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Cover IMF Working Papers
The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policymakers
Mr. Saleh M. Nsouli, Mr. Mounir Rached, and Mr. Norbert Funke
This paper reviews the issues involved in determining the appropriate speed of adjustment and the sequencing of economic reforms, focusing on considerations relevant to policymakers. It points out that the debate between the protagonists of a high-speed approach and those favoring a gradualist approach is based primarily on the weights given to adjustment costs, policy credibility, reform feasibility, and risk assessment. It underscores the importance of appropriate sequencing and the impact of sequencing on the speed of adjustment and reforms. The paper concludes by highlighting factors that policymakers should consider when selecting their approach toward speed and sequencing.
Keywords:
WP; liberalization; government; public enterprise; trade; Adjustment; reforms; speed of adjustment; sequencing; reform program; market economy; government reform; rate of inflation; price liberalization; liberalization process; financial asset; government monopoly; liberalization of the capital account; government objective; private ownership; adjustment cost; Capital account liberalization; Privatization; Tariffs; Capital account; Trade barriers; Central and Eastern Europe; Eastern Europe