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| Author: | Bacchetta, P. Dellas, H. |
| Title: | Firm restructuring and the optimal speed of trade reform |
| Journal: | Oxford Economic Papers
1997 : APR, VOL. 291-306, p. 291-306 |
| Index terms: | COMPANY FORMATION STRUCTURAL CHANGE TRADE INVESTMENTS UNCERTAINTY |
| Language: | eng |
| Abstract: | This study examines the role of firm specific uncertainty in the dynamics of trade liberalization. Such uncertainty creates some interesting possibilities regarding the pace of economic reform, possibilities that do not always square with the currently accepted views of these issues. In general, the case for gradualism becomes stronger when there is a great emphasis on the longer term allocation of resources. A big bang approach could prove superior under circumstances that defy conventional wisdom. For instance precipitousness may be optimal when the government is mostly concerned about the social cost of business closures. |
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