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Economic Restructuring, Unemployment, and Growth in a Transition Economy

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  • Bankim Chadha

    (International Monetary Fund)

  • Fabrizio Coricelli

    (International Monetary Fund)

  • Kornélia Krajnyák

    (International Monetary Fund)

Abstract

This paper develops a model of the process of reallocation of labor from the state sector to the private sector. When growth is exogenously determined, we show that in the initial stages of transition unemployment will rise. After a critical stage in the transition process, restructuring is accompanied by a decline in unemployment. When growth is endogenously determined, and human capital is acquired by learning-by-doing, we show that whether or not restructuring eventually occurs is determined by the level of human capital in the private sector and the rate of unemployment. The effects of various shocks and government policies on the costs, speed, and eventual outcome of restructuring are analyzed.

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Bibliographic Info

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

Volume (Year): 40 (1993)
Issue (Month): 4 (December)
Pages: 744-780

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Handle: RePEc:pal:imfstp:v:40:y:1993:i:4:p:744-780

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Cited by:
  1. Nikolay Nenovsky & Kalina Dimitrova, 2002. "Dual Inflation Under the Currency Board: The Challenges of Bulgarian EU Accession," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 487, William Davidson Institute at the University of Michigan.
  2. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 40(3), pages 793-836, September.
  3. Ariane TICHIT MINISCLOUX, 1997. "Reprise économique dans les pays post-communistes: application d'un modèle de durée," Working Papers 199719, CERDI.
  4. Zuzana Brixiova & Wenli Li, 1998. "Skill Acquisition and Private Firm Creation in Transition Economies," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 162, William Davidson Institute at the University of Michigan.
  5. Ricardo J. Caballero & Mohamad L. Hammour, 1995. "On the Ills of Adjustment," NBER Working Papers 5198, National Bureau of Economic Research, Inc.
  6. Alessandro Acquisti & Hartmut Lehmann, 2000. "Job Creation and Job Destruction in the Russian Federation," Trinity Economics Papers, Trinity College Dublin, Department of Economics 20001, Trinity College Dublin, Department of Economics.
  7. 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.
  8. Randolph Luca Bruno, 2003. "Speed of Transition, Unemployment Dynamics and Nonemployment Policies: Evidence from the Visegrad Countries," LEM Papers Series, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy 2003/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  9. Denizer, Cevdet, 1997. "Stabilization, adjustment, and growth prospects in transition economies," Policy Research Working Paper Series, The World Bank 1855, The World Bank.
  10. Treier, Volker, 1999. "Unemployment in reforming countries: Causes, fiscal impacts and the success of transformation," BERG Working Paper Series, Bamberg University, Bamberg Economic Research Group 29, Bamberg University, Bamberg Economic Research Group.
  11. J. Konings & H. Lehmann & M.E. Schaffer, 1996. "Job Creation and Job Destruction in a Transition Economy: Ownership, Firm Size," CERT Discussion Papers, Centre for Economic Reform and Transformation, Heriot Watt University 9611, Centre for Economic Reform and Transformation, Heriot Watt University.

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