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Abstract

This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term.

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Bibliographic Info

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

Volume (Year): 44 (1997)
Issue (Month): 4 (December)
Pages: 405-429

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Handle: RePEc:pal:imfstp:v:44:y:1997:i:4:p:405-429

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Related research

Keywords:

Find related papers by JEL classification:

• E23 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Production
• P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
• P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
• P52 - Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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Cited by:

1. de Melo, Martha & Denizer, Cevdet & Gelb, Alan & Tenev, Stoyan, 1997. "Circumstance and choice : the role of initial conditions and policies in transition economies," Policy Research Working Paper Series 1866, The World Bank.
2. Domac, Ilker & Peters, Kyle & Yuzefovich, Yevgeny, 2001. "Does the exchange rate regime affect macroeconomic performance : evidence from transition economics," Policy Research Working Paper Series 2642, The World Bank.
3. Fabian Gouret, 2003. "Méthodes de privatisation et évolution de l'output dans les économies en transition," Cahiers de la Maison des Sciences Economiques j04028, Université Panthéon-Sorbonne (Paris 1).
4. Sanjeev Gupta & Alejandro Simone & Alex Segura-Ubiergo, 2006. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," IMF Working Papers 06/244, International Monetary Fund.
   
   • Alex Segura-Ubiergo & Alejandro Simone & Sanjeev Gupta & Qiang Cui, 2010. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," Comparative Economic Studies, Palgrave Macmillan, vol. 52(1), pages 18-37, March.
5. Nauro F. Campos & Fabrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," William Davidson Institute Working Papers Series 470, William Davidson Institute at the University of Michigan.
   
   • 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, vol. 40(3), pages 793-836, September.
   • Campos, Nauro F & Coricelli, Fabrizio, 2002. "Growth in Transition: What we Know, What we Don't and What we Should," CEPR Discussion Papers 3246, C.E.P.R. Discussion Papers.
6. Wanki Moon & Wojciech J. Florkowski & Larry R. Beuchat & Anna V. A. Resurreccion & Manjeet S. Chinnan & Pavlina Paraskova & Jordan Jordanov, 1999. "Effects of product attributes and consumer characteristics on attitude and behavior: The case of peanuts in a transition economy," Agribusiness, John Wiley & Sons, Ltd., vol. 15(3), pages 411-425.
7. Gaitan, Beatriz & Pavel, Ferdinand, 2000. "Is 'Getting The Prices Right' Always Right? How Trade Liberalization Can Fail," 2000 Annual meeting, July 30-August 2, Tampa, FL 21881, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
   
   • Gaitan, Beatriz & Pavel, Ferdinand, 2000. "Is "Getting The Prices Right" Always Right? How Trade Liberalization Can Fail," Bulletins 12970, University of Minnesota, Economic Development Center.
8. E. Abdul Azeez, 2002. "Economic reforms and industrial performance: An analysis of capacity utilisation in Indian manufacturing," Centre for Development Studies, Trivendrum Working Papers 334, Centre for Development Studies, Trivendrum, India.
9. Zuzana Brixiova & Wenli Li, 1998. "Skill Acquisition and Private Firm Creation in Transition Economies," William Davidson Institute Working Papers Series 162, William Davidson Institute at the University of Michigan.
10. Ichiro Iwasaki, 2003. "Evolution of the Government–Business Relationship and Economic Performance in the Former Soviet States – Order State, Rescue State, Punish State," Economic Change and Restructuring, Springer, vol. 36(3), pages 223-257, September.
    
    • Ichiro Iwasaki, 2004. "Evolution of the Government–Business Relationship and Economic Performance in the Former Soviet States – Order State, Rescue State, Punish State," Economic Change and Restructuring, Springer, vol. 36(3), pages 223-257, September.

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