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"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China

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  • Andrew Feltenstein

    (International Monetary Fund)

  • Saleh M. Nsouli

    (International Monetary Fund)

Abstract

This paper analyzes issues concerning the speed of adjustment and sequencing of reforms in a transition economy. It presents a dynamic general equilibrium model parameterized with Chinese data. The model is used to generate different policy simulations that highlight the importance of the policy instruments used during the transition period. The simulations consider privatization, tariff reform, and devaluation, as well as alternative speeds of introducing these policies. They show that different speeds of adjustment, as well as sequencing of reforms, will have very different implications for macroeconomic aggregates. Copyright 2003, International Monetary Fund

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 50 (2003)
Issue (Month): 3 ()
Pages: 6

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Handle: RePEc:pal:imfstp:v:50:y:2003:i:3:p:6

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Cited by:
  1. Céline Rochon & Andrew Feltenstein, 2006. "Can Good Events Lead to Bad Outcomes? Endogenous Banking Crises and Fiscal Policy Responses," IMF Working Papers 06/263, International Monetary Fund.
  2. Feltenstein, Andrew & Rochon, Céline & Shamloo, Maral, 2010. "High growth and low consumption in East Asia: How to improve welfare while avoiding financial failures," Journal of Development Economics, Elsevier, vol. 91(1), pages 25-36, January.
  3. Céline Rochon & Andrew Feltenstein & Maral Shamloo, 2007. "High Growth and Low Consumption in East Asia," IMF Working Papers 07/278, International Monetary Fund.

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