Policies in Hard Times
Assessing the Impact of Financial Crises on Structural Reforms
Bibliographic Data
| ID | 9949862 |
|---|---|
| Authors | Gunes Gokmen (Lund University), Tommaso Nannicini (0000-0002-9400-7494, Bocconi University and IGIER, Italy, corresponding author), Massimiliano Gaetano Onorato (0000-0002-4574-5853, University of Bologna), Chris Papageorgiou (0000-0003-2660-8869, IMF, USA) |
| Year | 2021 |
| Volume | 131 |
| Issue | 638 |
| Pages | 2529-2552 |
| Publication date | 2021-03-10 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1093/ej/ueab017 |
| OpenAlex | W3137517354 |
| Language | EN |
| Citations received | 1 |
| References cited | 40 |
It is argued that crises open up a window of opportunity to implement policies that otherwise would not have the necessary political backing. We show that not only is the crises–reforms nexus unfounded in the data, but rather crises are associated with a reversal of liberalisation interventions depending on the institutional environment. We find that, in democratic countries, crises occurrences have no significant impact on liberalisation measures. On the contrary, after a crisis, autocracies reduce liberalisation in multiple economic sectors, which we interpret as the fear of regime change leading non-democratic rulers to please vested economic interests
Autocracy · Conditionality · Democracy · Development economics · Economic policy · Economic reform · Economics · International economics · Liberalization · Market economy · Nexus (standard · Political science · Politics · Structural adjustment · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Social Policy and Reform Studies
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| Citations per year | 1 |
|---|---|
| Citation span | 2025 - 2025 (1) |
| Highly cited | No |