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2 - Structural Reforms and Growth
from Part I - Economic Growth and Structural Reforms in Europe
- By Alessio Terzi, Pasquale Marco Marrazzo
Edited by Nauro F. Campos, University College London, Paul De Grauwe, London School of Economics and Political Science, Yuemei Ji, University College London
Book:

Economic Growth and Structural Reforms in Europe

Published online:

31 March 2020

Print publication:

02 April 2020, pp 37-62
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Summary

Structural reforms are often presented as a growth panacea. We review this concept through two separate analyses. First, we quantify the impact of wide-reaching reform packages implemented in twenty-three countries worldwide. Second, we look at the role that reforms had in contributing to spark 135 growth accelerations, i.e., positive up-breaks in growth patterns. All in all, our results point to the fact that deep economic reforms can have an important impact on a country’s growth rate but, often, they fail to deliver their benefits and, in some instances, they can even be detrimental. In achieving economic growth, there are no silver bullets. Rather, economic reforms should be framed as an opportunity that, if appropriately tailored to country-specific needs and well implemented, could yield important benefits.