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Assessing Economic Liberalization Episodes: A Synthetic Control Approach

Author

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  • Andreas Billmeier

    (Ziff Brothers Investments)

  • Tommaso Nannicini

    (Bocconi University, IGIER, and IZA)

Abstract

We use a transparent statistical methodology for data-driven case studies–the synthetic control method–to investigate the impact of economic liberalization on real GDP per capita in a worldwide sample of countries. Economic liberalization is measured by a widely used indicator that captures the scope of the market in the economy. The methodology compares the postliberalization GDP trajectory of treated economies with the trajectory of a combination of similar but untreated economies. We find that liberalizing the economy had a positive effect in most regions, but more recent liberalizations, in the 1990s and mainly in Africa, had no significant impact. © 2013 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Suggested Citation

  • Andreas Billmeier & Tommaso Nannicini, 2013. "Assessing Economic Liberalization Episodes: A Synthetic Control Approach," The Review of Economics and Statistics, MIT Press, vol. 95(3), pages 983-1001, July.
    • Handle: RePEc:tpr:restat:v:95:y:2013:i:3:p:983-1001
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    Keywords

    economic liberalization;

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