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An open-economy transition model

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  • Debra Patterson

Abstract

This paper presents an open-economy general equilibrium model illustrating an economy such as a small eastern European country prior to economic transition. The developed model illustrates some of the inefficiencies inherent in the pre-reform economies, including the price distortions that caused resource wasting queues, as well as government domination of the production process. The model specifically provides a dynamic, analytical framework for considering the impact of government policies in determining the size of the trade balance and pre- and post-reform domestic social welfare. Copyright International Atlantic Economic Society 1999

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  • Debra Patterson, 1999. "An open-economy transition model," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 5(1), pages 24-36, February.
    • Handle: RePEc:kap:iaecre:v:5:y:1999:i:1:p:24-36:10.1007/bf02295028
    DOI: 10.1007/BF02295028
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    References listed on IDEAS

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    1. Debra Moore Patterson, 1996. "Reform in Eastern Europe: A General Equilibrium Model with Distortions in Relative Prices and Factor Markets," Canadian Journal of Economics, Canadian Economics Association, vol. 29(2), pages 457-472, May.
    2. Mr. Robert J. Flanagan, 1995. "Wage Structure in the Transition of the Czech Economy," IMF Working Papers 1995/036, International Monetary Fund.
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