Price liberalization and output decline in transition

Price liberalization and output decline in transition PDF Author: Sašo Polanec
Publisher:
ISBN:
Category :
Languages : en
Pages : 33

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Book Description

Price liberalization and output decline in transition

Price liberalization and output decline in transition PDF Author: Sašo Polanec
Publisher:
ISBN:
Category :
Languages : en
Pages : 33

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Book Description


The Transition to the Market Economy

The Transition to the Market Economy PDF Author: Paul G. Hare
Publisher: Psychology Press
ISBN: 9780415124348
Category : Business & Economics
Languages : en
Pages : 506

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Book Description
This collection of articles examines the development of one of the most significant economic transformations ever undertaken covering a wide range of countries and economic sectors

From Plan to Market -- Pattern of Transition

From Plan to Market -- Pattern of Transition PDF Author: Martha de Melo
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 70

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Book Description


Liberalization and the Behavior of Output During the Transition From Plan to Market

Liberalization and the Behavior of Output During the Transition From Plan to Market PDF Author: Mr.Ernesto Hernández-Catá
Publisher: International Monetary Fund
ISBN: 145196997X
Category : Business & Economics
Languages : en
Pages : 30

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Book Description
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term.

The Transition Economies After Ten Years

The Transition Economies After Ten Years PDF Author: Stanley Fischer
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 50

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Book Description
While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the more and less successful transitions, the latter largely in the former Soviet Union, raises many questions about the relative roles played by adverse initial conditions, external factors, and reform strategies. This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes, highlighting the role of exogenous factors and the macroeconomic and structural policies adopted by the countries. We find that both stabilization policies and structural reforms, particularly privatization, contributed to the growth recovery. We also conclude that the faster is the speed of reforms, the quicker is the recovery and the higher is growth.

Transition and the Output Fall

Transition and the Output Fall PDF Author: Gérard Roland
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
We present a model to explain why in the transition economies of Central and Eastern Europe an important output fall has been associated with price liberalization. Its key ingredients are search frictions and Williamsonian relation-specific investment, implying that new investments are made only after having found a new long-term partner. When all firms search for new partners, output may fall because of three effects: a) disruption of previous production links, b) a fall in investment, and c) capital depreciation due to the absence of replacement investment. We show that forms of gradual liberalization like the Chinese "dual-track" price liberalization may avoid the transitory output fall.

Transition and Economics

Transition and Economics PDF Author: Gérard Roland
Publisher: MIT Press
ISBN: 9780262681483
Category : Business & Economics
Languages : en
Pages : 440

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Book Description
The transition from socialism to capitalism in former socialist economies has transformed the economic structure. This book provides an overview of research on the issues raised by the shift from collective to private ownership.

Stabilization and Growth in Transition Economies

Stabilization and Growth in Transition Economies PDF Author: Mr.Stanley Fischer
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 36

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Book Description
This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.

Causes of Output Decline in Economic Transition

Causes of Output Decline in Economic Transition PDF Author: Karen Macours
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
This paper analyzes how policy reforms and other factors have effected agricultural output in Central and Eastern Europe since 1989. Price liberalization and subsidy cuts caused a decline in relative prices for agriculture, contributing to almost half of the output decline. Transition uncertainty and severe drought each caused an average output fall of around 10%. Privatization, farm restructuring, and the associated disruptions affected output through input adjustments and production efficiency changes. Their impact differs between countries, as it is conditional on initial conditions and reform and liberalization in the rest of the economy.

Output Decline in Transition

Output Decline in Transition PDF Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451974396
Category : Business & Economics
Languages : en
Pages : 79

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Book Description
This paper presents a detailed analysis of the output decline in Kazakhstan in the early years of the transition. The decline is documented at the aggregate and sectoral levels, and the quality of the available data is reviewed. A growth accounting framework quantifies the productivity slowdown in Kazakhstan and illustrates how excessive capital accumulation under central planning has contributed to the output decline. In addition, strong evidence is found that disorganization and inherited sectoral misallocation have played a significant role. Credit contractions and reductions in aggregate demand may have had an effect, but clear patterns of causality cannot be established.