What are the determinants of economic reform efforts? This paper tries to throw light on this question by examining recent reforms in Brazil, a country which followed a gradualist approach and was a late-starter among Latin American economies. We argue that these first generation reforms (trade liberalization, stabilization, privatization and the adoption of a new macro-policy framework) were driven by the drastic growth slowdown and redemocratization of the 1980s. We argue that their gradual and democratic implementation not only respond for their sustainability but also shows that the country is ready for a second generation of reforms focusing explicitly on institutional deficiencies.
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Length: 30 pages Date of creation: 15 Oct 2002 Date of revision: Handle: RePEc:wdi:papers:2003-580
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Find related papers by JEL classification: H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General O54 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
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