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Establishing Incentive Structures and Planning Agencies That Support Market-Oriented Transformations

Author

Listed:
  • Mr. Peter Isard
  • Mr. Michael P. Dooley

Abstract

This note addresses various types of incentives that must be established before a market economy can function effectively. It also argues that the enormous challenge of restructuring large industrial enterprises or reabsorbing their workers, while appropriately based on market signals, cannot be accomplished by the market alone. Some type of planning will eventually be required. Ideally, such planning should receive high priority from the outset with clear recognition that durable macroeconomic stabilization will be very difficult to achieve in a democratic political system until the large state enterprises have been successfully transformed or their workers reabsorbed.

Suggested Citation

  • Mr. Peter Isard & Mr. Michael P. Dooley, 1991. "Establishing Incentive Structures and Planning Agencies That Support Market-Oriented Transformations," IMF Working Papers 1991/113, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1991/113
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    Cited by:

    1. Caprio, Gerard Jr. & Levine, Ross, 1992. "Reforming finance in transitional socialist economies : avoiding the path from shell money to shell games," Policy Research Working Paper Series 898, The World Bank.
    2. Volbert Alexander & Peter Anker, 1997. "Fiscal Discipline and the Question of Convergence of National Interest Rates in the European Union," Open Economies Review, Springer, vol. 8(4), pages 335-352, October.
    3. Bacha, Edmar Lisboa, 1994. "Latin America's reentry into private financial markets: domestic and international policy issues," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 48(4), October.
    4. Gerard Caprio, Jr., 1995. "The role of financial intermediaries in transitional economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 42(1), pages 257-302, June.

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