The Post-Crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms
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World Bank Group, Washington, DC
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This paper constructs indicators of
structural bottlenecks arising from barriers to open
markets, obstacles to business operations, and constraints
to access to finance. Empirical evidence from a sample of 30
emerging economies indicates that barriers to open markets
and access to finance are significantly associated with
differences in total factor productivity growth in the
post-global financial crisis period compared with the
pre-crisis period -- with countries with fewer barriers
showing stronger recovery and resilience. Barriers to access
to finance are also associated with differences in the
performance of private investment. Reforms to improve the
policy framework in these areas, up to the level of the
best-ranking countries, could offset the recently observed
growth slowdown in emerging economies. These reforms would
revitalize potential growth and mitigate the risks from
external shocks associated with the global environment in
the transition from the global financial crisis.
Palabras clave
ACCESS TO CREDIT, ACCESS TO FINANCE, ACCOUNTING, ADVANCED ECONOMIES, ADVANCED ECONOMY, AFFILIATED ORGANIZATIONS, AGRICULTURE, BANK POLICY, BANKING SYSTEMS, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, BUSINESS ENVIRONMENTS, BUSINESS REGULATION, BUSINESS REGULATIONS, CAPITAL MARKETS, COLLATERAL, COMMERCIAL DISPUTE, COMPETITION POLICY, COMPETITIVENESS, COMPOSITE INDEXES, CORPORATE DEBT, CORPORATE INSIDERS, CREDIT INFORMATION, CREDIT REGISTRIES, CREDITORS, DEBT, DEBT CRISIS, DEBT RECOVERY, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPING ECONOMIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISCLOSURE, DOMESTIC COMPETITION, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC PERFORMANCE, ECONOMIC SURVEYS, ECONOMIES OF SCALE, EMERGING ECONOMIES, EMERGING ECONOMY, EMERGING MARKET, EMERGING MARKET ECONOMIES, ENABLING ENVIRONMENT, ENTERPRISE PERFORMANCE, ENTREPRENEURS, EXPORT MARKETS, EXTERNAL SHOCKS, FACTOR MARKETS, FINANCIAL CRISIS, FINANCIAL DISTRESS, FINANCIAL SYSTEM, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, GDP, GLOBAL ECONOMY, GROWTH RATE, INCOME, INCOME LEVELS, INFORMAL ECONOMY, INSTITUTIONAL REFORMS, INTERNATIONAL BANK, INTERNATIONAL TRADE, INVESTMENT CLIMATE, JOB CREATION, LEGAL RIGHTS, LENDERS, LIABILITY, MACROECONOMIC PERFORMANCE, MACROECONOMIC POLICY, MARKET DOMINANCE, MARKET ENTRY, MARKET REGULATION, MIDDLE-INCOME COUNTRIES, MIDDLE-INCOME ECONOMIES, MONOPOLY, MULTIPLIER EFFECT, NATIONAL INCOME, NEW BUSINESSES, NEW MARKET, OPEN MARKETS, POLICY ENVIRONMENT, POPULATION AGEING, POST-CRISIS PERIOD, POST-CRISIS PERIODS, PRIVATE INVESTMENT, PROTECTING INVESTORS, PUBLIC INVESTMENTS, REAL GDP, RECESSION, RED TAPE, REGULATORY REFORM, RENT SEEKING, RETURNS, SAVINGS, SHAREHOLDER, SHAREHOLDERS, SOVEREIGN DEBT, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRADE BARRIERS, TRADING, TRANSPARENCY, UNEMPLOYMENT, UNION, USE OF COLLATERAL, VOLATILITY, WORLD ECONOMY, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO