Policy Reform and Institutional Uncertainty: The Case of Nicaragua
AbstractThis paper argues that an unpredictable regulatory environment can be a major obstacle to the success of policy reforms. The case of Nicaragua is emblematic of the failure of reform events in LDCs because the economy was successfully stabilized but investment is insufficient to achieve sustainable growth. The authors' diagnosis for this failure is the institutional instability caused by arbitrary government especially in the domain of property rights. Based on the responses to a questionnaire, they attempt to quantify the size of this problem. The survey results show that institutional instability in this country is very high, which leads to an overall reluctance to invest. Copyright 1995 by WWZ and Helbing & Lichtenhahn Verlag AG
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Kyklos.
Volume (Year): 48 (1995)
Issue (Month): 1 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0023-5962
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- Dijkstra, A. Geske, 1996. "The impact of structural adjustment programs on manufacturing: Lessons from Nicaragua," World Development, Elsevier, vol. 24(3), pages 535-547, March.
- Jennifer Tobin & Susan Rose-Ackerman, 2003. "Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties," William Davidson Institute Working Papers Series 587, William Davidson Institute at the University of Michigan.
- Brunetti, Aymo & Kisunko, Gregory & Weder, Beatrice, 1997. "Institutional obstacles to doing business : region-by-region results from a worldwide survey of the private sector," Policy Research Working Paper Series 1759, The World Bank.
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