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Services policy reform and economic growth in transition economies, 1990-2004
 
Author:Eschenbach, Felix; Hoekman, Bernard; Collection Title:Policy, Research working paper ; no. WPS 3663
Country:South Eastern Europe and Balkans; Commonwealth of Independent States; Date Stored:2005/07/11
Document Date:2005/07/01Document Type:Policy Research Working Paper
Language:EnglishRegion:Europe and Central Asia
Report Number:WPS3663Volume No:1 of 1

Summary: 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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