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References

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1

We thank Allan Brunner, Ralph Chami, Ehsan Choudri, Eric Clifton, Xavier Debrun, Samir El-Khouri, Nuri Erbas, Andrew Feltenstein, Roberto Garcia-Saltos, Dalia Hakura, Samir Jahjah, Hugo Juan-Ramón, Françoise Le Gall, Rodney Ramcharan, Sunil Sharma, Ling Hui Tan, Evan Tanner, Paul Wade, Chorng-Huey Wong, and Abdelhadi Yousef for helpful comments on earlier drafts. We are also grateful to Farah Ebrahimi for editorial suggestions.

2

The term adjustment in this paper is generally used to refer both to macroeconomic adjustment and economic reforms.

3

For political economy considerations, see Lora (1998), Martinelli and Tommasi (1997), and Shleifer and Treismann (2000).

4

For a review of the transition experience, see Fischer and Sahay (2000) and Havrylyshyn and Nsouli (2001).

5

Since the early 1990s, the sequencing debate has shifted from an analysis of sequencing issues across sectors to a more in-depth analysis of sequencing issues within sectors.

6

In theory, there may be a third concept—that is, the idea of a market economy operating inside the production possibility frontier because of policy-induced distortions.

7

Because economists and policy experts broadly agree on the importance of early stabilization and institutional reforms, we include these topics in the discussion of the other reform categories.

8

For a more skeptical view of shortcomings in the existing empirical analyses, see Rodriguez and Rodrik (2000). On political economy aspects of trade protection and reform see Krueger (1996) and Lai and Snape (2001).

9

Quantitative restrictions can also be practiced through exchange controls.

10

For an analysis of a proportional convergence of tariffs to a targeted uniform tariff for all items, see Fukushima and Kim, 1989.

11

For the revenue implications of trade reform, see Ebrill, Stotsky, and Gropp, 1999.

12

On the links between trade and financial liberalization, see Bhattacharya, 1999.

14

For an analysis of the effectiveness of capital controls in reducing capital inflows and changing the composition of capital flows, see Laurens and Cardoso, 1998, and Ulan, 2000, who analyze the case of Chile in the early 1990s.

16

For a discussion of bank restructuring, see Dziobek and Pazarbasioglu (1997). The role of foreign banks is analyzed in IMF (2000).

17

See, more specifically, on the risks of financial liberalization, Wyplosz (2001).

18

Lau, Qian, and Roland (2000) analyze the dual-track approach of continued enforcement of plans while liberalizing specific market segments. For a closer analysis of the Chinese experience, see also World Bank, 2002 (Box 4.1).

19

Castanheira and Roland (2000) provide a general equilibrium model to analyse the optimal speed of transition from a state-owned enterprises to a private market economy.

The Speed of Adjustment and the Sequencing of Economic Reforms: Issues and Guidelines for Policymakers
Author: Mr. Saleh M. Nsouli, Mr. Mounir Rached, and Mr. Norbert Funke