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Product Market Regulation in Romania: A Comparison with OECD Countries - Part II

Author

Listed:
  • Fay, Marianne

    (Europe and Central Asia Region, The World Bank.)

  • De Rosa, Donato

    (Europe and Central Asia Region, The World Bank.)

  • Pauna, Catalin

    (Europe and Central Asia Region, The World Bank.)

Abstract

Less restrictive product market policies are crucial in promoting convergence to higher levels of GDP per capita. This paper benchmarks product market policies in Romania to those of OECD countries by estimating OECD indicators of Product Market Regulation (PMR). The PMR indicators allow a comprehensive mapping of policies affecting competition in product markets. Comparison with OECD countries reveals that Romania’s product market policies are less restrictive of competition than most direct comparators from the region and not far from the OECD average. Nonetheless, this achievement should be interpreted in light of the fact that PMR approach measures officially adopted policies. It does not capture implementation and enforcement, the area where future reform efforts should be directed if less restrictive policies are to have an effective impact on long-term growth prospects. Part II: Outward-oriented Policies with some suggestions for the next steps.

Suggested Citation

  • Fay, Marianne & De Rosa, Donato & Pauna, Catalin, 2008. "Product Market Regulation in Romania: A Comparison with OECD Countries - Part II," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 5(3), pages 5-29, September.
    • Handle: RePEc:rjr:romjef:v:5:y:2008:i:3:p:5-29
    as

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    File URL: http://www.ipe.ro/rjef/rjef3_08/rjef3_08_1.pdf
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    References listed on IDEAS

    as
    1. Giuseppe Nicoletti & Stefano Scarpetta, 2003. "Regulation, productivity and growth: OECD evidence [‘A model of growth through creative destruction’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 18(36), pages 9-72.
    2. Giuseppe Nicoletti & Stefano Scarpetta & Olivier Boylaud, 2000. "Summary Indicators of Product Market Regulation with an Extension to Employment Protection Legislation," OECD Economics Department Working Papers 226, OECD Publishing.
    3. World Bank, 2004. "Romania - Restructuring for EU Integration--The Policy Agenda : Country Economic Memorandum, Volume 1. Summary Report," World Bank Publications - Reports 15646, The World Bank Group.
    4. Paul Conway & Donato de Rosa & Giuseppe Nicoletti & Faye Steiner, 2006. "Regulation, Competition and Productivity Convergence," OECD Economics Department Working Papers 509, OECD Publishing.
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    Cited by:

    1. Vítor João Pereira Domingues Martinho, 2021. "Impact of Covid‐19 on the convergence of GDP per capita in OECD countries," Regional Science Policy & Practice, Wiley Blackwell, vol. 13(S1), pages 55-72, November.

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    More about this item

    Keywords

    regulation; product markets; administrative reforms; inward looking policies; outward looking policies;
    All these keywords.

    JEL classification:

    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation

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