Theory, Measurement and Econometric Evidence
Since the 2007 financial crisis, most EU countries have been unable to return to their pre-crisis growth path. From many European capitals, we hear incessantly that structural reforms are the key to economic growth. Although this view has led many countries in Europe into implementing reform programs, we still lack a clear understanding of structural reforms. The almost exclusive focus on product and labor market regulations (in detriment to other important reforms such as trade liberalization) has contributed to this dearth of analysis. This project aims to fill this gap by focusing on three research objectives:
We construct a panel data set reflecting the extensive reform experience of the 28 EU members between 1990 and 2015.
We use this data set to provide a study of the determinants of structural reforms. We will analyse the role of initial conditions, institutions and political development, and of economic growth on the dynamics of structural reforms.
We investigate how structural reforms may affect economic growth and income inequality. This will allow us to answer the question which individual reforms are most beneficial?
London School of Economics, 11th of May 2018
The relationship between reforms and integration is tight, bi-directional, and understudied. For example, trade liberalisation has been a cornerstone of most integration yet as the latter deepens, it feeds back into structural reforms. Although Europe is synonymous with deep integration, we still know little about the nature, dynamics and cross-effects between European integration and structural reforms. The objective of this conference, which is made possible by a research grant from the ESRC (ES/P000274/1), is to bring together theoretical and empirical studies that address these issues. Papers are being sought on topics that include (but are not limited to):
Globalisation, European Integration and Structural Reforms
Income Inequality and Structural Reforms in the EU
The Political Economy of Structural Reforms in the EU
Convergence and Structural Reforms in the EU
Economic Growth and Structural Reforms in the EU
Capital, Labour and Product Market Reforms in the EU
Country case studies covering some of the topics above
This years’ keynote lecture will be given by Professor Wendy Carlin (University College London).
We plan to secure the publication of the conference papers in a special issue or edited volume. Papers from the first conference will appear shortly in an Oxford University Press edited volume.
Submit papers by March 15, 2018 to: email@example.com
Nauro F Campos (Brunel University London)
Paul De Grauwe (London School of Economics)
Yuemei Ji (University College London)
London School of Economics, 8th of May 2017
9am - 9.50am: Keynote speech: Prof. Eric Bartelsman (Vrije Universiteit Amsterdam)
10am - 12pm: Session 1: If reforms are good for growth, why don’t all countries implement them?
McQuinn (ESRI) and Whelan (University College Dublin), “Europe’s Growth Prospects: With and Without Reforms”
Badunenko (PU), “Labour Market Regulation and Growth”
Duval (IMF), Furceri (IMF) and Miethe (DIW), “The needle in the haystack: Robust determination of the drivers of reforms”
Codogno (LSE), “Monitoring Structural Reforms in Europe: A Stocktacking Exercise”
12pm - 1pm Lunch
1pm - 3pm: Session 2: On the relationships among very many different structural reforms
Egert (OECD) and Gal (OECD), “The Quantification of Structural Reforms in OECD countries: A New Frame”
Da Silva (ECB), Givone (ECB) and Sondermann (ECB), “When do countries implement structural reforms?”
Fiorini (EUI) and Hoekman (EUI), “Services Market Liberalization, Economic Governance & Trade Agreements”
Sajedi (Bank of England), “Fiscal consequences of structural reform under constrained monetary policy”
3.30pm - 5.30pm: Session 3: Are labor markets reforms indeed pivotal?
Ciminelli (Amsterdam) and Furceri (IMF), “A New Database of Employment Protection Legislation”
Bruha (Czech National Bank), “Growth, unemployment, wages in EU countries after the Great Recession”
Gehrke (IAB) and Weber (University of Regensburg), “Identifying asymmetric effects of labor markets reforms”
Cette (Banque de France), Lopez (Banque de France) and Mairesse (Banque de France), “Labour market regulations and capital labour substitution”
5.45pm - 6.30pm: Closing panel
Erik Berglof (Director of the Institute of Global Affairs, LSE)
Simeon Djankov (Executive Director, Financial Markets Group, LSE)
Francesco Caselli (Norman Sosnow Professor of Economics, LSE)