This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange rate arrangements and external liberalization. Another finding from the EFW sample is that economic liberalisation has tended to be stronger under better macroeconomic fundamentals, suggesting that the impact of good macroeconomic conditions as facilitating structural reforms outweighs countervailing effects in the sense of lower reform pressure.
This paper examines the contemporaneous relationship between the exchange rate re-gime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange rate arrangements and external liberalization. Another finding from the EFW sample is that economic libera-lisation has tended to be stronger under better macroeconomic funda-mentals, suggesting that the impact of good macroeconomic conditions as facilitating structural reforms outweighs countervailing effects in the sense of lower reform pres-sure.
We focus on the influence of institutional variables on business cycle synchronisation for 20 OECD countries from 1979 to 2003. More precisely, this paper derives measures for similarity of institutions and structural reforms, and investigates direct and delayed reform effects on synchronisation by applying robustness tests to a panel data framework with bilateral data. Our findings indicate a strong instantaneous relationship between both similarity of institutions as well as common structural reforms and business cycle correlation.
This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange rate arrangements and external liberalization. Another finding from the EFW sample is that economic liberalisation has tended to be stronger under better macroeconomic fundamentals, suggesting that the impact of good macroeconomic conditions as facilitating structural reforms outweighs countervailing effects in the sense of lower reform pressure. ; Dieser Beitrag untersucht den Zusammenhang zwischen dem Wechselkurssystem und strukturellen Reformen für zentral- und osteuropäische Staaten. Es wird empirisch geprüft, ob strukturelle Reformen Komplemente oder Substitute für die geldpolitische Verpflichtung zu einer verbesserten Makropolitik sind. Sowohl Daten der Europäischen Bank für Wiederaufbau und Entwicklung als auch der Economic Freedom of the World-Index weisen auf eine negative Beziehung zwischen flexiblen Wechselkursen und außenwirtschaftlicher Liberalisierung hin. Darüber hinaus zeigen die Ergebnisse, dass wirtschaftliche Liberalisierung positiv von den makroökonomischen Fundamentaldaten abhängt. Insofern scheint eine gute makroökonomische Performance strukturelle Reformen zu erleichtern und sogar den Effekt eines geringeren Reformdrucks auszugleichen.
This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange rate arrangements and external liberalization. Another finding from the EFW sample is that economic liberalisation has tended to be stronger under better macroeconomic fundamentals, suggesting that the impact of good macroeconomic conditions as facilitating structural reforms outweighs countervailing effects in the sense of lower reform pressure.
From a gender perspective, Viet Nam is an interesting case study because it is widely seen as a 'globalization' success story where historically the social and political status of women have been high compared with women's status in many other developing countries. At the same time, there is concern that women's status may be eroding during the country's rapid transition to a market economy. Thus, it is of interest to examine the relationship between gender equality and economic performance, and to assess how women have fared when macroeconomic and structural reforms are judged to have produced successful results for the society as a whole. Viet Nam's recent reform experience is particularly instructive because it helps to identify the preconditions for women to benefit from these reforms. Similar to other rapidly growing Asian countries, Viet Nam's high growth has been accompanied by increased gender inequality as well as increased income inequality. Policy makers are paying more attention to this phenomenon of growing inequality because the country is entering a new development phase which involves an acceleration of the globalization process. At risk are poor households (many headed by single mothers) in rural and remote areas which are least able to cope with the transmission of external shocks. This paper seeks to contribute to a better understanding of macroeconomic policies that benefit women by analysing the links between reform, gender equality, economic development and women's welfare as they played out in Viet Nam during the 1990s, when the government carried out far-reaching and comprehensive reforms. It employs descriptive, narrative and quantitative approaches to explain how macroeconomic and market liberalization policies, although gender-neutral in intent, can give rise to gendered outcomes as a result of various underlying and interrelated factors. These include social attitudes and conventions influenced by patriarchal values, the pattern and structure of occupational segregation and related gender wage differentials, gender differences in education levels, and labour regulations that have the effect of increasing productivity differences between men and women. The main finding of this paper is that the welfare of women in Viet Nam generally improved as a result of macroeconomic stabilization and controlled external liberalization policies adopted by a government that espoused a 'developmentalist state' model.
This report examines how green growth and sustainable development policies can be incorporated into structural reform agendas. Indeed, as demonstrated in the report, many of these policies are closely linked and synergistic with the framework policies applied by G20 governments in their efforts to pursue strong and sustainable growth. The report, has been prepared in response to the request from G20 Finance Ministers and Central Bank Governors in their communication of 25-26 February 2012 that asked the Organization for Economic Co-operation and Development (OECD), with the World Bank and the United Nation (UN), to prepare a report that provides options for G20 countries on inserting green growth and sustainable development policies into structural reform agendas, tailored to specific country conditions and level of development. The report will be an input to the G-20 leader's summit in Los Cabos and provides a toolkit of policy options from which countries may draw-upon when designing their own green growth strategies. The G20 development working group has also tasked the International Organizations with the development of a non-prescriptive toolkit of policy options to support inclusive green growth in the context of sustainable development and poverty eradication in developing countries.
It is commonly argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of deep reforms declines as crises unravel structural problems that need to be urgently rectified and the public is more willing to bear the pains associated with such reforms. This paper casts doubt on this prevalent view by showing that not only the crises-reforms nexus is unfounded in the data, but rather crises are associated with slowing structural reforms depending on the institutional environment. In particular, we look at measures of reforms in international trade, agriculture, network industries, and financial markets. We find that, after a financial crisis, democracies neither open nor close their economy. On the contrary, autocracies reduce reforms in multiple economic sectors, as the fear of regime change lead non-democratic rulers to please vested economic interests.
