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Mr. Antonio David, Mr. Takuji Komatsuzaki, and Samuel Pienknagura

broader sample of countries, some evidence that severe growth downturns are associated with subsequent reform upticks. These findings are broadly confirmed by Duval, Furceri and Miethe (2020) in a sample of Advanced Economies for product and labor market reforms using Bayesian model averaging techniques. They find evidence to support the hypothesis that economic crises induce reforms and also conclude that there is reform convergence (countries with tighter regulation are more prone to liberalize). Reforms are also more likely when other countries also undertake

Mr. Antonio David, Mr. Takuji Komatsuzaki, and Samuel Pienknagura
This paper estimates the macroeconomic effects of structural reforms in Latin America and the Caribbean (LAC) using the dataset constructed by Alesina et al. (2020). We find that large changes in the reform index have positive effects on GDP and employment that reach 2 percent after 5 years. Furthermore, reforms boost investment, exports, imports, and reduce export concentration, in addition to favoring tradable sectors. Nonetheless, the results also indicate that the effects of reforms have not been uniform across different segments of the population. These findings bring to the forefront the need to consider accompanying policies to ensure that reforms promote inclusive growth. Moreover, evidence from country case studies using the synthetic control method point to heterogeneous effects of reforms on income per capita.
Mr. James Roaf, Mr. Ruben V Atoyan, Mr. Bikas Joshi, and Mr. Krzysztof Krogulski

declines during the crisis. Domestic demand-driven slower growth : Most Southeastern Europe countries had a late start in transition due to political turmoil. The region received significant FDI as well as cross-border flows. But these were mostly concentrated in the non-tradable sector, partly due to lagging reforms. Convergence since the financial crisis has essentially stopped in these countries. Tradedirections in CEE region, 2013 Source: IMF, Directions of Trade; WEO. Countries vary strongly in their degrees of export orientation, only partly

International Monetary Fund. African Dept.

and Fostering Inclusion E. Structural Reforms: Converging Toward Best Reforms PROGRAM MODALITIES STAFF APPRAISAL BOXES 1. Revenue Mobilization Measures 2. Pros and Cons of PPPs FIGURES 1. Economic Growth and Human Development, 1965–2016 2. Recent Economic Developments, 2013–16 3. Medium Term Outlook, 2013–20 4. Fiscal Developments and Projections, 2012–19 5. JP Morgan EMBIG Spread TABLES 1. Selected Economic Indicators, 2013–20 2. Balance of Payments, 2013–20 3a. Fiscal Operations of the Central Government, 2013

International Monetary Fund

political economy urgency for reforms. Convergence in Current Primary Spending, EU-11 Conditional Convergence in Current Primary Spending, EU-11 19. A cross-country perspective points to the importance of several factors in assessing actual or potential drivers of primary current spending in Italy. This spending broadly followed that of other high-debt countries such as Greece and Belgium, where it also increased by about 3 percentage points of GDP since 1995. This was in line with the convergence pattern, which may at least partly be related to the

International Monetary Fund

I. E conomic B ackground 1.Slovenia is among the most successful transition economies of central and eastern Europe. It has a stable macroeconomic environment ( Figure 1 ), the highest per capita income and investment rating in emerging Europe, and is well advanced in its membership negotiations with the EU. The Commission’s last Regular Report concluded that Slovenia has a functioning market economy and should be able to deal with competitive pressures in the EU in the medium term, provided it completes remaining reforms. Convergence

Mr. Jeffrey R. Franks, Ms. Bergljot B Barkbu, Mr. Rodolphe Blavy, William Oman, and Hanni Schoelermann

.95 0.56 -2.93 Appendix Figure 1. Financial Cycles Appendix Figure 2. Capital Flows Appendix Figure 3. Credit to the Private Non-Financial Sector Appendix Figure 4. Credit Growth and Current Account Balances Appendix Figure 5. Structural Reform Convergence References Adler , G. , R. A. Duval , D. Furceri , S. Kiliç Çelik , K. Koloskova , and M. Poplawski-Ribeiro ( 2017 ), “ Gone with the Headwinds: Global Productivity, ” IMF Staff Discussion Note , No. 17/04 , dated April

International Monetary Fund
The Republic of Slovenia, being the most successful transition economy in Central and Eastern Europe, has achieved significant economic convergence with the European Union, and has built up an impressive record of sustained, broad-based growth, reflecting strong competitiveness and investment. However, Executive Directors emphasized the need to maintain strong monetary and fiscal policies, and accelerate structural reforms. They commended the comprehensive action plan prepared by the authorities to strengthen prudential standards, improve liquidity management, and deepen the money market.
Mr. Jeffrey R. Franks, Ms. Bergljot B Barkbu, Mr. Rodolphe Blavy, William Oman, and Hanni Schoelermann
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.