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Will Gradualism Work When Shock Therapy Doesn't?

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Abstract

When shock therapy is politically infeasible, will gradualism be feasible? Mussa (1986) conjectured, in the context of a neoclassical model of adjustment, that the answer was "yes". This paper takes up the Mussa conjecture by : (i) building a political economy model in which it makes sense; (ii) stating the relavant political economy constraint rigorously; and (iii) analyzing the question in the context of the model that Mussa had in mind.

Suggested Citation

  • Vivek H. Dehejia, 1995. "Will Gradualism Work When Shock Therapy Doesn't?," Carleton Economic Papers 95-08, Carleton University, Department of Economics.
    • Handle: RePEc:car:carecp:95-08
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    Cited by:

    1. Didier LAUSSEL & Philippe MICHEL & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model," Discussion Papers (REL - Recherches Economiques de Louvain) 2004023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    2. Digdowiseiso, Kumba, 2010. "The transition of China and Ussr: A political economy perspective," MPRA Paper 22561, University Library of Munich, Germany.
    3. Shubham Chaudhuri & John McLaren, 2007. "Some Simple Analytics of Trade and Labor Mobility," NBER Working Papers 13464, National Bureau of Economic Research, Inc.
    4. Dehejia, Vivek H., 2001. "Optimal restructuring under a political constraint," Journal of Economic Dynamics and Control, Elsevier, vol. 25(12), pages 1989-2006, December.
    5. repec:zbw:bofitp:2000_008 is not listed on IDEAS
    6. Stephen Cameron & Shubham Chaudhuri & John McLaren, 2007. "Trade Shocks and Labor Adjustment: Theory," NBER Working Papers 13463, National Bureau of Economic Research, Inc.
    7. Artuç, Erhan & Chaudhuri, Shubham & McLaren, John, 2008. "Delay and dynamics in labor market adjustment: Simulation results," Journal of International Economics, Elsevier, vol. 75(1), pages 1-13, May.
    8. Mathias Dewatripont & Gérard Roland, 1996. "Transition as a process of large‐scale institutional change," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 1-30, May.
    9. Shoya Ishimaru & Soo Hyun Oh & Seung-Gyu Sim, 2017. "Trade preferences and political equilibrium associated with trade liberalization," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 26(3), pages 361-384, April.
    10. Ichiro Iwasaki & Taku Suzuki, 2016. "Radicalism Versus Gradualism: An Analytical Survey Of The Transition Strategy Debate," Journal of Economic Surveys, Wiley Blackwell, vol. 30(4), pages 807-834, September.
    11. Didier Laussel & Philippe Michel & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model. Une approche par la méthode événementielle," Recherches économiques de Louvain, De Boeck Université, vol. 70(2), pages 169-192.
    12. James Dean & Vivek H. Dehejia & Elinor Johansen & Sarah Turney, 2004. "Optimal Globalization and National Welfare," Carleton Economic Papers 04-17, Carleton University, Department of Economics.
    13. Laurila, Juhani & Singh, Rupinder, 2000. "Sequential reform strategy : The case of Azerbaijan," BOFIT Discussion Papers 8/2000, Bank of Finland, Institute for Economies in Transition.

    More about this item

    Keywords

    gradualism; policy reform; shock terapy; structural adjustment;
    All these keywords.

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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