Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/210432 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Working Paper No. 877
Verlag: 
Queen Mary University of London, School of Economics and Finance, London
Zusammenfassung: 
Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross-country panel data set on reforms in six major areas and measuring economic uncertainty with stock market volatility. To address endogeneity concerns, we propose various identification strategies, instrumenting uncertainty with world shocks to volatility and with natural disasters, political coups and revolutions. Across all specifications, we find that uncertainty has a positive and significant effect on the adoption of reforms. This result is robust to the inclusion of a large number of controls, such as political variables, economic variables, crisis indicators, and a host of country, reform and time fixed effects.
Schlagwörter: 
Reforms
Uncertainty
JEL: 
E02
E60
L51
Dokumentart: 
Working Paper

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