Les problemes de la transition hors du socialisme africain.
This paper considers three policy reforms current in Africa: financial liberalisation, consumer price decontrol, and trade liberalisation. It is argued that financial liberalisation is not only fiscally very costly, but that the gains from improved financial intermediation depend upon a prior fiscal...
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| Format: | Journal article |
| Language: | French |
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De Boeck Université
1993
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| _version_ | 1826286926029651968 |
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| author | Collier, P |
| author_facet | Collier, P |
| author_sort | Collier, P |
| collection | OXFORD |
| description | This paper considers three policy reforms current in Africa: financial liberalisation, consumer price decontrol, and trade liberalisation. It is argued that financial liberalisation is not only fiscally very costly, but that the gains from improved financial intermediation depend upon a prior fiscal improvement to reduce public indebtedness. It is therefore intrinsically a slow process. By contrast, price decontrol is straightforward, and in most severe cases, decontrol may remonetise transactions, actually increasing seigniorage. Trade liberalisation is analysed through a political economy model of foreign aid. Donor preferences are characterised by an offer curve, subject to which the government maximises. If the resulting outcome breaches macroeconomic compatibility, private agents respond by speculating. Whereas financial liberalisation is intrinsically difficult and price decontrol straightforward, trade liberalisation is shown to be highly sensitive to detailed policy design. |
| first_indexed | 2024-03-07T01:50:58Z |
| format | Journal article |
| id | oxford-uuid:9a121027-5028-4c0b-95fb-16a0f54a8d89 |
| institution | University of Oxford |
| language | French |
| last_indexed | 2024-03-07T01:50:58Z |
| publishDate | 1993 |
| publisher | De Boeck Université |
| record_format | dspace |
| spelling | oxford-uuid:9a121027-5028-4c0b-95fb-16a0f54a8d892022-03-27T00:18:49ZLes problemes de la transition hors du socialisme africain.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:9a121027-5028-4c0b-95fb-16a0f54a8d89FrenchDepartment of Economics - ePrintsDe Boeck Université1993Collier, PThis paper considers three policy reforms current in Africa: financial liberalisation, consumer price decontrol, and trade liberalisation. It is argued that financial liberalisation is not only fiscally very costly, but that the gains from improved financial intermediation depend upon a prior fiscal improvement to reduce public indebtedness. It is therefore intrinsically a slow process. By contrast, price decontrol is straightforward, and in most severe cases, decontrol may remonetise transactions, actually increasing seigniorage. Trade liberalisation is analysed through a political economy model of foreign aid. Donor preferences are characterised by an offer curve, subject to which the government maximises. If the resulting outcome breaches macroeconomic compatibility, private agents respond by speculating. Whereas financial liberalisation is intrinsically difficult and price decontrol straightforward, trade liberalisation is shown to be highly sensitive to detailed policy design. |
| spellingShingle | Collier, P Les problemes de la transition hors du socialisme africain. |
| title | Les problemes de la transition hors du socialisme africain. |
| title_full | Les problemes de la transition hors du socialisme africain. |
| title_fullStr | Les problemes de la transition hors du socialisme africain. |
| title_full_unstemmed | Les problemes de la transition hors du socialisme africain. |
| title_short | Les problemes de la transition hors du socialisme africain. |
| title_sort | les problemes de la transition hors du socialisme africain |
| work_keys_str_mv | AT collierp lesproblemesdelatransitionhorsdusocialismeafricain |