What determines the likelihood of structural reforms?

Luca Agnello, João Tovar Jalles, Ricardo M. Sousa, Vitor Castro

Risultato della ricerca: Article

37 Citazioni (Scopus)

Abstract

We use data for a panel of 60 countries over the period 1980-2005 to investigate the main drivers of the likelihood of structural reforms. We find that: (i) external debt crises are the main trigger of financial and banking reforms; (ii) inflation and banking crises are the key drivers of external capital account reforms; (iii) banking crises also hasten financial reforms; and (iv) economic recessions play an important role in promoting the necessary consensus for financial, capital, banking and trade reforms, especially in the group of OECD-countries. Additionally, we also observe that the degree of globalisation is relevant for financial reforms, in particular in the group of non-OECD countries. Moreover, an increase in the income gap accelerates the implementation of structural reforms, but increased political fragmentation does not seem to have a significant impact.
Lingua originaleEnglish
pagine (da-a)129-145
Numero di pagine17
RivistaEuropean Journal of Political Economy
Volume37
Stato di pubblicazionePublished - 2015

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics
  • Political Science and International Relations

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