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Capital accumulation during the transition from plan to market1

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  • Rumen Dobrinsky

Abstract

This paper focuses on the process of capital accumulation and the forces that drive it in the countries undergoing the transition from plan to market. The methodological framework for analyzing the determinants of aggregate business investment draws on the neoclassical accelerator model, extending it to reflect some of the specificities of the transition environment. The model is estimated on data for the economies in Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS). The results highlight the role of some key drivers of capital accumulation in an economy in transition, in particular, the relatively significant accelerator response to output, the importance of adjustment effects and financing constraints and the relatively minor role of the cost of capital.

Suggested Citation

  • Rumen Dobrinsky, 2007. "Capital accumulation during the transition from plan to market1," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 15(4), pages 845-868, October.
    • Handle: RePEc:bla:etrans:v:15:y:2007:i:4:p:845-868
    DOI: 10.1111/j.1468-0351.2007.00301.x
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    Cited by:

    1. Annageldy Arazmuradov, 2015. "Can Development Aid Help Promote Foreign Direct Investment? Evidence from Central Asia," Economic Affairs, Wiley Blackwell, vol. 35(1), pages 123-136, February.
    2. Annageldy Arazmuradov, 2012. "Foreign Aid, Foreign Direct Investment, and Domestic Investment Nexus in Landlocked Economies of Central Asia," Economic Research Guardian, Weissberg Publishing, vol. 2(1), pages 129-151, May.
    3. Rosa Capolupo, 2012. "Economic Transition and Regional Growth: The Case of Albania and Comparator SEECs," Transition Studies Review, Springer;Central Eastern European University Network (CEEUN), vol. 18(3), pages 529-549, March.

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