April 7, 2016\n- Series: IMF Working Papers, Working Paper No. 2016/082\n- Issue: 082\n- Volume: 2016\n- Pages: 32\n- DOI: https://doi.org/10.5089/9781484321812.001\n- ISBN: 9781484321812\n- ISSN: 1018-5941\n\nSource: Structural Reform and Growth: What Really Matters? Evidence from the Caribbean (IMF Working Paper).\n\n---\n\n Content in this bundle\n\n- wp1682\n  - wp1682 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1682 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/structural-reform-and-growth-what-really-matters-evidence-from-the-caribbean-43855"
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    "Authors: Kevin Greenidge, Meredith A McIntyre, Hanlei Yun",
    "Published: April 7, 2016",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484321812.001",
    "Timeframe context: Since the 1980’s with the introduction of IMF/WB adjustment programs structural reforms have been a core part of the reform agenda in the Caribbean.",
    "Package of structural reforms analyzed:",
    "Empirical approach:",
    "Institutional analysis:",
    "Timing of benefits:",
    "Institutional quality:",
    "Overall conclusion:",
    "Revive and sustain structural reform efforts across trade, financial, and tax policy areas to realize long-term growth benefits.",
    "Place greater emphasis on strengthening institutional quality alongside structural reforms to enhance growth outcomes.",
    "Authors: Kevin Greenidge, Meredith A McIntyre, Hanlei Yun",
    "Date: April 7, 2016",
    "Series: IMF Working Papers, Working Paper No. 2016/082",
    "Issue: 082",
    "Volume: 2016",
    "Pages: 32",
    "DOI: https://doi.org/10.5089/9781484321812.001",
    "ISBN: 9781484321812",
    "ISSN: 1018-5941",
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