TIMING AND SEQUENCING ISSUES IN TRADE LIBERALIZATION

The issues are examined under three main headings: 1) the initial timing of reforms (whether macroeconomic stabilisation should be undertaken before any trade reform): 2) the order in which policies and markets should be liberalised (looking specifically at capital and current accounts, quantitative restrictions and tariffs, export incentives, and foreign investment); and 3) the speed of liberalisation (and its implications for government revenue, adjustment costs and the credibility of the process). -M.Amos