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"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China

Author/Editor: Feltenstein, Andrew | Nsouli, Saleh M.
Authorized for Distribution: August 1, 2001
Electronic Access: Free Full Text (PDF file size is 1,318KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: 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.
 
Series: Working Paper No. 01/98
Subject(s): Economic reform | China | Privatization | Transition economies | Economic models | China, People's Republic of
Author's keyword(s): Transition | sequencing of reform
 
English  
    Published:   August 1, 2001        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0982001   Pages:   40
    Price:   US$15.00
       
     
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