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The Marshall Plan: Economic Effects and Implications for Eastern Europe and the Former USSR

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  • Eichengreen, Barry
  • Uzan, Marc

Abstract

This paper is a first attempt to evaluate the economic effects of the Marshall Plan. We find that US aid had a significant impact on Europe's recovery from World War II. The recipients of large amounts of Marshall aid recovered significantly faster than other industrial countries. Strikingly, however, we find that the obvious channels through which the Marshall Plan could have affected European recovery - stimulating investment, augmenting capacity to import and financing infrastructure repair - were relatively unimportant. Rather, the crucial role of the Marshall Plan was to facilitate the restoration of financial stability and the liberalization of production and prices.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 638.

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Date of creation: Mar 1992
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Handle: RePEc:cpr:ceprdp:638

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Related research

Keywords: Eastern Europe; Foreign Aid; Marshall Plan;

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Cited by:
  1. Leandro Prados de la Escosura, 2005. "Assessing Growth, Inequality, And Poverty In The Long-Run: The Case Of Spain," Working Papers in Economic History wh054205, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  2. Francisco Alvarez-Cuadrado & Mihaela I. Pintea, 2008. "A Quantitative Exploration of the Golden Age of European Growth," Working Papers 0805, Florida International University, Department of Economics.
  3. Casella, Alessandra & Eichengreen, Barry, 1996. "Can Foreign Aid Accelerate Stabilisation?," Economic Journal, Royal Economic Society, vol. 106(436), pages 605-19, May.
  4. Diego Comin & Bart Hobijn, 2011. "Technology Diffusion and Postwar Growth," NBER Chapters, in: NBER Macroeconomics Annual 2010, Volume 25, pages 209-246 National Bureau of Economic Research, Inc.
  5. Crafts, Nicholas, 2011. "The Marshall Plan: A Reality Check," CAGE Online Working Paper Series 49, Competitive Advantage in the Global Economy (CAGE).
  6. Nicholas Crafts, 2013. "Long-Term Growth in Europe: What Difference does the Crisis Make?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 224(1), pages R14-R28, May.
  7. Magnus Blomstrom & Robert E. Lipsey & Mario Zejan, 1992. "What Explains Developing Country Growth?," NBER Working Papers 4132, National Bureau of Economic Research, Inc.
  8. Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
  9. Leandro Prados de la Escosura, 2006. "Growth And Structural Change In Spain, 1850-2000," Working Papers in Economic History wp06-05, Universidad Carlos III, Departamento de Historia Económica e Instituciones.
  10. Nicholas Crafts & Marco Magnani, 2011. "The Golden Age and the Second Globalization in Italy," Quaderni di storia economica (Economic History Working Papers) 17, Bank of Italy, Economic Research and International Relations Area.
  11. Mehmet Halis OZER, 2014. "The Effects of the Marshall Plan Aids to the Development of the Agricultural Sector in Turkey, the 1948-1953 Period," International Journal of Economics and Financial Issues, Econjournals, vol. 4(2), pages 427-439.

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