The policy of economic reforms in India was started in July, 1991 and has entered in 25th year.
Hello dear, Before i answer the question i just make mention few of them:
-The most common is GDP grow, does mean wealth for all people.
-The unemployment rate is used for political purpose but most accurate is the employment rate.
- The inflation base in gold price o or MAC index price, so on.
For me is employment rate base the employee can save it(bottom line). Why? Because if them can save it, they can spend in goods and services as well invest.
Good morning;
I understand as "parameters" the so called explanatory variables (right hand side of the equation). Here, the main criteria is to avoid endogeneity, id est, avoid using as control variable something which is actually a result of the reform process. For example, using trade/GDP ratio as a proxy for trade reform and use it as control variable to "explain" GDP growth is to be avoided. When I did (long time ago) a similar work on Latin America, we first devised a series of reform indices which were based on legal or institutional changes (e.g., level and variance of tariffs, as a proxy for trade reform; average and marginal rate of income taxes for fiscal reform, etc...) then applied those results to economic growth. Today, it is possible to find ready-made indices of reform (ie.g., transparency indices, competitiveness indices, etc..)
As far as the variable to be analysed,
- on ultimate objectives: per capita income is a clear candidate, income distribution an other one. A welfare approach may consider the UNDP's Human Development Index.
- on proximate objectives: Macro stability (inflation, balance of payment deficit, fiscal balance, employment)
Good luck
Hubert
An important factor to keep in mind is which reforms are we referring to, and what did the reform set as its goals and targets. Selecting parameters which are general in nature may defeat the purpose of analyzing the outcomes of the reform process. India has gone through several phases of economic reforms, so my suggestion would be to first select which phases of reform you would like to concentrate on, the goals and objectives set in that phase, and then identify suitable outcome indicators/variables which you may use in your analysis.
All the best.
what kind of effect are you measuring? are you measuring economic growth and monetary measures like GDP per capita, inflation, unemployment. Or you are interested in human welfare measures, that are related to non-monetary measures like education, health, inequality. Clarifying this form the very Begining will help to submit focused answers
Yes I do agree with Sherif. It depends on what reforms are being undertaken. If it is tax reforms, for example, then there must be some specific objectives and performance indicators related to the reforms initiated such as reducing the rate of corporate tax. Then if this reduction is targeted to attract foreign investors the most likely indicator would be the amount of FDI received and in which sectors of the economy, after the tax reduction is being implemented. This is not an easy task to monitor and quantify as outcome may come from different sources of reforms, especially if they are implemented at the same time.
Dear @Dr Vinay, this papers must be helpful.
Impact of Economic Reforms on Economic Issues-A Study of Ethiopia
The Measurements and Determinants of Institutional Change: Evidence from
Transition Economies!
http://www.academia.edu/4919600/Impact_of_Economic_Reforms_on_Economic_Issues-A_Study_of_Ethiopia
http://www.ebrd.com/downloads/research/economics/workingpapers/wp0060.pdf