The OECD Process 4.1. Gradual Liberalization in Italy This study was prepared by Age Bakker and Bryan Chapple-who are, respectively, Deputy Executive Director and Senior Economist in the Monetary and Economic Policy Department of De Nederlandsche Bank-for the Monetary and Exchange Affairs Department of the International Monetary Fund. To a considerable extent, it draws on earlier work by the first author (Bakker, 1996), expanded to include the liberalization experiences of non-European advanced economies. In addition, the study considers the extent to which the lessons learned by advanced economies in recent decades continue to apply in the current environment. The paper was presented at a workshop for Executive Board and staff members of the IMF at its Washington headquarters on December 4, 2001.The authors are grateful to Stefan Ingves, Tomas Balino, Shogo Ishii, and Karl Habermeier of the Monetary and Exchange Affairs Department for helpful discussions and comments as the paper evolved. Many colleagues commented on the experiences of their countries and provided data, including Lars Fors, Sveriges Riksbank;
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