Loayza, Norman V.Soto, Raimundo2013-06-252013-06-252003-12https://hdl.handle.net/10986/14160This paper presents 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, first, we discuss the general principles underlying market-oriented reform; second, we present various indicators of the policy stance in the area in question; and third, we present various outcome indicators of the policy stance.en-USCC BY 3.0 IGOACCOUNTINGADVERSE SELECTIONAGGREGATE CONSUMPTIONAGRICULTUREANTI-COMPETITIVE PRACTICESARBITRAGEASSET PRICESASSETSAVERAGE TARIFFAVERAGE TARIFFSBALANCE OF PAYMENTSBANK RUNSBANKRUPTCYBANKRUPTCY LAWBENCHMARKBONDSCAPITAL ACCOUNTCAPITAL FLIGHTCAPITAL FLOWSCAPITAL MARKETCAPITAL MARKETSCAPITALIZATIONCENTRAL BANKCENTRAL BANKSCLOSED ECONOMIESCOMMERCIAL BANKSCOMMERCIAL CREDITSCOMPARATIVE ADVANTAGECOMPARATIVE ADVANTAGESCONSUMERSCONTAGIONCORPORATE CONTROLCOST OF CAPITALCURRENCYCURRENT ACCOUNTCUSTOMS FEESDEBTDEMAND DEPOSITSDEREGULATIONDEVELOPMENT BANKSDISCLOSURE OF INFORMATIONDISEQUILIBRIUMDOMESTIC INDUSTRYDOMESTIC MARKETDOMESTIC PRODUCERSDOMESTIC PRODUCTIONECONOMIC ACTIVITYECONOMIC DEVELOPMENTECONOMIC EFFICIENCYECONOMIC GROWTHECONOMIES OF SCALEEMPIRICAL EVIDENCEEMPLOYMENTEQUITY INVESTMENTSEXCESS DEMANDEXCHANGE RATEEXCHANGE RATESEXPORTERSEXPORTSEXTERNAL SHOCKSEXTERNAL TRADEFINANCIAL ASSETSFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DEREGULATIONFINANCIAL INSTITUTIONSFINANCIAL INTEGRATIONFINANCIAL INTERNATIONALIZATIONFINANCIAL MARKETSFINANCIAL REFORMFINANCIAL REGULATIONFINANCIAL RESOURCESFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL SYSTEMSFINANCIAL TRANSACTIONSFISCAL POLICIESFISHINGFORECASTSFOREIGN ASSETSFOREIGN BANKSFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN FIRMSFOREIGN INVESTMENTFREE ACCESSFREE TRADEGDPGLOBALIZATIONGLOBALIZATION OF FINANCIAL MARKETSGOVERNMENT INTERVENTIONGRAVITY MODELGROWTH MODELSIMPORT DUTIESIMPORTSINCOMPLETE MARKETSINFLATIONINSURANCEINSURANCE MARKETSINTEREST RATEINTEREST RATESINTERNATIONAL FINANCIAL INTEGRATIONINTERNATIONAL MARKETSINTERNATIONAL TRADELEADING INDICATORSLENDING RATESLIQUIDATIONM2MACROECONOMIC BALANCEMACROECONOMIC POLICYMACROECONOMIC STABILITYMANDATESMARKET FAILURESMARKET SHAREMEASURE OF TRADEMONETARY AUTHORITIESMONETARY POLICYMONETARY REGIMEMONETARY STABILITYMORAL HAZARDNATURAL MONOPOLIESOVERVALUATIONOVERVALUED EXCHANGE RATESPOLICY INSTRUMENTSPOLITICAL ECONOMYPORTFOLIOSPOSITIVE EFFECTSPREFERENTIAL TREATMENTPRICE INFLATIONPRIVATE BANKSPRIVATE COMMERCIAL BANKSPRIVATIZATIONPRODUCERSPRODUCTIVITY GROWTHPROFIT MARGINSPROFITABILITYPRUDENTIAL REGULATIONSPUBLIC DEBTQUOTASREAL EXCHANGE RATEREAL GDPREGULATORY FRAMEWORKRESERVE REQUIREMENTSRISK PREMIARISK TAKINGSAVINGSSPECIALIZATIONSTATE BANKSSTATE INTERVENTIONSTOCK MARKETSSTRUCTURAL CHANGETARIFF BARRIERSTARIFF RATETARIFF RATESTAXATIONTOTAL FACTOR PRODUCTIVITYTRADE AGREEMENTTRADE AGREEMENTSTRADE FLOWSTRADE INTENSITYTRADE LIBERALIZATIONTRADE OPENINGTRADE OPENNESSTRADE PARTNERSTRADE POLICYTRADE REFORMTRADE REFORMSTRANSPARENCYTRANSPORTTRANSPORT COSTSUNIFORM TARIFFSVALUE OF IMPORTSWEALTHWORLD TRADE ORGANIZATIONAL CHANGEDOMESTIC FINANCEGOVERNANCEINFRASTRUCTURELABOREMPLOYMENTMACROECONOMIC GROWTHPRIVATE SECTOR DEVELOPMENTPUBLIC SECTOR MANAGEMENTWorld Bank10.1596/1813-9450-3371