Format:
1 Online-Ressource (circa 60 Seiten)
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ISBN:
9781484353639
Series Statement:
IMF working paper WP/18, 101
Content:
The political economy literature has put forward a multitude of hypotheses regarding the drivers of structural reforms, but few, if any, empirically robust findings have emerged thus far. To make progress, we draw a parallel with model uncertainty in the growth literature and provide a new version of the Bayesian averaging of maximum likelihood estimates (BAMLE) technique tailored to binary logit models. Relying on a new database of major past labor and product market reforms in advanced countries, we test a large set of variables for robust correlation with reform in each area. We find widespread support for the crisis-induces-reform hypothesis. Outside pressure increases the likelihood of reform in certain areas: reforms are more likely when other countries also undertake them and when there is formal pressure to implement them. Other robust correlates are more specific to certain areas-for example, international pressure and political factors are most relevant for product market and job protection reforms, respectively
Additional Edition:
Erscheint auch als Druck-Ausgabe Duval, Romain The Needle in the Haystack: What Drives Labor and Product Market Reforms in Advanced Countries? Washington, D.C. : International Monetary Fund, 2018 ISBN 9781484353639
Language:
English
Keywords:
Graue Literatur
DOI:
10.5089/9781484353639.001
URL:
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