Franklin

IMF Staff papers [electronic resource] : Volume 44 No. 4.

Author/Creator:
International Monetary Fund. Research Dept.
Publication:
Washington, D.C. : International Monetary Fund, 1997.
Series:
IMF eLibrary
IMF Staff Papers
Format/Description:
Government document
Book
1 online resource (204 p.)
Local subjects:
Adjustment parameter.
Confidence interval.
Constant term.
Correlation.
Covariance.
Domestic investment.
Domestic prices.
Dummy variable.
Dummy variables.
Economic liberalization.
Equation.
Equations.
Exchange rate regime.
Explanatory power.
Export markets.
External trade.
Fixed capital formation.
Full liberalization.
Functional forms.
Heteroscedasticity.
International standard.
Liberalization indices.
Liberalized market.
Logarithm.
Multiplier effects.
Outliers.
Output growth.
Per capita income.
Predictability.
Probability.
Process of liberalization.
Standard error.
Standard errors.
Statistical data.
Statistics.
Trade patterns.
Transition countries.
Transition economies.
Transitional unemployment.
Bulgaria.
Georgia.
Macedonia, former Yugoslav Republic of.
Romania.
Uzbekistan.
Summary:
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]
Notes:
Description based on print version record.
Contributor:
International Monetary Fund. Research Dept.
Other format:
Print Version:
ISBN:
1451930968:
9781451930962
ISSN:
1020-7635
Publisher Number:
10.5089/9781451930962.024
Access Restriction:
Restricted for use by site license.
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