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Changing economic mechanisms: A model of the transition from budget regulation to the competitive market (*)

  • Vadim I. Arkin

    (Central Economic and Mathematical Institute, Russian Academy of Science, Krasikova 32, 117418 Moscow, RUSSIA)

  • Alexander D. Slastnikov

    (Central Economic and Mathematical Institute, Russian Academy of Science, Krasikova 32, 117418 Moscow, RUSSIA)

In the framework of dynamic equilibrium theory we propose a model of gradual transition from an Economy with centralized budgets regulation to a Market Economy (with self-financing). It is assumed that information about possible change of the economic mechanism affects essentially the behavior of agents. The duration of the transition period is regarded as a random variable. We study conditions when such a transition allows firms to adapt their plans to future markets and guarantees the existence of equilibrium paths. We also discuss the case of Shock Therapy (instantaneous transition) which may cause bankruptcy, jumps in prices and deficits.

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Article provided by Springer in its journal Economic Theory.

Volume (Year): 7 (1996)
Issue (Month): 2 ()
Pages: 307-321

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Handle: RePEc:spr:joecth:v:7:y:1996:i:2:p:307-321
Note: Received: May 12, 1994; revised version November 4, 1994
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  1. Polterovich, Victor, 1976. "Модели Равновесного Экономического Роста
    [Models of Equilibrium Economic Growth]
    ," MPRA Paper 22201, University Library of Munich, Germany.
  2. Yano, Makoto, 1984. "The turnpike of dynamic general equilibrium paths and its insensitivity to initial conditions," Journal of Mathematical Economics, Elsevier, vol. 13(3), pages 235-254, December.
  3. Bewley, Truman, 1982. "An integration of equilibrium theory and turnpike theory," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 233-267, September.
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