Measuring the Impact of Rgulations on Firms测量规范对企业的影响.pptVIP

Measuring the Impact of Rgulations on Firms测量规范对企业的影响.ppt

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Measuring the Impact of Rgulations on Firms测量规范对企业的影响

Measuring the Impact of Regulations on Firms Why Measure? Regulations address important information and other market failures, but they may impose large costs in society. Need to get a sense of costs and benefits of regulations Overregulation has been a norm in many countries. Drive to deregulate How much is gained by deregulation? How to measure? Assume we are ultimately interested in jobs, quality of jobs or wages created by a change in business licensing procedures: It is not enough to report the number of firms created, the employment generated or the wages in those firms relative to before the law; WHY? Not necessarily new effects, jobs, investment, etc, some of that already occurred in the informal sector. Need to measure INCREMENTAL EFFECTS. Other changes may have occurred in the same period (economic activity) which we need to account for. Need to construct a COUNTERFACTUAL This presentation Quick overview of methods to measure impact of regulations on firm outcomes. Discussion of benefits and costs of each method and when is best to use each. A hard problem that requires creative solutions Regulations tend to apply to a large territory: exceptions federal or very decentralized states Regulations change infrequently Regulations may change as a response of poor outcomes: For example, as a response to increasing informality, reduced firms’ profits or lower employment creation Little variation+possible reverse causality problems. Solution #1: Using Cross-Country variation Exploits cross country variation; Djankov et al (2002); Botero et al (2004) Use cross country + time variation; Besley and Burgess (2004); Heckman and Pages (2004); Use cross country + sector variation: Klapper, Laeven, and Rajan (2004); Micco and Pages (2006); Solution #2: Within Country Variation (I) Building measures of regulations at the local/state or firm level, and possibly over time, and relate them to outcomes; This measures tend to be de facto (rather than de jure); It

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