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dc.contributor.authorMarrazzo, Pasquale Marco
dc.contributor.authorTerzi, Alessio
dc.date.accessioned2019-06-12T11:26:18Z
dc.date.issued2017-04
dc.identifier.citationMarrazzo, Pasquale Marco, and Alessio Terzi. "Wide-reaching Structural Reforms and Growth: A Cross-country Synthetic Control Approach." CID Research Fellow and Graduate Student Working Paper Series 2017.82, Harvard University, Cambridge, MA, April 2017.en_US
dc.identifier.urihttp://nrs.harvard.edu/urn-3:HUL.InstRepos:40554751*
dc.description.abstractAt a time of slow growth in several advanced and emerging countries, calls for more structural reforms are multiplying. However, estimations of the short- and medium-term impact of these reforms on GDP growth remain methodologically problematic and still highly controversial. We contribute to this literature by making a novel use of the non-parametric Synthetic Control Method to estimate the impact of 23 wide-reaching structural reform packages (including both real and financial sector measures) rolled out in 22 countries between 1961 and 2000. Our results suggest that, on average, reforms started having a significant positive effect on GDP per capita only after five years. Ten years after the beginning of a reform wave, GDP per capita was roughly 6 percentage points higher than the synthetic counterfactual scenario. However, average point estimates mask a large heterogeneity of outcomes. Benefits tended to materialise earlier, but overall to be more limited, in advanced economies than in emerging markets. These results are confirmed when we use a parametric dynamic panel fixed effect model to control for the rich dynamics of GDP, and are robust to a variety of alternative specifications, placebo and falsification tests, and to different indicators of reform.en_US
dc.language.isoen_USen_US
dc.publisherCenter for International Development at Harvard Universityen_US
dc.relationCID Research Fellow and Graduate Student Working Papersen_US
dc.relation.isversionofhttps://www.hks.harvard.edu/centers/cid/publicationsen_US
dash.licenseOAP
dc.titleWide-reaching Structural Reforms and Growth: A Cross-country Synthetic Control Approachen_US
dc.typeResearch Paper or Reporten_US
dc.description.versionAccepted Manuscripten_US
dc.relation.journalCID Research Fellow and Graduate Student Working Paper Seriesen_US
dash.depositing.authorTerzi, Alessio
dc.date.available2019-06-12T11:26:18Z
dash.affiliation.otherHarvard Kennedy Schoolen_US


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