The Political Economy of Reform / Edition 1

The Political Economy of Reform / Edition 1

by Federico Sturzenegger
     
 

In this book, Federico Sturzenegger and Mariano Tommasi propose formal models to answer some of the questions raised by the recent reform experience of many Latin American and East European countries. They apply common standards of analytical rigor to the study of economic and political behavior, assuming political agents to be rational and forward-looking, with

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Overview

In this book, Federico Sturzenegger and Mariano Tommasi propose formal models to answer some of the questions raised by the recent reform experience of many Latin American and East European countries. They apply common standards of analytical rigor to the study of economic and political behavior, assuming political agents to be rational and forward-looking, with expectations consistent with the properties of the underlying model.The book is organized around three basic questions: first, why do reforms take place? Second, how are reforms implemented?
And third, which candidates are most likely to undertake reform? Although most of the chapters deal with policy issues in developing economies, the findings also apply to areas such as social security and health care reform in industrialized countries.

The MIT Press

Product Details

ISBN-13:
9780262194006
Publisher:
MIT Press
Publication date:
08/17/1998
Edition description:
New Edition
Pages:
386
Product dimensions:
6.10(w) x 9.10(h) x 1.20(d)
Age Range:
18 Years

Table of Contents

1Introduction1
IWhy? (The Positive Political Economy of Reforms)35
Inaction and Delay37
2The Political Economy of Delayed Reform39
3Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty61
4Why Are Stabilizations Delayed?77
5Fiscal Conservatism as a Response to the Debt Crisis105
6The Benefit of Crises for Economic Reforms127
Dynamics143
7Recurrent High Inflation and Stabilization: A Dynamic Game145
8The Common Property Approach to the Political Economy of Fiscal Policy165
9Fiscal Discipline in a Union185
10The Rush to Free Trade in the Developing World: Why So Late? Why Now? Will It Last?209
IIHow? (Strategies for Reformers)241
11The Design of Reform Packages under Uncertainty243
12Gradualism versus Big-Bang: Speed and Sustainability of Reforms269
13Sequencing of Economic Reforms in the Presence of Political Constraints285
IIIWho? (The Identity of Reformers)305
14Promises, Promises: Credible Policy Reform via Signalling307
15Credibility of Policymakers and of Economic Reforms329
16The Feasibility of Low Inflation: Theory with an Application to the Argentine Case349
Index377

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