The speed of adjustment and the sequencing of economic reforms: Issues and guidelines for policymakers
AbstractPurpose – 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Emerald Group Publishing in its journal International Journal of Social Economics.
Volume (Year): 32 (2005)
Issue (Month): 9 (September)
Contact details of provider:
Web page: http://www.emeraldinsight.com
Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Jens R. Clausen & Sharmini Coorey & Bakar Ould-Abdallah & SÃ²nia MuÃ±oz & Norbert Funke, 2007. "Lessons from High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe," IMF Working Papers 07/99, International Monetary Fund.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jade Turvey).
If references are entirely missing, you can add them using this form.