Product Market Deregulation and Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Product Market Deregulation and Growth write by Romain Bouis. This book was released on 2016-09-23. Product Market Deregulation and Growth available in PDF, EPUB and Kindle. The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform shocks and sector-level outcomes for five network industries (electricity and gas, land transport, air transport, postal services, and telecommunications) in twenty-six countries spanning over three decades. The use of a threedimensional panel and careful instrumentation of reform shocks using external instruments enables us to control for economy-wide macroeconomic shocks and address possible sources of omitted variable bias more broadly. Using a local projection method, we find that major reductions in barriers to entry yield large increases in output and labor productivity over a five-year horizon, concomitant with a relative price decline. By contrast, there is only a weak positive effect on sectoral employment, and investment is essentially unaffected, suggesting that output gains from reform primarily reflect higher total factor productivity. It takes some time for these gains to materialize: effects become statistically significant two to three years after the reform, as prices start dropping, and productivity and output increase significantly. However, there is no evidence of any negative short-term cost from reform, including under weak macroeconomic conditions. These findings provide a clear case for intensifying product market reform efforts in advanced economies at the current juncture of weak growth.
Product Market Deregulation and Growth
Product Market Deregulation and Growth - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Product Market Deregulation and Growth write by Romain Bouis. This book was released on 2016. Product Market Deregulation and Growth available in PDF, EPUB and Kindle. The paper investigates the economic effects of major product market reforms in some of the historically most protected non-manufacturing industries. It relies on a unique mapping between new annual data on reform shocks and sector-level outcomes for five network industries (electricity and gas, land transport, air transport, postal services, and telecommunications) in twenty-six countries spanning over three decades. The use of a three dimensional panel and careful instrumentation of reform shocks using external instruments enables us to control for economy-wide macroeconomic shocks and address possible sourcesof omitted variable bias more broadly. Using a local projection method, we find that major reductions in barriers to entry yield large increases in output and labor productivity over a five-year horizon, concomitant with a relative price decline. By contrast, there is only a weak positive effect on sectoral employment, and investment is essentially unaffected, suggesting that output gains from reform primarily reflect higher total factor productivity. It takes sometime for these gains to materialize: effects become statistically significant two to three years after the reform, as prices start dropping, and productivity and output increase significantly.However, there is no evidence of any negative short-term cost from reform, including underweak macroeconomic conditions. These findings provide a clear case for intensifying product market reform efforts in advanced economies at the current juncture of weak growth.
Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform?
Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform? write by Helge Berger. This book was released on 2005-12-01. Labor and Product Market Deregulation: Partial, Sequential, or Simultaneous Reform? available in PDF, EPUB and Kindle. This study explores the effects of labor and product market deregulation on employment growth. Our empirical results, based on an OECD country panel from 1990-2004, suggest that lower levels of product and labor market regulation foster employment growth, including through sizable interaction effects. Based on these findings, the paper develops a theoretical framework for evaluating deregulation strategies in the presence of reform costs. Optimal deregulation takes various forms depending on the deregulation costs, the strength of reform interactions, and the perspective of the policymaker. Unless deregulation costs are very asymmetric across markets, optimal deregulation requires some form of coordination.
Product Markets' Deregulation: a More Productive, More Efficient and More Resilient Economy?
Product Markets' Deregulation: a More Productive, More Efficient and More Resilient Economy? - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Product Markets' Deregulation: a More Productive, More Efficient and More Resilient Economy? write by Gustavo Monteiro. This book was released on 2017. Product Markets' Deregulation: a More Productive, More Efficient and More Resilient Economy? available in PDF, EPUB and Kindle. Abstract: This paper assesses the impact of product market deregulation in upstream sectors on the productivity growth of firms in downstream sectors (i.e. those firms using the output of the reformed sectors as inputs in their production process). Relying on a firm level database for the period 2004-2014 covering all Portuguese firms, we show that reforms bring productivity gains already in the short-run and that are sustained in the long-run. The effects are more positive for those further away from the technological frontier and are also heterogeneous across sectors. In addition, reforms potentiate the exit of the least productive firms, improving the resource allocation in the economy by a process of selection - for the least productive, only those that have scope to catch-up with the frontier are able to remain. Finally, we show that the adoption of product market reforms in upstream sectors leads to a more resilient economy, better equipped to face adverse shocks
The Impact of Product Market Reforms on Firm Productivity in Italy
The Impact of Product Market Reforms on Firm Productivity in Italy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Impact of Product Market Reforms on Firm Productivity in Italy write by Mr.Sergi Lanau. This book was released on 2016-06-15. The Impact of Product Market Reforms on Firm Productivity in Italy available in PDF, EPUB and Kindle. This paper examines the role of removing obstacles to competition in product markets in raising growth and productivity. Using firm-level data from Italy during 2003–13 and OECD measures of product market regulation, we estimate the effect of deregulation in network sectors on value added and productivity of firms in these sectors, as well as firms using these intermediates in their production processes. We find evidence of a significant positive impact. These effects are more pronounced in Italian provinces with more efficient public administration, underscoring the complementarities of advancing public administration and product market reforms simultaneously.
