Publication:
Regulation and Macroeconomic Performance

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dc.contributor.authorLoayza, Norman V.
dc.contributor.authorOviedo, Ana Maria
dc.contributor.authorServén, Luis
dc.date.accessioned2012-06-25T17:41:20Z
dc.date.available2012-06-25T17:41:20Z
dc.date.issued2004-09
dc.description.abstractRegulation is purportedly enacted to serve specific social purposes. In reality, however, it follows a more complex political economy process, where legitimate social goals are mixed with the objectives of particular interest groups. Whatever its justification and objectives, regulation can have potentially significant macroeconomic consequences, by helping or hampering the dynamics of economic restructuring and resource reallocation that underlie the growth process. This paper provides an empirical analysis of the macroeconomic impact of regulation. It first characterizes the stylized facts on regulation across the world, using a set of newly constructed, comprehensive indicators of regulation in a large number of countries in the 1990s. Using these indicators, the paper studies the effects of regulation on economic growth and macroeconomic volatility employing cross-country regression analysis. In particular, the paper considers whether the effects of regulation are affected by the country's level of institutional development. Finally, the analysis controls for the likely endogeneity of regulation with respect to macroeconomic performance. The paper concludes that a heavier regulatory burden reduces growth and increases volatility, although these effects are smaller the higher the quality of the overall institutional framework.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/01/5585965/regulation-macroeconomic-performance
dc.identifier.doi10.1596/1813-9450-3469
dc.identifier.urihttps://hdl.handle.net/10986/8953
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3469
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADMINISTRATIVE PROCEDURES
dc.subjectBANKRUPTCY
dc.subjectBANKRUPTCY PROCESS
dc.subjectBUSINESS CONDITIONS
dc.subjectBUSINESS CYCLES
dc.subjectBUSINESS ENVIRONMENT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL MARKETS
dc.subjectCIVIL CONFLICT
dc.subjectCONTRACT ENFORCEMENT
dc.subjectCORPORATE TAX
dc.subjectDEREGULATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC IMPACT
dc.subjectEMPIRICAL ANALYSIS
dc.subjectEMPIRICAL EVIDENCE
dc.subjectEMPIRICAL STUDIES
dc.subjectEMPLOYMENT
dc.subjectENDOGENEITY
dc.subjectENVIRONMENTAL CONSERVATION
dc.subjectENVIRONMENTAL REGULATIONS
dc.subjectEXCHANGE RATE
dc.subjectEXPERIMENTS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL REGULATION
dc.subjectHUMAN CAPITAL
dc.subjectINCOME
dc.subjectINNOVATION
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL FRAMEWORK
dc.subjectINTEREST RATE
dc.subjectINVESTMENT CLIMATE
dc.subjectLABOR FORCE
dc.subjectLABOR MARKETS
dc.subjectLATIN AMERICAN
dc.subjectLAWS
dc.subjectLICENSES
dc.subjectMACROECONOMIC PERFORMANCE
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMICS
dc.subjectMARKET COMPETITION
dc.subjectMARKET ECONOMIES
dc.subjectMARKET FAILURES
dc.subjectMULTIPLE REGRESSION ANALYSIS
dc.subjectNEGATIVE EFFECTS
dc.subjectPOLICY MAKERS
dc.subjectPOLITICAL ECONOMY
dc.subjectPRIVATE INVESTMENT
dc.subjectPRODUCERS
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROXY
dc.subjectPUBLIC INFRASTRUCTURE
dc.subjectPUBLIC SECTOR
dc.subjectREGULATORY BURDEN
dc.subjectREGULATORY FRAMEWORK
dc.subjectSAFETY
dc.subjectSECURITIES
dc.subjectSECURITIES MARKETS
dc.subjectSOCIAL WELFARE
dc.subjectSPILLOVERS
dc.subjectTAX RATES
dc.subjectTAXATION
dc.subjectTAXES
dc.subjectTERMS OF TRADE
dc.subjectTRADE
dc.subjectTRADE SHOCKS
dc.subjectUNEMPLOYMENT
dc.titleRegulation and Macroeconomic Performanceen
dspace.entity.typePublication
okr.crossref.titleRegulation and Macroeconomic Performance
okr.date.doiregistration2025-04-10T09:48:33.408600Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2005/01/5585965/regulation-macroeconomic-performance
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.guid650621468762575815
okr.identifier.doi10.1596/1813-9450-3469
okr.identifier.externaldocumentum000090341_20050207082757
okr.identifier.internaldocumentum5585965
okr.identifier.reportWPS3469
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/02/07/000090341_20050207082757/Rendered/PDF/wps3469.pdfen
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicEnvironmental Economics and Policies
okr.topicPublic and Municipal Finance
okr.topicInternational Terrorism and Counterterrorism
okr.topicGovernance::National Governance
okr.topicPublic Sector Economics and Finance
okr.topicGovernance::Governance Indicators
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublication2c4139d2-7458-5296-9aea-6d3db3e1ae1e
relation.isAuthorOfPublication.latestForDiscovery2c4139d2-7458-5296-9aea-6d3db3e1ae1e
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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