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Exit in the Framework of Macro-economic Shocks and Policy Responses during Transition: a Cross-country Comparison

Author

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  • Milan Nikolic
  • Jacek Rostowski

Abstract

Enterprises in post-communist economies have been subject to a wide range of shocks as the old economic order has been swept away. It has been claimed that among the most important of these shocks have been: elimination of soft budget constraints, foreign trade shocks, and over-devaluation. The paper aims at measuring the size of the shocks affecting the fast reformers of the Visegrad group and some of the slower reforming reference countries (such as Bulgaria, Romania, Russia and Ukraine), and assessong the policy responses of governments.

Suggested Citation

  • Milan Nikolic & Jacek Rostowski, 1995. "Exit in the Framework of Macro-economic Shocks and Policy Responses during Transition: a Cross-country Comparison," CASE Network Studies and Analyses 0056, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:cnstan:0056
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    File URL: https://case-research.eu/upload/publikacja_plik/3459977_056.pdf
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    References listed on IDEAS

    as
    1. Barbone, Luca & Marchetti, Domenico Jr. & DEC, 1994. "Economic transformation and the fiscal crisis : a critical look at the Central European experience of the 1990s," Policy Research Working Paper Series 1286, The World Bank.
    2. Qimiao Fan & Mark E. Schaffer, 1994. "Government financial transfers and enterprise adjustments in Russia, with comparisons to Central and Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(2), pages 151-188, June.
    3. Schaffer, Mark E, 1995. "Government Subsidies to Enterprises in Central and Eastern Europe: Budgetary Subsidies and Tax Arrears," CEPR Discussion Papers 1144, C.E.P.R. Discussion Papers.
    4. Eric V. Clifton & Mohsin S. Khan, 1993. "Interenterprise Arrears in Transforming Economies: The Case of Romania," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 680-696, September.
    5. Guillermo A. Calvo & Fabrizio Coricelli, 1993. "Output Collapse in Eastern Europe: The Role of Credit," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 32-52, March.
    6. Rostowski, J., 1993. "The inter-enterprise debt explosion in the former Soviet Union: causes, consequences, cures," LSE Research Online Documents on Economics 20968, London School of Economics and Political Science, LSE Library.
    7. Grosfeld, Irena & Roland, Gérard, 1995. "Defensive and Strategic Restructuring in Central European Enterprises," CEPR Discussion Papers 1135, C.E.P.R. Discussion Papers.
    8. Richard Layard & Ansgar Richter, 1994. "Who Gains and Who Loses from Russian Credit Expansion," CEP Discussion Papers dp0200, Centre for Economic Performance, LSE.
    9. Commander, Simon & Coricelli, Fabrizio, 1992. "Output decline in Hungary and Poland in 1990-91 : structural change and aggregate shocks," Policy Research Working Paper Series 1036, The World Bank.
    10. J Rostowski, 1993. "The Inter-Enterprise Debt Explosion in the Former Soviet Union: Causes, Consequences, Cures," CEP Discussion Papers dp0142, Centre for Economic Performance, LSE.
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