Restructuring and Capital Accumulation in Transition Economies: A General Equilibrium Perspective
AbstractThis 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 InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1372.
Date of creation: Apr 1996
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- P41 - Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
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