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This paper investigates the role of structural reforms -financial reforms, trade liberalization, and privatization- as determinants of FDI inflows based on newly constructed dataset on structural reforms for 19 Latin American and 25 Eastern European countries between 1989 and 2004. Our main finding is a strong empirical relationship from reforms to FDI, in particular, from financial liberalization and privatization. These results are robust to different measures of reforms, split samples, and potential endogeneity and omitted variables biases.

Structural adjustment (Economic policy) --- Investments, Foreign --- Exports and Imports --- Finance: General --- Macroeconomics --- International Investment --- Long-term Capital Movements --- Institutions and the Macroeconomy --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Financial Markets and the Macroeconomy --- Trade Policy --- International Trade Organizations --- Finance --- International economics --- Foreign direct investment --- Structural reforms --- Financial sector development --- Trade liberalization --- Financial services industry --- Commercial policy --- Russian Federation

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This paper reviews the issues involved in determining the appropriate speed of adjustment and the sequencing of economic reforms, focusing on considerations relevant to policymakers. It points out that the debate between the protagonists of a high-speed approach and those favoring a gradualist approach is based primarily on the weights given to adjustment costs, policy credibility, reform feasibility, and risk assessment. It underscores the importance of appropriate sequencing and the impact of sequencing on the speed of adjustment and reforms. The paper concludes by highlighting factors that policymakers should consider when selecting their approach toward speed and sequencing.

Exports and Imports --- Macroeconomics --- Taxation --- Economic Systems: General --- Current Account Adjustment --- Short-term Capital Movements --- Trade Policy --- International Trade Organizations --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- International economics --- Public finance & taxation --- Capital account liberalization --- Capital account --- Trade barriers --- Tariffs --- Balance of payments --- Economic sectors --- Taxes --- International trade --- Commercial policy --- Tariff --- Russian Federation

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This paper analyzes the Czechoslovak reform program which was launched on January 1, 1991. Under this program, Czechoslovakia has taken decisive steps to establish a market economy, while achieving price stability and a viable external position through restrictive financial policies. But there has been a sharp decline in output. The eventual output recovery is predicated on completing structural market reforms, such as the development of financial markets and the safeguard of their stability, privatization of large enterprises, minimizing government interference with economic signals, and the imposition of the “hard” budget constraint.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Socialist Systems and Transitional Economies: General --- Socialist Institutions and Their Transitions: General --- Price Level --- Deflation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Trade: General --- Banking --- Currency --- Foreign exchange --- International economics --- Exports --- Prices --- Economic sectors --- International trade --- Imports --- Banks and banking --- Slovak Republic

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This paper reviews economic developments in Bulgaria during 1990–97. Bulgaria’s macroeconomic performance during 1990–97 was weaker than in most transition countries in the region. With economic activity declining significantly during most years, the cumulative fall in real output over this period amounted to 37 percent. Although Bulgaria’s difficult initial conditions and adverse external shocks played a role, the weak performance mainly reflected the stop-and-go nature of stabilization policies and the slow pace of structural reform.

Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Debt --- Debt Management --- Sovereign Debt --- Trade: General --- Banking --- Public finance & taxation --- International economics --- Currency --- Foreign exchange --- Public debt --- Commercial banks --- Exports --- Economic sectors --- International trade --- Financial institutions --- Banks and banking --- Debts, Public --- Bulgaria

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This Selected Issues paper and Statistical Appendix examines the possible policy responses of Algeria to the reduction of fiscal revenue and the deterioration of the external balance, and more generally the negative wealth effect on the country, stemming from the decline in oil prices. The paper highlights that in policymaking, a distinction between permanent and temporary shocks is necessarily blurred and does not contribute to working out pragmatic solutions. The paper also examines the privatization process in Algeria.

Exports and Imports --- Macroeconomics --- Taxation --- Trade: General --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- Nonprofit Organizations and Public Enterprise: General --- Energy: Demand and Supply --- Prices --- Trade Policy --- International Trade Organizations --- International economics --- Public ownership --- nationalization --- Public finance & taxation --- Exports --- Public enterprises --- Oil prices --- Tariffs --- International trade --- Economic sectors --- Taxes --- Government business enterprises --- Tariff --- Algeria