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Crisis, Stabilization, and Economic ReformTherapy by Consensus$
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Michael Bruno

Print publication date: 1993

Print ISBN-13: 9780198286639

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0198286635.001.0001

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Synthesis, Policy Lessons, and Open Questions

Synthesis, Policy Lessons, and Open Questions

(p.248) 8 Synthesis, Policy Lessons, and Open Questions
Crisis, Stabilization, and Economic Reform

Michael Bruno

Oxford University Press

This chapter returns to a number of common issues that emerged from the cumulative experience reviewed in previous chapters, considers open theoretical questions, and discusses some of the policy lessons. It looks at some of the theoretical arguments that have been suggested to explain the long delays in the adoption of stabilization programmes. It asks whether a universal paradigm has emerged on the necessary basic components of stabilization and structural reform programmes. It then broadens the question by asking if any generalizable lessons can be learned on the optimal sequencing of the various components of reform and whether there exists a real choice between ‘big bang’ and gradualist stabilization and reform strategies.

Keywords:   inflation, stabilization programme, structural reform, external shock

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