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Restructuring and Capital Accumulation in Transition Economies: A General Equilibrium Perspective

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  • Castanheira, Micael
  • Roland, Gérard

Abstract

This paper adresses the issue of the optimal speed of economy-wide restructuring from a state-owned to a privately-owned economy. The analysis is led from a general equilibrium perspective, focusing on the role of endogenously generated capital accumulation. Sensitivity of the optimal speed of transition is performed with respect to preferences and technology. It is found in particular that adverse productivity shocks to the state sector, occurring early on in transition tend to create macroeconomic contraction and slow down investment and the speed of transition. Such shocks tend to accelerate transition if they occur at a later stage, however. This may shed light on the effect of adverse productivity shocks on output contraction in the early phase of transition in Central and Eastern Europe.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1372.

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Date of creation: Apr 1996
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Handle: RePEc:cpr:ceprdp:1372

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Related research

Keywords: Eastern Europe; Investment; Restructuring; Speed of Transition; Transitional Dynamics;

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Cited by:
  1. Clemens Grafe & Charles Wyplosz, 1998. "The real exchange rate in transition economies," LSE Research Online Documents on Economics 20268, London School of Economics and Political Science, LSE Library.
  2. Randolph Luca Bruno, 2003. "Speed of Transition, Unemployment Dynamics and Nonemployment Policies: Evidence from the Visegrad Countries," LEM Papers Series 2003/23, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Bai, Chong-En & Li, David Daokui & Tao, Zhigang & Wang, Yijiang, 2001. "A Multi-Task Theory of the State Enterprise Reform," CEPR Discussion Papers 2781, C.E.P.R. Discussion Papers.
  4. Piazolo, Daniel, 1998. "Investment behavior in dynamic computable general equilibrium models for transition economies," Kiel Working Papers 879, Kiel Institute for the World Economy.

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