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"Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal Analysis with an Application to China Andrew Feltenstein And Saleh M. Nsouli Full Text of this Article (PDF 125K) Abstract:
This paper analyzes issues concerning the speed of adjustment and sequencing
of reforms in a transition economy. It presents a dynamic general equilibrium
model parameterized with Chinese data. The model is used to generate different
policy simulations that highlight the importance of the policy instruments
used during the transition period. The simulations consider privatization,
tariff reform, and devaluation, as well as alternative speeds of introducing
these policies. They show that different speeds of adjustment, as well as
sequencing of reforms, will have very different implications for macroeconomic
aggregates. |
