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Capital accumulation during the transition from plan to market

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  • Rumen Dobrinsky
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    Abstract

    This paper focuses on the process of capital accumulation and the forces that drive it in the countries undergoing the transition from plan to market. The methodological framework for analyzing the determinants of aggregate business investment draws on the neoclassical accelerator model, extending it to reflect some of the specificities of the transition environment. The model is estimated on data for the economies in Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS). The results highlight the role of some key drivers of capital accumulation in an economy in transition, in particular, the relatively significant accelerator response to output, the importance of adjustment effects and financing constraints and the relatively minor role of the cost of capital. Copyright (c) 2007 The Author Journal compilation (c) 2007 The European Bank for Reconstruction and Development .

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    Bibliographic Info

    Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

    Volume (Year): 15 (2007)
    Issue (Month): (October)
    Pages: 845-868

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    Handle: RePEc:bla:etrans:v:15:y:2007:i::p:845-868

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    Cited by:
    1. Zinych, Nataliya & Odening, Martin, 2009. "How Costly are (Agricultural) Investments during Economic Transition? A Critical Literature Appraisal," 2009 Conference, August 16-22, 2009, Beijing, China 50319, International Association of Agricultural Economists.
    2. Annageldy Arazmuradov, 2012. "Foreign Aid, Foreign Direct Investment, and Domestic Investment Nexus in Landlocked Economies of Central Asia," Economic Research Guardian, Weissberg Publishing, vol. 2(1), pages 129-151, May.

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