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The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policymakers

Author

Listed:
  • Mr. Saleh M. Nsouli
  • Mr. Mounir Rached
  • Mr. Norbert Funke

Abstract

This paper reviews the issues involved in determining the appropriate speed of adjustment and the sequencing of economic reforms, focusing on considerations relevant to policymakers. It points out that the debate between the protagonists of a high-speed approach and those favoring a gradualist approach is based primarily on the weights given to adjustment costs, policy credibility, reform feasibility, and risk assessment. It underscores the importance of appropriate sequencing and the impact of sequencing on the speed of adjustment and reforms. The paper concludes by highlighting factors that policymakers should consider when selecting their approach toward speed and sequencing.

Suggested Citation

  • Mr. Saleh M. Nsouli & Mr. Mounir Rached & Mr. Norbert Funke, 2002. "The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policymakers," IMF Working Papers 2002/132, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2002/132
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    Citations

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    Cited by:

    1. Michele Peruzzi & Alessio Terzi, 2018. "Growth Accelerations Strategies," CID Working Papers 91a, Center for International Development at Harvard University.
    2. Karsten Staehr, 2005. "Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 2(2), pages 177-202, December.
    3. repec:zbw:bofitp:2003_001 is not listed on IDEAS
    4. Rolando H. Castañeda, 2005. "Key Lessons Learned from the Transition to a Market Economy in Asia, Europe, and Latin America Over the Last 15 Years:Application to Cuba," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 15.
    5. Schweickert, Rainer & Thiele, Rainer, 2004. "From Washington to post-Washington? Consensus policies and divergent developments in Latin America and Asia," Kiel Discussion Papers 408, Kiel Institute for the World Economy (IfW Kiel).
    6. Bagdadioglu, Necmiddin & Cetinkaya, Murat, 2010. "Sequencing in telecommunications reform: A review of the Turkish case," Telecommunications Policy, Elsevier, vol. 34(11), pages 726-735, December.
    7. Michaela Dodini & Marco Fantini, 2006. "The EU Neighbourhood Policy: Implications for Economic Growth and Stability," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 507-532, September.
    8. Schweickert, Rainer, 2003. "Vom Washington-Konsens zum Post-Washington-Dissens? Glaubwürdigkeit, Timing und Sequencing wirtschaftlicher Reformen," Open Access Publications from Kiel Institute for the World Economy 3082, Kiel Institute for the World Economy (IfW Kiel).
    9. Teodor Lucian Moga & Alexandru Cristian Fotea, 2012. "Enhancing Regional Integration Through Commercial Ties In The Eastern Neighbourhood Of The Eu," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(1), pages 76-87, March.
    10. Mr. Juan Zalduendo, 2005. "Pace and Sequencing of Economic Policies," IMF Working Papers 2005/118, International Monetary Fund.
    11. Nawaz A. Hakro & Wadho Waqar Ahmed, 2006. "IMF Stabilization Programs, Policy Conduct and Macroeconomic Outcomes: A Case Study of Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 11(1), pages 35-62, Jan-Jun.
    12. Bilin Neyapti, 2010. "Macroeconomic Institutions and Development," Books, Edward Elgar Publishing, number 12960.
    13. Peruzzi, Michele & Terzi, Alessio, 2021. "Accelerating Economic Growth: The Science beneath the Art," Economic Modelling, Elsevier, vol. 103(C).
    14. Masahiro Kawai & Shinji Takagi, 2010. "A Survey of the Literature on Managing Capital Inflows," Chapters, in: Masahiro Kawai & Mario B. Lamberte (ed.), Managing Capital Flows, chapter 2, Edward Elgar Publishing.
    15. repec:jes:wpaper:y:2012:v:4:p:76-87 is not listed on IDEAS
    16. Malgorzata Jakubiak & Anna Kolesnichenko & Wojciech Paczynski & John Roberts & Sinan Ülgen, 2007. "The New EU Frontier: Perspectives on Enhanced Economic Integration," CASE Network Reports 0071, CASE-Center for Social and Economic Research.
    17. Hoe Ee Khor & Jason Lee & Edward Robinson & Saktiandi Supaat, 2007. "Managed Float Exchange Rate System: The Singapore Experience," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 52(01), pages 7-25.
    18. Tolga Aksoy, 2016. "The Political Economy Of Structural Reforms," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 5(1), pages 25-69, January.
    19. Karsten Staehr, 2005. "Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 2(2), pages 177-202, December.

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