The Speed of Adjustment and the Sequencing of Economic Reforms PDF Download
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Author: Saleh M. Nsouli
Publisher: International Monetary Fund
ISBN:
Category : Developing countries
Languages : en
Pages : 44
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Book Description
Author: Saleh M. Nsouli
Publisher: International Monetary Fund
ISBN:
Category : Developing countries
Languages : en
Pages : 44
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Book Description
Author: Saleh M. Nsouli
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Saleh M. Nsouli
Publisher:
ISBN:
Category :
Languages : es
Pages : 37
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Book Description
Author: Andrew Feltenstein
Publisher:
ISBN:
Category :
Languages : en
Pages : 41
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Book Description
This paper reviews briefly the controversy in the literature concerning the speed of adjustment and sequencing of reforms, and presents a model parameterized with Chinese data. The model is used to generate different policy simulations to illustrate some of the key issues in the debate on the speed and sequencing of reforms, and not to provide a basis for policy recommendations for China. The simulations highlight the importance of the criteria being used for determining speed and sequencing. The paper also underscores the limitations involved in attempting to derive conclusions from the model, given the complexity of the issues.
Author: Mr.Andrew Feltenstein
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451852141
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This paper reviews briefly the controversy in the literature concerning the speed of adjustment and sequencing of reforms, and presents a model parameterized with Chinese data. The model is used to generate different policy simulations to illustrate some of the key issues in the debate on the speed and sequencing of reforms, and not to provide a basis for policy recommendations for China. The simulations highlight the importance of the criteria being used for determining speed and sequencing. The paper also underscores the limitations involved in attempting to derive conclusions from the model, given the complexity of the issues.
Author: Andrew Feltenstein
Publisher: International Monetary Fund
ISBN:
Category : Capitalism
Languages : en
Pages : 46
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Book Description
Author: Emanuela Di Gropello
Publisher:
ISBN:
Category : Chile
Languages : en
Pages : 68
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Book Description
Author: Mr.Jonathan David Ostry
Publisher: International Monetary Fund
ISBN: 1589068181
Category : Business & Economics
Languages : en
Pages : 62
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Book Description
This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.
Author: Vicente Galbis
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 38
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Book Description
Author: Bruno Merlevede
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
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Book Description
We analyse how the choice of reform speed and economic growth affect one another. We estimate a system of three equations where economic growth, economic reform and FDI are jointly determined. New reforms affect economic growth negatively, whereas the level of past reform leads to higher growth and attracts FDI. This means that the immediate adjustment cost of new reforms is counterbalanced by a future increase in FDI inflows and higher future growth through a higher level of past reform. Reform reversals contribute to lower growth. We use the model to simulate the impact of big bang reform and gradualist reform on economic growth. This is only meaningful in the presence of reform reversals, which requires aggregate uncertainty about the appropriate reform path. Using the coefficients from the empirical model, we find that even relatively small ex ante reversal probabilities suffice to tilt the balance in favour of gradualism. The case for gradualism gains strength if policymakers are short-sighted, but weakens if voters are myopic.
