02205cas a2200265 a 4500 AALejournalIMF018408 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484353639 1018-5941 BD-DhAAL BD-DhAAL Duval, Romain. The Needle in the Haystack : What Drives Labor and Product Market Reforms in Advanced Countries? / Romain Duval, Davide Furceri, Jakob Miethe. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (59 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The political economy literature has put forward a multitude of hypotheses regarding the drivers of structural reforms, but few, if any, empirically robust findings have emerged thus far. To make progress, we draw a parallel with model uncertainty in the growth literature and provide a new version of the Bayesian averaging of maximum likelihood estimates (BAMLE) technique tailored to binary logit models. Relying on a new database of major past labor and product market reforms in advanced countries, we test a large set of variables for robust correlation with reform in each area. We find widespread support for the crisis-induces-reform hypothesis. Outside pressure increases the likelihood of reform in certain areas: reforms are more likely when other countries also undertake them and when there is formal pressure to implement them. Other robust correlates are more specific to certain areas-for example, international pressure and political factors are most relevant for product market and job protection reforms, respectively. Mode of access: Internet Furceri, Davide. Miethe, Jakob. IMF Working Papers; Working Paper ; No. 2018/101 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/101/001.2018.issue-101-en.xml IMF e-Library