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Timing and sequencing of reforms: Competing views

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  • Funke, Norbert
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    Opposing recommendations with respect to key sequencing issues characterize the controversy between the advocates of the orthodox (technocratic) approach and the recently popularized political economy approach. It is suggested that the concept of credibility provides in many cases a fruitful link between both categories of proposals. Historical lessons as well as the recent experience of developing countries and economies in transition support this view and help determine the proper reform sequence. Stressing the role of initial conditions, different sequencing tactics are recommended for developing countries and postsocialist economies. In particular, the optimal order of domestic financial market reform and privatization differs for both groups of countries.

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    File URL: https://www.econstor.eu/bitstream/10419/46947/1/256821003.pdf
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    Paper provided by Kiel Institute for the World Economy (IfW) in its series Kiel Working Papers with number 552.

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    Date of creation: 1993
    Handle: RePEc:zbw:ifwkwp:552
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    1. Rudiger Dornbusch, 1991. "Credibility and Stabilization," The Quarterly Journal of Economics, Oxford University Press, vol. 106(3), pages 837-850.
    2. Michael Mussa, 1984. "The Adjustment Process and the Timing of Trade Liberalization," NBER Working Papers 1458, National Bureau of Economic Research, Inc.
    3. Wyplosz, Charles, 1993. "After the honeymoon: On the economics and the politics of economic transformation," European Economic Review, Elsevier, vol. 37(2-3), pages 379-386, April.
    4. Schweickert, Rainer, 1993. "Alternative Strategies for Real Devaluation and the Sequencing of Economic Reforms in Developing Countries," Kyklos, Wiley Blackwell, vol. 46(1), pages 65-85.
    5. Fischer, Stanley, 1986. "Issues in Medium-term Macroeconomic Adjustment," World Bank Research Observer, World Bank Group, vol. 1(2), pages 163-182, July.
    6. Corbo, Vittorio & de Melo, Jaime, 1987. "Lessons from the Southern Cone Policy Reforms," World Bank Research Observer, World Bank Group, vol. 2(2), pages 111-142, July.
    7. Aspe, Pedro, 1992. "Macroeconomic stabilization and structural change in Mexico," European Economic Review, Elsevier, vol. 36(2-3), pages 320-328, April.
    8. Ten Kate, Adriaan, 1992. "Trade liberalization and economic stabilization in Mexico: Lessons of experience," World Development, Elsevier, vol. 20(5), pages 659-672, May.
    9. Falvey, Rod & Kim, Cha Dong, 1992. "Timing and Sequencing Issues in Trade Liberalisation," Economic Journal, Royal Economic Society, vol. 102(413), pages 908-924, July.
    10. David Lipton & Jeffrey Sachs, 1990. "Privitization in Eastern Europe: The Case of Poland," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(2), pages 293-342.
    11. Brada, Josef C & King, Arthur E, 1992. "Is There a J-Curve for the Economic Transition from Socialism to Capitalism?," Economic Change and Restructuring, Springer, vol. 25(1), pages 37-53.
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