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Timing and Sequencing of Reforms: Competing Views and the Role of Credibility

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  • Funke, Norbert
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    Abstract

    Opposing recommendations with respect to key sequencing issues characterize the controversy between the advocates of the orthodox approach and the political economy approach. It is suggested that the concept of credibility provides a fruitful link between both categories of proposals. Historical lessons as well as the recent experience of developing countries and economies in transition support this view and help determine the proper reform sequence. Stressing the role of initial conditions, different sequencing tactics are recommended for developing countries and postsocialist economies. In particular, the optimal order of domestic financial market reform and privatization differs for both groups of countries. Copyright 1993 by WWZ and Helbing & Lichtenhahn Verlag AG

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Kyklos.

    Volume (Year): 46 (1993)
    Issue (Month): 3 ()
    Pages: 337-62

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    Handle: RePEc:bla:kyklos:v:46:y:1993:i:3:p:337-62

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    Cited by:
    1. Piazolo, Daniel, 1997. "Gaining credibility and enhancing economic growth through regional integration: The case for EU membership of Eastern Europe," Kiel Working Papers 837, Kiel Institute for the World Economy.
    2. Schweickert, Rainer, 2003. "Vom Washington-Konsens zum Post-Washington-Dissens? : Glaubwürdigkeit, Timing und Sequencing wirtschaftlicher Reformen," Open Access Publications from Kiel Institute for the World Economy 3082, Kiel Institute for the World Economy (IfW).
    3. Hemmer, Hans-Rimbert & Marienburg, Holger, 2000. "Ökonomische Strukturanpassungspolitik in Entwicklungsländern," Discussion Papers in Development Economics 29, Justus Liebig University Giessen, Institute for Development Economics.
    4. Kornai, János, 1996. "Négy jellegzetesség. A magyar fejlődés politikai gazdaságtani megközelítésben. Második rész
      [Four characteristic features. Development in Hungary from the aspect of political economy - II
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-29.
    5. Edwards, Sebastian, 2009. "Sequencing of reforms, financial globalization, and macroeconomic vulnerability," Journal of the Japanese and International Economies, Elsevier, vol. 23(2), pages 131-148, June.
    6. Alshyab, Nooh, 2013. "The Political Economy of Reform and Development of the Washington Consensus," MPRA Paper 46014, University Library of Munich, Germany.
    7. Raiser, Martin & Nunnenkamp, Peter, 1993. "Output decline and recovery in Central Europe: the role of incentives before, during and after privatisation," Kiel Working Papers 601, Kiel Institute for the World Economy.
    8. Raiser, Martin, 1994. "Lessons for whom, from whom? The transition from socialism in China and Central Eastern Europe compared," Kiel Working Papers 630, Kiel Institute for the World Economy.
    9. Bhattacharya, Rina, 1997. "Pace, sequencing and credibility of structural reforms," World Development, Elsevier, vol. 25(7), pages 1045-1061, July.
    10. Juan Zalduendo, 2005. "Pace and Sequencing of Economic Policies," IMF Working Papers 05/118, International Monetary Fund.
    11. Andrew Feltenstein & Saleh M. Nsouli, 2001. "Big Bang Versus Gradualism in Economic Reforms," IMF Working Papers 01/98, International Monetary Fund.
    12. Jochem, Axel, 2000. "Timing and sequenzing der monetären Integration," Working Papers in Economics 2000,2, Universität der Bundeswehr München, Economic Research Group.

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