Economic Restructuring, Unemployment, and Growth in a Transition Economy
AbstractThis paper develops a model of the process of reallocation of labor from the state sector to the private sector. When growth is exogenously determined, we show that in the initial stages of transition unemployment will rise over time. After a critical stage in the transition process, restructuring is accompanied by a decline in unemployment. When growth is endogenously determined, and human capital is acquired by learning-by-doing, we show that whether restructuring eventually occurs is determined by the level of human capital in the private sector and the rate of unemployment. The effects of various shocks and government policies in affecting the costs, speed, and eventual outcome of restructuring are analyzed.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 93/16.
Date of creation: 01 Mar 1993
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- Bankim Chadha & Fabrizio Coricelli & KornÃ©lia KrajnyÃ¡k, 1993. "Economic Restructuring, Unemployment, and Growth in a Transition Economy," IMF Staff Papers, Palgrave Macmillan, vol. 40(4), pages 744-780, December.
- J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts
- J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- P2 - Economic Systems - - Socialist Systems and Transition Economies
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