Economic uncertainty and structural reforms
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- dc.contributor.author Bonfiglioli, Alessandra
- dc.contributor.author Gancia, Gino A.
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2020-05-25T09:27:03Z
- dc.date.available 2020-05-25T09:27:03Z
- dc.date.issued 2015-10-01
- dc.date.modified 2020-05-25T09:24:43Z
- dc.description.abstract Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross-country panel data set on reforms in six major areas and measuring economic uncertainty with stock market volatility. To address endogeneity concerns, we propose various identification strategies, instrumenting uncertainty with world shocks to volatility and with natural disasters, political coups and revolutions. Across all specifications, we find that uncertainty has a positive and significant e§ect on the adoption of reforms. This result is robust to the inclusion of a large number of controls, such as political variables, economic variables, crisis indicators, and a host of country, reform and time fixed effects.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1494
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/25126
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1494
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword reforms
- dc.subject.keyword uncertainty.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Economic uncertainty and structural reforms
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper