Title
The dynamic adjustment of a transition economy in the early stages of transformation The dynamic adjustment of a transition economy in the early stages of transformation
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Detroit, Mich. ,
Subject
Economics
Source (journal)
Journal of macroeconomics. - Detroit, Mich.
Volume/pages
26(2004) :3 , p. 547-561
ISSN
0164-0704
ISI
000224231000010
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
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.
E-info
https://repository.uantwerpen.be/docman/iruaauth/b7551c/7091803.pdf
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