It is argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. The argument goes that the political cost of deep reforms declines as crises unravel structural problems that need to be urgently rectified and the public is more willing to bear the pains associated with such reforms. This paper casts doubt on this prevalent view by showing that not only the crises-reforms hypothesis is unfounded in the data, but rather crises are associated with slowing structural reforms depending on the institutional environment. In particular, we look at measures of liberalization in international trade, agriculture, network industries, and financial markets. We find that, after a financial crisis, democracies neither open nor close their economy. On the contrary, autocracies reduce liberalizations in multiple economic sectors, as the fear of regime change might lead non- democratic rulers to please vested economic interests.
This article presents a critica! appraisal of development models, which have been aimed to provide equity and economic growth conditions for Latin America . From the import-substitution model to the second generation of structural reforms at the end of the 1990's, the region has had to face macroeconomic, political and social adjustment programs, which have contributed too little to the prevailing structural conditions. However, there are important challenges in the coming years. Can economic and social feasibility be reached in a subcontinent plagued of frustrations? These challenges must be faced with great responsibility and creativity. ; Un balance crítico de los modelos de desarrollo con los que se ha pretendido entregarle a América Latina mejores condiciones de crecimiento y equidad. Desde el modelo de sustitución de importaciones hasta las reformas estructurales de segunda generación, propias del final de la década de 1990, el continente ha debido enfrentar programas de ajuste macroeconómico, político y social que muy poco han contribuido a subsanar las difíciles condiciones estructu rales existentes. Sin embargo, quedan retos grandes hacia los años venideros, de tal manera que se pueda lograr la viabilidad económica y social de un continente plagado de frustraciones, retos que se habrán de enfrentar con gran responsabilidad y creatividad.
Fil: Acuña, Carlos. Universidad de San Andrés. Departamento de Humanidades; Argentina. ; Fil: Galiani, Sebastián. Universidad de San Andrés. Departamento de Humanidades; Argentina. ; Fil: Tommasi, Mariano. Universidad de San Andrés. Departamento de Humanidades; Argentina.
Un balance crítico de los modelos de desarrollo con los que se ha pretendido entregarle a América Latina mejores condiciones de crecimiento y equidad. Desde el modelo de sustitución de importaciones hasta las reformas estructurales de segunda generación, propias del final de la década de 1990, el continente ha debido enfrentar programas de ajuste macroeconómico, político y social que muy poco han contribuido a subsanar las difíciles condiciones estructu rales existentes. Sin embargo, quedan retos grandes hacia los años venideros, de tal manera que se pueda lograr la viabilidad económica y social de un continente plagado de frustraciones, retos que se habrán de enfrentar con gran responsabilidad y creatividad. ; This article presents a critica! appraisal of development models, which have been aimed to provide equity and economic growth conditions for Latin America . From the import-substitution model to the second generation of structural reforms at the end of the 1990's, the region has had to face macroeconomic, political and social adjustment programs, which have contributed too little to the prevailing structural conditions. However, there are important challenges in the coming years. Can economic and social feasibility be reached in a subcontinent plagued of frustrations? These challenges must be faced with great responsibility and creativity.
Following ECB-president Draghi's remark that the European Social Model does no longer exist and the crisis can only be overcome through a combination of austerity and structural reform, this paper examines the consequences of austerity measures and structural reforms adopted during the crisis in a number of EU member states. The hypothesis is that the juxtaposition of the end of the European Social Model on the one hand, and austerity and structural reform on the other was well chosen. In fact austerity and the structural reforms amount to a veritable attack on the foundations of the European Social Model. The first part of the essay summarizes the discussion on the European Social Model, while the second part describes and compares major austerity measures and structural reforms adopted during the crisis. The third part discusses the impact of the newly established European Economic Governance structure on national economic and social policies. The fourth part deals with the consequences of austerity and structural reform, including for poverty and inequality. The essay ends with some reflections on the role of solidarity and the future of the European Social Model.
In the perspective of a successful exit from the recent global crisis, the debate on the long-term programmes of structural reforms in the EU countries has gradually revived. However, similarly to the pre-crisis experience, the path of structural reforms continues to appear fraught with difficulties. On the basis of the extensive literature grounded on the political economy and public choice approaches, this paper analyses why the decision-making process of structural reforms is usually very difficult even though they lead to a more efficient allocation of resources and boost long-run growth. Finally, the paper points out how the progress of a country's structural reforms may be strongly influenced by political, institutional and economic factors contributing to define the framework in which policy makers interact with the national community in its various forms, the lobbies and more in general the organized special interest groups.
One of the keywords of the Chinese economy in 2018 is "supply-side structural reform" (SSSR). China's economic growth rate reached 6.9% in 2017, rebounding for the first time since entering the New Normal (新常態)1 era of China, and climbing higher than previous forecasts by international institutes. The Chinese government held a briefing on how SSSR is one of the main causes of good performance, and presented to implement SSSR as one of its key tasks in 2018 at the Central Economic Work Conference, held in December 2017. Supply-side structural reform is an unfamiliar term not found in economics. It refers to one of the macroeconomic policies of the Xi Jinping administration that have been employed since November 2015. China's supply-side reform largely differs in their background and implementation from Reaganomics, which was based on the supply-side economic policies carried out by the United States in the 1980s.
