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An open-economy transition model

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  • Debra Patterson

Abstract

This paper presents an open-economy general equilibrium model illustrating an economy such as a small eastern European country prior to economic transition. The developed model illustrates some of the inefficiencies inherent in the pre-reform economies, including the price distortions that caused resource wasting queues, as well as government domination of the production process. The model specifically provides a dynamic, analytical framework for considering the impact of government policies in determining the size of the trade balance and pre- and post-reform domestic social welfare. Copyright International Atlantic Economic Society 1999

Suggested Citation

  • Debra Patterson, 1999. "An open-economy transition model," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 5(1), pages 24-36, February.
    • Handle: RePEc:kap:iaecre:v:5:y:1999:i:1:p:24-36:10.1007/bf02295028
    DOI: 10.1007/BF02295028
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    References listed on IDEAS

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    1. Debra Moore Patterson, 1996. "Reform in Eastern Europe: A General Equilibrium Model with Distortions in Relative Prices and Factor Markets," Canadian Journal of Economics, Canadian Economics Association, vol. 29(2), pages 457-472, May.
    2. Mr. Robert J. Flanagan, 1995. "Wage Structure in the Transition of the Czech Economy," IMF Working Papers 1995/036, International Monetary Fund.
    3. Maxim Boycko, 1992. "When Higher Incomes Reduce Welfare: Queues, Labor Supply, and Macro Equilibrium in Socialist Economies," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(3), pages 907-920.
    4. Eduardo Borensztein & Dimitri G. Demekas & Jonathan D. Ostry, 1993. "An Empirical Analysis of the Output Declines in Three Eastern European Countries," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 1-31, March.
    5. Bennett, John & Boycko, Maxim, 1995. "Savings and Stabilization Policy in a Pre-Post-Socialist Economy," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(3), pages 907-919, August.
    6. Robert J. Flanagan, 1995. "Wage Structures in the Transition of the Czech Economy," IMF Staff Papers, Palgrave Macmillan, vol. 42(4), pages 836-854, December.
    7. Shoukang Lin, 1993. "A Monetary Model of a Shortage Economy," IMF Staff Papers, Palgrave Macmillan, vol. 40(2), pages 369-394, June.
    8. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1992. "The Transition to a Market Economy: Pitfalls of Partial Reform," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(3), pages 889-906.
    9. John Fender & Derek Laing, 1993. "A Macro Model of Queuing and Resale in a Transition Economy," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 35(2), pages 1-17, July.
    10. Stahl, Dale II & Alexeev, Michael, 1985. "The influence of black markets on a queue-rationed centrally planned economy," Journal of Economic Theory, Elsevier, vol. 35(2), pages 234-250, August.
    11. Jan Svejnar, 1991. "Microeconomic Issues in the Transition to a Market Economy," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 123-138, Fall.
    12. Bennett, John, 1994. "Queuing and the Price Level under Repressed Inflation," Oxford Economic Papers, Oxford University Press, vol. 46(1), pages 68-82, January.
    13. Polterovich, Victor, 1993. "Rationing, Queues, and Black Markets," Econometrica, Econometric Society, vol. 61(1), pages 1-28, January.
    14. repec:bla:econom:v:61:y:1994:i:243:p:285-300 is not listed on IDEAS
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