Title: What Determines the Likelihood of Structural Reforms?
Authors: Agnello, Luca 
Castro, Vitor 
Jalles, João Tovar 
Sousa, Ricardo M. 
Keywords: Structural reforms;Recessions;Globalisation;Crisis episodes;Political setup
Issue Date: 2014
Publisher: Elsevier
Citation: AGNELLO, Luca [et. al] - What Determines the Likelihood of Structural Reforms?. "European Journal of Political Economy". ISSN 0176-2680. (2014)
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.
URI: http://hdl.handle.net/10316/27584
ISSN: 0176-2680
DOI: 10.1016/j.ejpoleco.2014.10.007
Rights: openAccess
Appears in Collections:FEUC- Artigos em Revistas Internacionais

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