Identifying Structural Reform Gaps in Emerging Europe, the Caucasus, and Central Asia / Norbert Funke, Asel Isakova, and Maksym Ivanyna.
Material type:
TextSeries: IMF working paper ; WP/17/82.Publication details: Washington, D.C. : International Monetary Fund, 2017.Description: 1 online resource (44 pages)Content type: - text
- computer
- online resource
- 9781475590654
- 1475590652
- 147559061X
- 9781475590616
- Monetary policy -- Europe -- Econometric models
- Monetary policy -- Caucasus -- Econometric models
- Monetary policy -- Asia, Central -- Econometric models
- Business cycles -- Econometric models
- Economics -- Psychological aspects -- Econometric models
- Politique monétaire -- Europe -- Modèles économétriques
- Politique monétaire -- Caucase -- Modèles économétriques
- Politique monétaire -- Asie centrale -- Modèles économétriques
- Cycles économiques -- Modèles économétriques
- Économie politique -- Aspect psychologique -- Modèles économétriques
- BUSINESS & ECONOMICS -- Finance
- Business cycles -- Econometric models
- Monetary policy -- Econometric models
- Central Asia
- Caucasus
- Europe
- 332.494 23
- HG925
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Electronic-Books
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OPJGU Sonepat- Campus | E-Books EBSCO | Available |
Includes bibliographical references and index.
Print version record.
Cover; CONTENTS; Abstract; I. Introduction; II. Structural Reform Gaps: Estimation; III. Benchmarking: Results; IV. Reform Gaps Disaggregated; V. Robustness Checks; V.1 Reform Gaps over Time and across Income Groups; V.2 Reform Gaps with Doing Business Indicators; V.3 Reform Gaps Using Stochastic Frontier Analysis; V.4 Reform Gaps: Additional Alternative Specifications; VI. Conclusions; References; TABLES; Table 1. Regression Results: Initial Specification.
Table 2. Reform Needs Based on Comparing Structural Reform Indicators in Emerging ECA Relative to a Generic Country with 40 Percent Higher per Capita IncomeTable 3. Reform Needs Based on Benchmarking Structural Reform Indicators in Emerging ECA Relative to EU Average Income; Table 4. Largest Reform Gaps at a More Disaggregated Level; Table 5. GCR and. Doing Business Indicators Gaps; FIGURES; Figure 1. GCR score and GDP per capita in 2015; Figure 2. Global Competitiveness and Real GDP Per Capita, 2015; Figure 3. Reform Gaps: Comparing Structural Reform Indicators to Various Benchmarks.
Figure 4. GCR and Doing Business Score Gaps ComparedFigure 5: Reform Gaps: OLS vs. Stochastic Frontier.
Using data from the World Economic Forum's Global Competitiveness Report as an example, this paper compares structural indicators for 25 countries in Emerging Europe, the Caucasus, and Central Asia with a generic country with similar charactersitics that is 40 percent richer as well as a country with the average EU income. This comparison suggests that improvements will be particularly crucial in the areas of institutions, financial market development, infrastructure, goods and labor market efficiency and areas related to innovation. For the generally more ambitious goal of reaching average EU income, the reform needs are correspondingly larger. The methodology focuses on (approximate) comparisons between countries and does not try to establish the link between structural reforms and growth. While we test for changes in empirical specifications, caveats relate to the quality of structural indicators, possible non-linearities, and reform complementarities. The approach can be applied to other indicators and at a more granular level.
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