ABSTRACT
The relationship between institutional reforms and economic performance is now the subject of several studies that analyse empirically (Djankov et al. 2006) or theoretically (Antunes et al. 2008) the impact of reforms on the indicators of economic performance of countries, especially on their private sector. Often defined as all private enterprises, whose capital is majority-owned by private individuals or private companies, the private sector is a powerful driver of economic growth. It is also understood through indicators such as the share of private sector investment in gross domestic product (GDP), changes in foreign direct investment (FDI), manufacturing exports and the evolution of domestic credit to private sector (Ruhashyankiko and Yehoue 2006). Other studies incorporate into the private sector analysis, entrepreneurship, the creation of smalland medium-sized enterprises (SMEs) and the informal sector.
