Structural reforms and economic performance: the experience of advanced economies
Nauro Campos,
Paul De Grauwe and
Yuemei Ji
LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library
Abstract:
This paper provides a comprehensive assessment of the theoretical and empirical literature on structural reforms in advanced economies. Structural reforms matter because they entail profound and systematic changes that affect economic welfare, productivity, growth, unemployment, macroeconomic stability, and income inequality. Here we focus on structural reforms in product, labor, and financial markets. After putting forward a set of stylized facts, we take stock of the literature on each of these three key structural reforms, and then assess their business cycle and political economy implications. We underscore various gaps in the literature and articulate a future research agenda that highlights four main areas: measurement, interactions among reforms, political economy considerations, and the timing of the implementation of reforms.
Keywords: structural reforms; economic performance; product market reforms; labor market reforms; financial market reforms (search for similar items in EconPapers)
JEL-codes: D72 E23 H26 O17 (search for similar items in EconPapers)
Date: 2023-11-12
New Economics Papers: this item is included in nep-fdg
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Citations:
Published in Journal of Economic Literature, 12, November, 2023. ISSN: 0022-0515
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:120870
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