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Are Complementary Reforms a 'Luxury' for Developing Countries?

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Date
2014-05
Dewey
Croissance et développement économiques
Sujet
Developing Countries; GDP; Growth; Policy
JEL code
O.O4.O43; O.O1.O17; O.O1.O11; E.E6.E61; E.E2.E23; D.D7.D72
Journal issue
Journal of Comparative Economics
Volume
42
Number
2
Publication date
05-2014
Article pages
417-435
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.jce.2013.06.003
URI
https://basepub.dauphine.fr/handle/123456789/14460
Collections
  • LEDa : Publications
Metadata
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Author
Braga de Macedo, Jorge
Rocha, Bruno
Oliveira Martins, Joaquim
status unknown
Type
Article accepté pour publication ou publié
Abstract (EN)
This paper investigates the impact of complementarity reforms on growth and how it depends on GDP per capita. Based on reform data for six policy areas compiled from various sources during the period 1994-2006 for over 100 countries, we compute composite indicators of reform level and complementarity. We provide qualitative justification for the existence of pair-wise complementarities among policy areas. We then use cross-section and panel data estimates to test the effect of reform level and complementarity on GDP per capita growth. We found reforms to be positively related and their dispersion (or the inverse of complementarity) negatively related to growth, controlling for initial conditions, monetary stability and other structural and institutional variables, as well as endogeneity of reform level and complementarity. We show that the effect of policy complementarity is a stronger condition for sustainable growth in developing than in advanced countries, to conclude that complementary reforms are not a 'luxury' for developing countries.

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