Services Policy Reform and Economic Growth in Transition Economies, 1990-2004
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World Bank, Washington, DC
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Major changes have occurred in the structure of former centrally planned economies, including a sharp rise in the share of services in GDP, employment, and international transactions. However, large differences exist across transition economies with respect to services intensity and services policy reforms. The authors find that reforms in policies toward financial and infrastructure services, including telecommunications, power, and transport, are highly correlated with inward foreign direct investment. Controlling for regressors commonly used in the growth literature, they find that measures of services policy reform are statistically significant explanatory variables for the post-1990 economic performance of transition economies. These findings suggest services policies should be considered more generally in empirical analyses of economic growth
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ACCOUNTING, AGRICULTURE, ASYMMETRIC INFORMATION, AVERAGE PERFORMANCE, BANK REFORM, BANKING LAWS, BANKING REFORM, BANKING SECTOR, BANKING SERVICES, BANKRUPTCY, BARRIERS TO ENTRY, CAPITAL BASE, CAPITAL MARKETS, CD, CENTRAL ASIAN, CENTRAL BANK, CENTRAL PLANNING, CENTRALLY PLANNED ECONOMIES, COMPARATIVE ECONOMICS, COMPETITION POLICY, COMPETITIVENESS, CONSUMERS, CORPORATE GOVERNANCE, COSTS OF ROAD USE, DEREGULATION, DIRECT INVESTMENT, DIVISION OF LABOR, EAST EUROPEAN, ECONOMETRIC EVIDENCE, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC STRUCTURE, ECONOMIES OF SCALE, ELECTRICITY, EMPIRICAL ANALYSIS, EMPLOYMENT, EQUILIBRIUM, EQUILIBRIUM MODELS, EXOGENOUS VARIABLES, EXPORTS, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL SECTOR, FINANCIAL SERVICES, FISHING, FIXED COSTS, FOREIGN COMPETITION, FOREIGN EXCHANGE, FOREIGN EXCHANGE REGIME, FORESTRY, GDP, GROSS FIXED CAPITAL FORMATION, GROWTH PERFORMANCE, GROWTH RATE, GROWTH RATES, GROWTH THEORY, HEALTH SERVICES, HOUSING, HUMAN CAPITAL, IMPORTS, INCOME, INDUSTRIAL ECONOMIES, INFLATION, INSTITUTIONAL FRAMEWORK, INSURANCE, INTEREST RATE, INVESTMENT CLIMATE, LABOR FORCE, LABOR INPUTS, LABOR PRODUCTIVITY, LEGAL FRAMEWORK, MACROECONOMIC STABILITY, MACROECONOMICS, MARKET ECONOMY, MONETARY ECONOMICS, NATURAL MONOPOLIES, PER CAPITA INCOMES, POLITICAL ECONOMY, POLLUTION, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PRODUCTIVITY, PUBLIC CONSULTATION, PUBLIC OWNERSHIP, QUALITY STANDARDS, REGULATORY FRAMEWORK, REGULATORY REGIMES, REVENUE COLLECTION, ROADS, SAVINGS, SECURITIES, SECURITIES MARKETS, SOCIAL WORK, TARIFF BARRIERS, TECHNOLOGICAL CHANGE, TELECOMMUNICATIONS, TIME SERIES, TRANSITION ECONOMIES, TRANSPORT, USER CHARGES, UTILITIES, WATER SUPPLY, WTO