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Market Liberalization Policies in a Reforming Socialist Economy

Author

Listed:
  • Elias Dinopoulos

    (International Monetary Fund)

  • Timothy D. Lane

    (International Monetary Fund)

Abstract

A model of a socialist economy is presented, incorporating bargaining over wages and employment in the socialized sector and shortages that are reflected in the black market. The model is used to analyze the implications of liberalization policies, including trade liberalization, an administered price increase, and provisions allowing for increased direct foreign investment. The results suggest that reforms may have different effects under different trade regimes, that small price reforms may have perverse effects, and that foreign investment in a shortage economy may be immiserizing.

Suggested Citation

  • Elias Dinopoulos & Timothy D. Lane, 1992. "Market Liberalization Policies in a Reforming Socialist Economy," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 465-494, September.
    • Handle: RePEc:pal:imfstp:v:39:y:1992:i:3:p:465-494
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    Citations

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    Cited by:

    1. Cecilia Testa, 2005. "Reforms, lobbies and welfare: A common agency approach," Public Choice, Springer, vol. 125(3), pages 305-337, December.
    2. Slobodan Djajić, 1999. "Shortages, Hoarding and Parallel‐Market Premia in an Economy with Administered Prices," Review of Development Economics, Wiley Blackwell, vol. 3(1), pages 1-10, February.
    3. Pavlos KARADELOGLOU, 1998. "Agricultural Prices In Bulgaria: Did Transition Create Structural Breaks?," The Developing Economies, Institute of Developing Economies, vol. 36(2), pages 178-202, June.
    4. André Fourçans & Radu Vranceanu, 1996. "Chômage structurel et emploi dans les économies en transition," Revue Française d'Économie, Programme National Persée, vol. 11(2), pages 3-28.

    More about this item

    JEL classification:

    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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