Un grand nombre de pays de l'OCDE et de pays en développement se sont lancés dans des réformes structurelles destinées à démanteler les réglementations et à réduire les distorsions qui affectent certains secteurs d'activité. Bien que très différents, ces deux groupes de pays se trouvent confrontés à un même problème, qui est celui du choix du calendrier et du rythme de mise en oeuvre de ces réformes. Le présent document commence par une analyse critique des études consacrées à ce sujet pour les pays en développement et en fait ressortir les points qui présentent un intérêt pour les pays de l'OCDE. Il présente ensuite un cadre formel, fondé sur un critère de bien-être, pour évaluer différents calendriers hypothétiques de mise en oeuvre des réformes. Ce cadre privilégie les effets micro-économiques ou l'efficience des politiques structurelles, une attention particulière étant accordée aux interactions intratemporelles et intertemporelles des distorsions. Il est ensuite utilisé pour ...

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On the Sequencing of Structural Reforms

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Sebastian Edwards ()

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Abstract

Both OECD and developing economies have embarked on structural reforms aimed at dismantling regulations and reducing the extent of distortions affecting different sectors of their economies. Regardless of the marked differences, both groups have to deal with the problems of the appropriate sequencing and speed of reforms. This paper first critically reviews the LDC related literature on sequencing and speed of structural reforms drawing out features which are of relevance for OECD economies. The paper then develops a formal framework based on a welfare criterion for evaluating different sequencing scenarios. The framework emphasises the microeconomic or efficiency effects of structural policies paying particular attention to the way in which distortions interact both intra and inter temporally. The framework is then used to discuss some of the important issues such as the sequencing of micro and macro reforms ("competition of instruments"), broad front versus sequential ...


Un grand nombre de pays de l'OCDE et de pays en développement se sont lancés dans des réformes structurelles destinées à démanteler les réglementations et à réduire les distorsions qui affectent certains secteurs d'activité. Bien que très différents, ces deux groupes de pays se trouvent confrontés à un même problème, qui est celui du choix du calendrier et du rythme de mise en oeuvre de ces réformes. Le présent document commence par une analyse critique des études consacrées à ce sujet pour les pays en développement et en fait ressortir les points qui présentent un intérêt pour les pays de l'OCDE. Il présente ensuite un cadre formel, fondé sur un critère de bien-être, pour évaluer différents calendriers hypothétiques de mise en oeuvre des réformes. Ce cadre privilégie les effets micro-économiques ou l'efficience des politiques structurelles, une attention particulière étant accordée aux interactions intratemporelles et intertemporelles des distorsions. Il est ensuite utilisé pour ...

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 70.

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Date of creation: Sep 1989
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Handle: RePEc:oec:ecoaaa:70-en

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  1. Rodrik, Dani, 1987. "Trade and capital-account liberalization in a keynesian economy," Journal of International Economics, Elsevier, vol. 23(1-2), pages 113-129, August. [Downloadable!] (restricted)
  2. Bhattacharya, A. & Linn, J.F., 1988. "Trade And Industrial Policies In The Developing Countries Of East Asia," World Bank - Discussion Papers 27, World Bank.
  3. Dervis, Kemal & de Melo, Jaime & Robinson, Sherman, 1981. "A General Equilibrium Analysis of Foreign Exchange Shortages in a Developing Economy," Economic Journal, Royal Economic Society, vol. 91(364), pages 891-906, December. [Downloadable!] (restricted)
  4. Jeffrey D. Sachs, 1987. "Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs," NBER Working Papers 2226, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. W. M. Corden, 1987. "Protection and Liberalization: A Review of Analytical Issues," IMF Occasional Papers 54, International Monetary Fund.
  6. Svensson, Lars E O, 1984. "Oil Prices, Welfare, and the Trade Balance," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 649-72, November. [Downloadable!] (restricted)
  7. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  8. Calvo, Guillermo A, 1978. "On the Time Consistency of Optimal Policy in a Monetary Economy," Econometrica, Econometric Society, vol. 46(6), pages 1411-28, November. [Downloadable!] (restricted)
  9. Dornbusch, Rudiger, 1974. "Tariffs and nontraded goods," Journal of International Economics, Elsevier, vol. 4(2), pages 177-185, May. [Downloadable!] (restricted)
  10. Neary, J Peter, 1978. "Short-Run Capital Specificity and the Pure Theory of International Trade," Economic Journal, Royal Economic Society, vol. 88(351), pages 488-510, September. [Downloadable!] (restricted)
  11. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
  12. Brunner, Karl & Meltzer, Allan H., 1982. "Economic policy in a world of change," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 17(1), pages 1-6, January. [Downloadable!] (restricted)
  13. Brecher, Richard A. & Bhagwati, Jagdish N., 1982. "Immiserizing transfers from abroad," Journal of International Economics, Elsevier, vol. 13(3-4), pages 353-364, November. [Downloadable!] (restricted)
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  1. 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. [Downloadable!]
  2. Dollar, David & Svensson, Jakob, 1998. "What explains the success or failure of structural adjustment programs?," Policy Research Working Paper Series 1938, The World Bank. [Downloadable!]
    Other versions:
  3. Philip Arestis, 2003. "Financial Sector Reforms in Developing Countries with Special reference to Egypt," Economic History 0307001, EconWPA. [Downloadable!]
    Other versions:
  4. Yue Ma, 2008. "Incomplete financial market and the sequence of international trade liberalization," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 13(1), pages 108-117. [Downloadable!]
  5. Sebastián Claro, 2005. "Understanding International Differences in Trade and Capital Market Integration," Documentos de Trabajo 285, Instituto de Economía. Pontificia Universidad Católica de Chile.. [Downloadable!]
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