English, Article, Journal or magazine article edition: Gradualism versus Big Bang: Evidence from Transition Countries B. MERLEVEDE; K. SCHOORS

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Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Gradualism versus Big Bang: Evidence from Transition Countries
Author
  • B. MERLEVEDE
  • K. SCHOORS
Physical Description
  • preprint
Notes
  • This paper uses previous empirical work to simulate the impact on real economic growth of the big bang and gradualist approaches to reform. Uncertainty concerning the appropriate reform steps introduces the possibility of reform reversals. We find that higher expected probabilities of reversal make policymakers more likely to opt for gradualism. Even relatively small probabilities are su.cient to tilt the balance in favour of gradualism. This is reinforced by shortsightedness of policymakers that follows from standard political cycles, but may be moderated by voter myopia.
  • policy reform, gradualism, big bang
  • RePEc:rug:rugwps:04/​243
Language
  • English
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