IMF Staff papers [electronic resource] : Volume 44 No. 4.
- Washington, D.C. : International Monetary Fund, 1997.
- IMF eLibrary
IMF Staff Papers
- Government document
1 online resource (204 p.)
- Local subjects:
- Adjustment parameter.
Exchange rate regime.
Fixed capital formation.
Per capita income.
Process of liberalization.
Macedonia, former Yugoslav Republic of.
- 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. [JEL E23, P21, P27, P52]
- Description based on print version record.
- International Monetary Fund. Research Dept.
- Other format:
- Print Version:
- Publisher Number:
- Access Restriction:
- Restricted for use by site license.
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