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Cover IMF Staff Papers
IMF Staff papers: Volume 44 No. 4
International Monetary Fund. Research Dept.
This paper deals with liberalization and the evolution of output during the transition from plan to market. It explains why strong liberalization leads to a comparatively steep fall in output early in the transition, but a relatively strong recovery later on. Because it takes time to restructure the capital stock inherited from the old system, liberalization initially leads to transitional unemployment of capital and the contraction of the old enterprise sector. By making room quickly for the new, more efficient enterprises, however, liberalization also sets the stage for recovery and a much higher level of income in the medium term. [JEL E23, P21, P27, P52]
Keywords:
SP; trade balance; liquidity constraint; income coefficient; dollar wage; credit crunch; life-cycle income; interest spending; Consumption; Income; Job creation; Effective tax rate; Real exchange rates; Central and Eastern Europe; Baltics; Asia and Pacific; Southeast Asia; Sub-Saharan Africa; audience paper; responsibilities of the International Monetary Fund; subject classification scheme; Caribbean