UID:
edoccha_9959301363402883
Umfang:
1 online resource (47 pages)
ISBN:
1-4843-0698-8
,
1-4843-0701-1
Serie:
IMF Working Papers
Inhalt:
We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP was on average about 1 percentage point above their synthetic units 10 years after each respective reform. Moreover, countries which were initially less developed seemed to experience a larger growth impact after their reforms. Results are broadly robust to controlling for structural reforms on business regulation, financial market, labor market, and legal and product markets, which may also affect growth. Our findings also suggest that inequality is not affected by the growth-friendly fiscal reforms analyzed in this paper.
Anmerkung:
Cover -- Contents -- ABSTRACT -- I. INTRODUCTION -- II. COUNTRY SELECTION AND THE SYNTHETIC CONTROL METHOD -- A. Selection of Reform Countries -- B. Selection of Comparator Countries -- C. Synthetic Control Method -- III. BASELINE RESULTS -- IV. NON-FISCAL STRUCTURAL REFORMS AND LINKS WITH INEQUALITY -- A. Non-Fiscal Structural Reforms -- B. Inequality -- V. CONCLUDING REMARKS -- REFERENCES -- TABLES -- 1. Country-Case Selection Indicators -- 2. Countries that Satisfy the Quantitative Criteria -- 3. Summary Comparison of Non-Fiscal Structural Reforms -- 4. Growth Effect and "Non-Fiscal Structural Reform Gap -- FIGURES -- 1. Growth Effects of Fiscal Structural Reforms: Baseline -- 2. Pre-Reform GDP Per Capita Relative to the US and After-Reform Growth Effect -- 3. Growth Effects: Baseline and Controlling for Non-Fiscal Structural Reforms -- 4. Changes in Market and Net Gini Coefficients in Reform Episodes -- 5. Changes in Market Gini Coefficients and Fiscal Redistribution, Treated vs Synthetic -- APPENDICES -- 1. Country Selection -- 2. Comparator Countries -- 3. Year-By-Year Charts of the SCM Baseline Results -- 4. Summary of Fiscal Reforms by Country -- 5. Placebo Experiments -- 6. Structural Reforms.
Weitere Ausg.:
ISBN 1-4843-0368-7
Sprache:
Englisch
