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https://hdl.handle.net/10316/27584
Title: | What Determines the Likelihood of Structural Reforms? | Authors: | Agnello, Luca Castro, Vítor 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) | Serial title, monograph or event: | European Journal of Political Economy | 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: | https://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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What Determines the Likelihood of Structural Reforms.pdf | 409.9 kB | Adobe PDF | View/Open |
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