Recent research convincingly shows that crises beget reform. Although the consensus is that economic crises foster … macroeconomic stabilization, it is silent on which types of crises cause which types of reform. Is it economic or political crises … interdependencies between the two types of crises, feedbacks between the two types of reform, the use of alternative measures of …

are unsure about whether a proposed reform will work, it will be less likely to be adopted. Despite the numerous benefits … effects of reform on growth) and show that approximately one third of these coefficients is positive and significant, another … understand this remarkable variation, we find that the measurement of reform and controlling for institutions and initial …