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, 30th of March 2020
This spring, we are organizing a third workshop on structural reforms and European integration. We have been commissioned by the Journal of Economic Literature to survey the state of structural reforms research and would like to open the workshop with a brief presentation of our outline and plans. We would like to use the opportunity of this workshop to receive your comments, criticisms and suggestions as well as to become familiar with your latest research so that it is properly acknowledged in our survey.
We would like to bring together researchers working on structural reforms. The following are among the topics we would like the workshop to cover:
The workshop will be held in London on Monday March 30, 2020.
If you are interested in participating and would like to present your work, please let us know at your earlier convenience but please no later than Friday 31 January 2020. We welcome submissions either in an abstract or working paper forms. We can cover your costs of travel and lodging.
You may wish to submit your paper presented at the workshop for publication in a Special Issue of Comparative Economic Studies.
Please send your submission by email to: yuemei.ji@ucl.ac.uk
We look forward to hearing from you.
Organisers:
Paul De Grauwe (European Institute, LSE)* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Friday, 11th of May 2018
London School of Economics
Portugal Street, Building: COW 1.11
The Canada Blanch Seminar Room
(first floor of the European Institute)
Download the workshop agenda as Word Document
Organisers:
Paul De Grauwe (European Institute, LSE)
Nauro Campos (Brunel University London)
Yuemei Ji (SSEES, UCL)
Welcome Dinner: Thursday May 10, 7pm, restaurant to be announced later
9.00-10.30 Session 1: Reforms and growth in Europe, Chair: Nauro Campos
(Format: 20min presentation followed by a 10min discussion for each paper)
Bas van Aarle (Leuven), "Structural reforms and their effects on the EU"
Comunale and Mongelli (ECB), “Who did it? Growth and reforms in the euro area”
Egert (OECD), “Regulations, institutions and aggregate investment”
10.30-11.00 Coffee break
11-13.00 Session 2: Crisis and reforms, Chair: Pasquale Foresti
(Format: 20min presentation followed by a 10min discussion for each paper)
Abritti & Weber (IMF), "Institutions, cycles and growth in a monetary union (TBC)"
Saka (LSE), Campos, De Grauwe and Ji (Brunel/LSE/UCL), "Crisis and financial reforms"
Hume (LSE), “Crisis, imbalances and the SGP”
Macchiarelli (Brunel/LSE), Monastiriotis & Lampropoulou (LSE), "Transitions in the EU labour market: Structure, crisis and recovery"
1-2pm Lunch
2-3.30 Session 3: Reforms, austerity, and inequality, Chair: Yuemei Ji
(Format: 20min presentation followed by a 10min discussion for each paper)
Furceri & Jalles (IMF), "Structural reforms and fiscal sustainability"
Mushovel (LSE), "Austerity and inequality"
Martelli (LSE), Campos, De Grauwe and Ji (Brunel/LSE/UCL), "Structural Reforms in the EU: What works? Issues of sequencing and complementarity"
3.30-4.00 Coffee break
4.00-5.30 Session 4: Reform experiences, Chair: Corrado Macchiarelli
(Format: 20min presentation followed by a 10min discussion for each paper)
Marrazzo & Terzi (ECB), "Structural reforms waves and economic growth"
Tsakloglou (Athens Univ Ecn Bus), "Greece: Integration, crisis and structural reforms"
McQuinn & Varthalitis (ESRI), "Structural reforms in Ireland"
5.30-6.30 Keynote address, Chair: Paul De Grauwe
Professor Wendy Carlin (UCL)
Farewell drinks Friday 7pm at The George
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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)
Campos, N., De Grauwe, P., Ji, Y., eds. (2018), The Political Economy of Structural Reforms in Europe, editors, Oxford University Press
De Grauwe, P., and Ji, Y., (2018), Structural Reforms, Growth and Inequality: An Overview of Theory, Measurement and Evidence, in Campos, N., De Grauwe, P., and Ji, Y., Eds., (2018), The Political Economy of Structural Reforms in Europe, Oxford University Press.
Saka, O., Campos, N., De Grauwe, P., Ji, Y., Martelli, A., (2019), Financial crises and the dynamics of financial de-liberalization, VoxEU, https://voxeu.org/article/financial-crises-and-dynamics-financial-de-liberalisation
Saka, O., Ji, Y., De Grauwe, P., (2020), Financial Policymaking after Crises: Public versus Private Interests, VoxEU, https://voxeu.org/article/financial-policymaking-after-crises
Campos, N., P. De Grauwe, & Y. Ji , (2020), (Eds.), Economic Growth and Structural Reforms in Europe. Cambridge: Cambridge University Press.
Ganslmeier, M., Campos, N., De Grauwe, P., Ji, Y., Martelli, A., and Saka, O., (2019), Structural reforms in Europe: Lessons from early experiences, in Campos, N., P. De Grauwe, & Y. Ji , (2020), (Eds.), Economic Growth and Structural Reforms in Europe. Cambridge: Cambridge University Press
Martelli, A., Campos, N., Ji, Y., Ganslmeier, M., and Saka, O., On the Complementarity between Labour Market Regulation and Tax Reforms in the European Union, in Campos, N., P. De Grauwe, & Y. Ji , (2020), (Eds.), Economic Growth and Structural Reforms in Europe. Cambridge: Cambridge University Press
De Grauwe, P. and Ji, Y., (2020), Structural Reforms, Animal Spirits and Monetary Policies, European Economic Review, https://doi.org/10.1016/j.euroecorev.2020.103395
Saka, O., Campos, N., De Grauwe, P., Ji, Y., Martelli, A., (2019), Financial Crises and Liberalisation. Progress or Reversals, CEPR Discussion Paper, 15145, https://portal.cepr.org/discussion-paper/15145
Saka, O., Ji, Y., and De Grauwe, P., (2020), Financial Policymaking after Crises. Public versus Private Interests, CEPR Discussion Paper, no. 17317, https://portal.cepr.org/discussion-paper/17317
Time Coverage: 1970-2016
Country Coverage: 162 Countries
Type of Data: Indices
Time Coverage: 1970-2018
Country Coverage: 196 Countries
Type of Data: Indices
Time Coverage: 1950-2017
Country Coverage: 195 Countries
Type of Data: Indices