Primer on Reforms in a Second-Best Ambiguous Environment: A Case for Gradualism PDF Download
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Author: S. Nuri Erbas
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: S. Nuri Erbas
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Mr.S. Nuri Erbas
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451846980
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Ambiguity, as opposed to uncertainty, reflects lack of sufficient information about distribution and payoffs of infrequent events. Reforms are infrequent events, undertaken in ambiguous second-best environments where bad reform outcomes are feasible. A general case for the gradualist reform strategy is that it may pay to defer some reforms until relevant information about possible reform outcomes and associated probabilities is revealed, and ambiguity is reduced over time. Gradualism may dominate the big bang strategy, if some of the reforms in a reform sequence are not sure bets and waiting costs do not dominate reversal costs under some information sets forthcoming over time. The relation to Ellsberg's Paradox is discussed. Some cases for and against gradualism are reviewed.
Author: S. Nuri Erbas
Publisher:
ISBN:
Category : Ambiguity
Languages : en
Pages : 62
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Author: Mr.S. Nuri Erbas
Publisher: International Monetary Fund
ISBN: 1451852169
Category : Business & Economics
Languages : en
Pages : 19
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Book Description
Program conditionality and ownership are important considerations in the IMF's current rethinking of program design. This paper contributes to the literature by developing a theory of program conditionality and ownership on the basis of Cumulative Prospect Theory. The policymaker may value a set of programs, each with fewer conditions, more than an extended program with as many conditions. This valuation bias is greater in ambiguity (Knightian uncertainty) than under uncertainty. If greater valuation of a program engenders more explicit and implicit ownership, then programs with fewer conditions may have a better chance of success. Less is more.
Author:
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 444
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Author: Saleh M. Nsouli
Publisher: International Monetary Fund
ISBN:
Category : Developing countries
Languages : en
Pages : 44
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Author: Cass R. Sunstein
Publisher: Basic Books
ISBN: 0786734892
Category : Law
Languages : en
Pages : 314
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Book Description
Most people think that the Supreme Court has a rough balance between left and right. This is a myth; in fact the justices once considered right-wing have now taken the mantle of the Court's moderates, and the liberal element has all but disappeared. Most people also think that judicial activism is solely a liberal movement. This is also a myth; since William Rehnquist was confirmed as Chief Justice in 1986, the Supreme Court has engaged in an unprecedented record of judicial activism. These two factors are feeding a movement to restore what many conservatives call "The Constitution in Exile," by which they mean the Constitution as it existed before the Roosevelt administration. Radicals in Robes explains what the restoration of this constitutional vision would mean. It would mean the end of the FCC, the SEC, the EPA, and every other federal agency that enacts regulations that have the force of law. It would mean that the clause of the First Amendment that says that Congress may make no law "respecting an establishment of religion" would be turned on its head. Marriage laws and many other familiar areas of modern life are all in the sights of this conservative movement. Radicals in Robes takes judicial philosophy out of the law schools and shows what it means when it intersects partisan politics. It pulls away the veil of rhetoric from a dangerous and radical right-wing movement and issues a strong and passionate warning about what conservatives really intend. One of the most respected legal theorists in the country, Cass R. Sunstein here issues a warning of compelling concern to us all.
Author: International Monetary Fund
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 444
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Author: Vŭ Thành Tư Anh
Publisher:
ISBN:
Category : Privatization
Languages : en
Pages : 152
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Book Description
This dissertation consists of three self-contained papers on economic reform in transition economies, with a special focus on Vietnam.
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 286
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Book Description
