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From Centrally Planned to Market Economy: The Road from CPE to PCPE

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  • Guillermo A. Calvo

    (International Monetary Fund)

  • Jacob A. Frenkel

    (International Monetary Fund)

Abstract

The early stages of transformation of centrally planned economies into market economies are examined. In the transitional phase when an economy is no longer centrally planned, but not yet market based--when it is a "previously centrally planned economy"--expectations play a key role. A model is developed to analyze the consequences of expected price liberalization, and the benefits from early development of financial markets and speedy implementation of price reform are demonstrated. Ways to reduce liquidity overhang are examined, the consequences of privatization are analyzed, and the benefits of an effective tax system are highlighted.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

Volume (Year): 38 (1991)
Issue (Month): 2 (June)
Pages: 268-299

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Handle: RePEc:pal:imfstp:v:38:y:1991:i:2:p:268-299

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Cited by:
  1. Goldberg, Linda S. & Karimov, Il'dar, 1997. "Black markets for currency, hoarding activity and policy reforms," Journal of International Economics, Elsevier, Elsevier, vol. 42(3-4), pages 349-369, May.
  2. Fardmanesh, Mohsen & Tan, Li, 2003. "Wage and price control policies in transition economies," Journal of Development Economics, Elsevier, Elsevier, vol. 70(1), pages 173-200, February.
  3. Linda S. Goldberg & Il'dar Karimov, 1992. "Black-Markets for Currency, Hoarding Activity and Currency Reform," NBER Working Papers 4153, National Bureau of Economic Research, Inc.
  4. Chadha, Bankim & Coricelli, Fabrizio, 1997. "Fiscal constraints and the speed of transition," Journal of Development Economics, Elsevier, Elsevier, vol. 52(1), pages 221-249, February.

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