The dynamic adjustment of a transition economy in the early stages of transformation
This paper develops a model of a representative transition economy to explain the stylised facts of output declines and real exchange rate appreciation in the early stages of transformation. These facts can be explained by supply-side shocks, interest rate liberalisation or a reduction in core inflation. The policy implication is that price liberalisation in advance of financial liberalization and structural reform, including widespread privatisation of the production process, necessarily results in some temporary loss of output.
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- Uribe, Martin, 1997.
"Hysteresis in a simple model of currency substitution,"
Journal of Monetary Economics,
Elsevier, vol. 40(1), pages 185-202, September.
- Martin Uribe, 1995. "Hysteresis in a simple model of currency substitution," International Finance Discussion Papers 509, Board of Governors of the Federal Reserve System (U.S.).
- Calvo, Guillermo A & Rodriguez, Carlos Alfredo, 1977. "A Model of Exchange Rate Determination under Currency Substitution and Rational Expectations," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 617-25, June.
- Jacob A. Frenkel & Carlos A. Rodriguez, 1982. "Exchange Rate Dynamics and the Overshooting Hypothesis," NBER Working Papers 0832, National Bureau of Economic Research, Inc.
- Guillermo A. Calvo & Jacob A. Frenkel, 1991.
"From Centrally-Planned to Market Economies: The Road from CPE to PCPE,"
NBER Working Papers
3698, National Bureau of Economic Research, Inc.
- Jacob A. Frenkel & Guillermo Calvo, 1991. "From Centrally-Planned to Market Economies; The Road from CPE to PCPE," IMF Working Papers 91/17, International Monetary Fund.
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- repec:pal:imfstp:v:47:y:2000:i:2:p:3 is not listed on IDEAS
- repec:pal:imfstp:v:44:y:1997:i:4:p:430-461 is not listed on IDEAS
- repec:pal:imfstp:v:40:y:1993:i:1:p:1-31 is not listed on IDEAS
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