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Fiscal reforms, long-term growth and income inequality.

Author: Santiago Leonardo Enrique Acosta Ormaechea; Takuji Komatsuzaki; Carolina Correa-Caro
Publisher: [Washington, D.C.] : International Monetary Fund, [2017] ©2017
Series: IMF working paper, WP/17/145.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP was on average about 1 percentage point above their synthetic units 10 years  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print Version:
Acosta Ormaechea, Santiago.
Fiscal Reforms, Long-term Growth and Income Inequality.
Washington, D.C. : International Monetary Fund,2017
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Santiago Leonardo Enrique Acosta Ormaechea; Takuji Komatsuzaki; Carolina Correa-Caro
ISBN: 1484303687 9781484303689 9781484307014 1484307011
ISSN:1018-5941
OCLC Number: 1002728406
Description: 1 online resource (46 pages).
Contents: Cover; Contents; ABSTRACT; I. INTRODUCTION; II. COUNTRY SELECTION AND THE SYNTHETIC CONTROL METHOD; A. Selection of Reform Countries; B. Selection of Comparator Countries; C. Synthetic Control Method; III. BASELINE RESULTS; IV. NON-FISCAL STRUCTURAL REFORMS AND LINKS WITH INEQUALITY; A. Non-Fiscal Structural Reforms; B. Inequality; V. CONCLUDING REMARKS; REFERENCES; TABLES; 1. Country-Case Selection Indicators; 2. Countries that Satisfy the Quantitative Criteria; 3. Summary Comparison of Non-Fiscal Structural Reforms; 4. Growth Effect and""Non-Fiscal Structrual Reform Gap""; FIGURES. 1. Growth Effects of Fiscal Structural Reforms: Baseline2. Pre-Reform GDP Per Capita Relative to the US and After-Reform Growth Effect; 3. Growth Effects: Baseline and Controlling for Non-Fiscal Structural Reforms; 4. Changes in Market and Net Gini Coefficients in Reform Episodes; 5. Changes in Market Gini Coefficients and Fiscal Redistribution, Treated vs Synthetic; APPENDICES; 1. Country Selection; 2. Comparator Countries; 3. Year-By-Year Charts of the SCM Baseline Results; 4. Summary of Fiscal Reforms by Country; 5. Placebo Experiments; 6. Structural Reforms.
Series Title: IMF working paper, WP/17/145.
Responsibility: prepared by Santiago Acosta-Ormaechea, Takuji Komatsuzaki, and Carolina Correa-Caro .

Abstract:

We estimate the effects on growth of nine fiscal reform episodes in seven high-income countries using the Synthetic Control Method. These episodes are selected using an indicator-based approach applied to the evaluation of growth-friendly fiscal reforms during 1975-2010. We find that in reform countries the annual growth rate of real GDP was on average about 1 percentage point above their synthetic units 10 years after each respective reform. Moreover, countries which were initially less developed seemed to experience a larger growth impact after their reforms. Results are broadly robust to controlling for structural reforms on business regulation, financial market, labor market, and legal and product markets, which may also affect growth. Our findings also suggest that inequality is not affected by the growth-friendly fiscal reforms analyzed in this paper.

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