Problems of Transition from a Planned to a Market Economy
AbstractThe paper shows that a transition from a planned to a market economy implies an important change of the structure of production, i. e. a reallocation of resources which takes time and induces sufferings for some people. These sufferings may be reduced by subsidization of some sectors, with some negative effects on GDP and growth if subsidization exceeds a certain size. The time tillthe economy in transition reaches an ``old" market economy (asymptotically or totally) is estimated by different methods. Finally other problems, mostly non--economic ones, which are connected with the transition process are discussed.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Bonn Econ Discussion Papers with number bgse4_2000.
Date of creation: Apr 2000
Date of revision:
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transition; planned economy; market economy;
Find related papers by JEL classification:
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
- P2 - Economic Systems - - Socialist Systems and Transition Economies
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- Schmidt, Klaus M., 1996.
"Incomplete contracts and privatization,"
European Economic Review,
Elsevier, vol. 40(3-5), pages 569-579, April.
- Andrei Shleifer, 1998.
"State Versus Private Ownership,"
NBER Working Papers
6665, National Bureau of Economic Research, Inc.
- Andrei Shleifer, 1998. "State Versus Private Ownership," Harvard Institute of Economic Research Working Papers 1841, Harvard - Institute of Economic Research.
- De Fraja, Giovanni, 1993. "Productive efficiency in public and private firms," Journal of Public Economics, Elsevier, vol. 50(1), pages 15-30, January.
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