Timing and Sequencing of Reforms: Competing Views and the Role of Credibility
探讨了正统方法与政治经济学方法在改革顺序上的争议，提出可信度概念是连接两类建议的桥梁，并结合历史与发展中国家及转型经济经验，为不同初始条件的国家推荐不同的改革顺序。
Opposing recommendations with respect to key sequencing issues characterize the controversy between the advocates of the orthodox approach and the political economy approach. It is suggested that the concept of credibility provides a fruitful link between both categories of proposals. Historical lessons as well as the recent experience of developing countries and economies in transition support this view and help determine the proper reform sequence. Stressing the role of initial conditions, different sequencing tactics are recommended for developing countries and postsocialist economies. In particular, the optimal order of domestic financial market reform and privatization differs for both groups of countries. Copyright 1993 by WWZ and Helbing & Lichtenhahn Verlag AG