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Title
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The dynamic adjustment of a transition economy in the early stages of transformation
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Author
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Abstract
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| This paper develops a model of a representative transition economy, to explain the stylized facts of output declines and real exchange rate appreciation in the early stages of transformation. These facts can be explained by supply-side shocks, interest rate liberalization or a reduction in core inflation. The policy implication is that price liberalization in advance of financial liberalization and structural reform, including widespread privatization of the production process, necessarily results in some temporary loss of output. (C) 2004 Published by Elsevier Inc. |
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Language
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English
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Source (journal)
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Journal of macroeconomics. - Detroit, Mich.
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Publication
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Detroit, Mich.
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2004
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ISSN
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0164-0704
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DOI
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10.1016/J.JMACRO.2003.03.006
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Volume/pages
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26
:3
(2004)
, p. 547-561
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ISI
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000224231000010
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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