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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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    6. 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.
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    9. Joseph E. Stiglitz, 1996. "Whither Socialism?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262691825, June.
    10. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    11. 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.
    12. Corbo, Vittorio & Fischer, Stanley, 1991. "Adjustment programs and Bank support : rationale and main results," Policy Research Working Paper Series 582, The World Bank.
    13. Michael Mussa, 1984. "The Adjustment Process and the Timing of Trade Liberalization," NBER Working Papers 1458, National Bureau of Economic Research, Inc.
    14. Funke, Norbert, 1993. "Timing and sequencing of reforms: Competing views," Kiel Working Papers 552, Kiel Institute for the World Economy.
    15. 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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    17. 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.
    18. 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.
    19. 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.
    20. Anthony Downs, 1957. "An Economic Theory of Political Action in a Democracy," Journal of Political Economy, University of Chicago Press, vol. 65, pages 135.
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    24. 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.
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