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The speed of adjustment and the sequencing of economic reforms: Issues and guidelines for policymakers

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  • Saleh M. Nsouli
  • Mounir Rached
  • Norbert Funke
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    Abstract

    Purpose – The purpose of the paper is to review the issues involved in determining the appropriate speed of adjustment and the sequencing of economic reforms, and to develop a checklist of key guidelines for policymakers as a basis for their decision-making process. Design/methodology/approach – The paper develops a conceptual framework based on a survey of the theoretical and empirical literature, and the practical experience of the authors in this area. Findings – The analysis in the paper shows that the optimal speed and sequence of reforms is country-specific. But key policy considerations can help guide policymakers in the design of their reform strategy. Practical implications – The arguments favoring a shock approach or a gradual approach are not absolute. Each country has to choose the proper speed of adjustment and sequencing of reforms by examining country-specific factors. A thorough case-by-case analysis is needed before a decision on the appropriate timing and sequencing of reforms can be made. Originality/value – The analysis in the paper leads to key reform guidelines for policymakers – covering areas such as prerequisites and resource constraints, political economy considerations, credibility and sustainability of reforms – that are instrumental in developing a well-sequenced strategy.

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    Bibliographic Info

    Article provided by Emerald Group Publishing in its journal International Journal of Social Economics.

    Volume (Year): 32 (2005)
    Issue (Month): 9 (September)
    Pages: 740-766

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    Handle: RePEc:eme:ijsepp:v:32:y:2005:i:9:p:740-766

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    Related research

    Keywords: Applied economics; Economic policy; Economic reform;

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    Cited by:
    1. Jens R. Clausen & Sharmini Coorey & Bakar Ould-Abdallah & Sònia Muñoz & Norbert Funke, 2007. "Lessons From High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe," IMF Working Papers 07/99, International Monetary Fund.
    2. DELL'ANNO, Roberto & VILLA, Stefania, 2012. "Growth in Transition Countries: Big Bang versus Gradualism," CELPE Discussion Papers 122, CELPE - Centre of Labour Economics and Economic Policy, University of Salerno, Italy.

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