Economic uncertainty and structural reforms: Evidence from stock market volatility
经济不确定性与结构改革：来自股票市场波动的证据
Does economic uncertainty promote the implementation of structural reforms? We answer this question using one of the most exhaustive cross‐country panel data sets on reforms in six major areas and measuring economic uncertainty with stock market volatility. To identify causality, we exploit exogenous differential variation in countries' exposure to foreign volatility shocks due to predetermined and time‐invariant bilateral characteristics. Across all specifications, we find…