By Mark McGillivray, Oliver Morrissey
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Additional resources for Evaluating Economic Liberalization: Case-Studies in Economic Development
Assuming the sensitivity effect is confined to x~, equation (2. 7a) whereAl,t-j andA2,t-j are the size and sensitivity dummies, respectively, laggedj periods. Note thatj can be set to zero. 7) in the pre-liberalization programme years. Here we have assumed the size and sensitivity effects to be permanent. 3. 3 does, however, point to a problem with simultaneously modelling for the size and sensitivity effects. The size effect is given by the vertical distance between points a and b. 'ix, Mark McGillivray 47 the regression line (due to the sensitivity effect), the value of fh understates the magnitude of the size effect.
But this cure could be worse than the disease. That is, if both effects have actually occurred, then they ought both be included in the regression equation to minimize specification bias. Greenaway and Sapsford (1994a) modelled GDP growth in 12 countries over periods dating from the late 1950s to middle 1980s. L is a residual term. a 0 is a constant and a1, az and a3 are regression coefficients. 8) with a series of binary dummies. The interest in this study is its concern with modelling the effects of up to three separate liberalizations.
Indeed, this also seemed the case with investment and inflation, "'+ 13. 2 Size Effect of Adjustment Mark McGillivray 43 but not with current account performance. In the latter case, adjustment seemed to have a beneficial impact. The World Bank (1990) also gauges the impact of a programme through the use of an intercept dummy. But it differs from the Faini et a/. approach in two respects, as will soon become clear. 7) where Yi is a macroeconomic performance variable, Xi is a vector of variables representing macroeconomic policies that would be expected in the absence of a liberalization (in this case World Bank adjustment) programme, W is a vector of variables representing the external economic environment, di is a binary dummy taking the value of one if country i has a Bank-supported programme or zero if otherwise, wand a are vectors of parameters, B is a parameter and ei is an error term.