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Title:Reform, uncertainty and spillovers: A gravity model approach PDF Logo
Authors:Fidrmuc, Jan
Karaja, Elira
Tichit, Ariane
Issue Date:2012
Series/Report no.:CESifo working paper: Fiscal Policy, Macroeconomics and Growth 3745
Abstract:Reforms often occur in waves, seemingly cascading from country to country. We argue that such reform waves may be driven by informational spillovers: uncertainty about the outcome of reform is reduced by learning from the experience of similar countries. We motivate this hypothesis with a simple theoretical model and then test it empirically. Our results confirm the presence of informational spillovers with respect to political liberalization but offer little support for informational spillovers with respect to economic reforms.
Subjects:reform
transition
institutions
uncertainty
spillovers
contagion
JEL:O11
O47
P27
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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