ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic Reforms in Developing Countries-Theory and Evidence

Theory and Evidence Nirupam Bajpai Economic reforms are being undertaken almost throughout the developing world today. preceded in most of the countries, including India, by a fiscal and balance of payments crisis. It is argued that the reforms are guided by rules-of-thumb and the underlying general equilibrium model of the economy for which these standard rules apply is an unrealistic portrayal of most of the developing economies. The model holds good only under very restrictive assumptions. perhaps only for small economies and not large ones. Besides, while it is important to attain and maintain fiscal discipline, the IMF's approach has prolonged the process and invariably failed to yield the desired results.

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