TY  - JOUR
AU  - Macedo,Jorge Braga de
AU  - Martins,Joaquim Oliveira
TI  - Growth, Reform Indicators and Policy Complementaries
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12544
PY  - 2006
Y2  - September 2006
UR  - http://www.nber.org/papers/w12544
L1  - http://www.nber.org/papers/w12544.pdf
N1  - Author contact info:
Jorge Braga de Macedo
Universidade Nova de Lisboa
Faculty of Economics
Campus Campolide
1099-032 Lisbon
PORTUGAL
Tel: +351-213630778
Fax: +351-213631460
E-Mail: jbmacedo@fe.unl.pt

Joaquim Martins
2 Rue Andre Pascal
75775 Paris Cedex 16
FRANCE
E-Mail: joaquim.oliveira@oecd.org
AB  - This paper discusses the design of structural policies by relating second-best results and the complementarity of reforms.  It computes a complementarity index based on structural reform indicators compiled by the EBRD for transition countries, assuming that the run-up to EU integration corresponds to a nearly complete policy cycle.  Using econometric panel estimates, the level of reforms and changes in their complementarity are found to be positively related to output growth, corrected for endogeneity, and given initial conditions and the extent of macroeconomic stabilisation.
ER  -