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The Political Economy of Reform and Development of the Washington Consensus

  • Alshyab, Nooh
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    The beginning of the 1980s represented for many developing countries a particularly critical period. To escape economic and financial difficulties, these countries had to engage into economic and political reforms, often under the umbrella of international institutions. Such circumstances offered the chance to collect a wide range of comparable reform experiences and represented thus a big lab for testing existing theories on stability, growth, and development. Focussing on the reform experiences of the 1980s and 1990s, this paper analyses their underlying economic wisdom and tries, according to their main results, to extrapolate some guidelines for reform. Overall, the analysis points at the need for a tailored approach to reform, which takes into account a country’s peculiarities and its specific barriers to growth and development.

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    File URL: http://mpra.ub.uni-muenchen.de/46014/1/MPRA_paper_46014.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 46014.

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    Date of creation: 09 Apr 2013
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    Handle: RePEc:pra:mprapa:46014
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    1. Funke, Norbert, 1993. "Timing and Sequencing of Reforms: Competing Views and the Role of Credibility," Kyklos, Wiley Blackwell, vol. 46(3), pages 337-62.
    2. Sebastian Edwards, 1997. "Openness, Productivity and Growth: What Do We Really Know?," NBER Working Papers 5978, National Bureau of Economic Research, Inc.
    3. Fernandez, Raquel & Rodrik, Dani, 1991. "Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty," American Economic Review, American Economic Association, vol. 81(5), pages 1146-55, December.
    4. Aschauer, David Alan, 1989. "Is public expenditure productive?," Journal of Monetary Economics, Elsevier, vol. 23(2), pages 177-200, March.
    5. J. Stiglitz, 1998. "More Instruments and Broader Goals: Moving toward the PostWashington Consensus," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    6. Harrison, Ann, 1996. "Openness and growth: A time-series, cross-country analysis for developing countries," Journal of Development Economics, Elsevier, vol. 48(2), pages 419-447, March.
    7. Barro, Robert J., 1990. "Government Spending in a Simple Model of Endogeneous Growth," Scholarly Articles 3451296, Harvard University Department of Economics.
    8. Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    9. Dewatripont, Mathias & Roland, Gerard, 1995. "The Design of Reform Packages under Uncertainty," American Economic Review, American Economic Association, vol. 85(5), pages 1207-23, December.
    10. Michael Mussa, 1984. "The Adjustment Process and the Timing of Trade Liberalization," NBER Working Papers 1458, National Bureau of Economic Research, Inc.
    11. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
    12. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    13. Allan Drazen & William Easterly, 2001. "Do Crises Induce Reform? Simple Empirical Tests of Conventional Wisdom," Economics and Politics, Wiley Blackwell, vol. 13(2), pages 129-157, 07.
    14. Corbo, Vittorio & Fischer, Stanley, 1991. "Adjustment programs and Bank support : rationale and main results," Policy Research Working Paper Series 582, The World Bank.
    15. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1992. "The Transition to a Market Economy: Pitfalls of Partial Reform," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 889-906, August.
    16. Katz, Barbara G. & Owen, Joel, 2000. "Choosing between Big-Bang and Gradualist Reforms: An Option Price Approach," Journal of Comparative Economics, Elsevier, vol. 28(1), pages 95-107, March.
    17. Michael Gavin, 1996. "Unemployment and the economics of gradualist policy reform," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(3), pages 239-258.
    18. Paul Dalziel, 2002. "New Zealand's Economic Reforms: An assessment," Review of Political Economy, Taylor & Francis Journals, vol. 14(1), pages 31-46.
    19. Joseph E. Stiglitz, 1996. "Whither Socialism?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691825, June.
    20. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    21. F.G. Scrimgeour & E.C. Pasour, 1996. "A Public Choice Perspective on Agricultural Policy Reform: Implications of the New Zealand Experience," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 257-267.
    22. Funke, Norbert, 1993. "Timing and sequencing of reforms: Competing views," Kiel Working Papers 552, Kiel Institute for the World Economy.
    23. Daniel Kahneman & Jack L. Knetsch & Richard H. Thaler, 1991. "Anomalies: The Endowment Effect, Loss Aversion, and Status Quo Bias," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 193-206, Winter.
    24. Porter, Maureen & Macintyre, Sally, 1984. "What is, must be best: A research note on conservative or deferential responses to antenatal care provision," Social Science & Medicine, Elsevier, vol. 19(11), pages 1197-1200, January.
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