Optimal Speed of Transition 10 Years After
The adjustment of labour markets during transition has been quite different from that anticipated by the Optimal Speed of Transition (OST) literature. In particular, it has involved stagnant unemployment pools, large flows to inactivity and strikingly low workers' mobility especially when account is made of the changes occurring in the structure of employment by sector, occupation and ownership of firms. Furthermore the policy trade-offs embedded in the OST literature relate mainly to the alternative between a big-bang strategy and a gradual transition process. This amounts to assuming that governments can control the pace of closure of state enterprises. However, the facts discussed in this paper suggest that separations from state sector employment were, ultimately, an endogenous variable rather than a policy instrument, as they were to a large extent the by-product of voluntary choices of workers.
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References listed on IDEAS
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- M. Dewatripont & G. Roland, 1992. "Economic Reform and Dynamic Political Constraints," Review of Economic Studies, Oxford University Press, vol. 59(4), pages 703-730.
- Rodrik, Dani, 1995.
"The Dynamics of Political Support for Reform in Economies in Transition,"
CEPR Discussion Papers
1115, C.E.P.R. Discussion Papers.
- Rodrik Dani, 1995. "The Dynamics of Political Suppport for Reform in Economies in Transition," Journal of the Japanese and International Economies, Elsevier, vol. 9(4), pages 403-425, December.
- Aghion, P. & Blanchard, O.J., 1993.
"On the Speed of Transition in Central Europe,"
93-8, Massachusetts Institute of Technology (MIT), Department of Economics.
- Burda, Michael C, 1992. "Unemployment, Labour Market Institutions and Structural Change in Eastern Europe," CEPR Discussion Papers 746, C.E.P.R. Discussion Papers.
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