On the Measurement of Market-Oriented Reforms

66 Pages Posted: 20 Apr 2016

See all articles by Norman Loayza

Norman Loayza

World Bank - Research Department

Raimundo Soto

Pontifical Catholic University of Chile - Institute of Economics

Date Written: December 2003

Abstract

Loayza and Soto present policy and outcome-based ways of measuring the progress of market-oriented reforms in both traditional areas of first-generation reform and the areas of institutional reform that have been emphasized lately. These policy areas are the domestic financial system, international financial markets, international trade, the labor market, the tax system, public infrastructure and public firms, the legal and regulatory framework, and governance. For each of them, the authors first discuss the general principles underlying market-oriented reform. Second, they present various indicators of the policy stance in the area in question. And third, they present various outcome indicators of the policy stance.

This paper - a product of Investment Climate Team, Development Research Group - is part of a larger effort in the group to understand the process of economic reform.

Suggested Citation

Loayza, Norman and Soto, Raimundo, On the Measurement of Market-Oriented Reforms (December 2003). World Bank Policy Research Working Paper No. 3371. Available at SSRN: https://ssrn.com/abstract=625248

Norman Loayza (Contact Author)

World Bank - Research Department ( email )

1818 H Street, N.W.
Washington, DC 20433
United States

Raimundo Soto

Pontifical Catholic University of Chile - Institute of Economics ( email )

Casilla 76
Correo 17
Santiago
Chile

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