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동의어 포함
Title page 1
Contents 1
Abstract 2
Non-technical summary 3
1. Introduction 4
2. Literature overview 6
3. Empirical approach 8
3.1. Data 8
3.2. Methodology 11
4. Results and interpretation 15
4.1. Baseline results 15
4.2. Preconditions for effective reforms 17
5. Robustness checks 24
6. Conclusion 26
References 28
A. Appendix 33
Acknowledgements 40
Figure 1. (Log) real investment in advanced economies 4
Figure 2. Major structural reforms by policy area 9
Figure 3. Major structural reforms by country and policy area 10
Figure 4. Impact of structural reforms on investment (baseline results) 16
Figure 5. The impact of product and labour market reforms on private investment depending on the rule of law 19
Figure 6. The impact of product and labour market reforms on private investment depending on private credit-to-GDP ratio 20
Figure 7. The impact of product and labour market reforms on private investment depending on stock market capitalisation-to-GDP ratio 21
Figure 8. The impact of product and labour market reforms on private investment depending on bank credit-to-deposit ratio 23
Figure 9. Robustness check: compositional effects in baseline specification 24
Figure 10. Impact of counter reforms on investment 25
Figure 11. Real total, private and public investment (constant local currency units, billions) and reform events by country 33
Figure 12. Overlap of propensity scores for treatment and control group 37
Figure 13. Distribution of the coefficients of unconditional ATEs of placebo labour market reforms for private investment 38
Figure 14. Distribution of the coefficients of unconditional ATEs of placebo product market reforms for private investment 39
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