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On the Sequencing of Structural Reforms

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  • Sebastian Edwards

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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File URL: http://dx.doi.org/10.1787/544185060882
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Bibliographic Info

Paper provided by OECD Publishing 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. 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.
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  8. Mussa, Michael, 1974. "Tariffs and the Distribution of Income: The Importance of Factor Specificity, Substitutability, and Intensity in the Short and Long Run," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1191-1203, Nov.-Dec..
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  12. 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.
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  15. 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.
  16. 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.
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  18. 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.
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