IMF Working Papers Volume 1992 Issue 059: The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania (1992)

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The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania

Author:

Mr. Jonathan David Ostry

Mr. Jonathan David Ostry
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Mr. Eduardo Borensztein

Mr. Eduardo Borensztein
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, and

Mr. Dimitri G Demekas

Mr. Dimitri G Demekas
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Series:: IMF Working Papers

Volume/Issue:: Volume 1992: Issue 059

Language:: English

Publication Date:: 01 Jul 1992

DOI:: https://doi.org/10.5089/9781451965711.001

ISBN:: 9781451965711

ISSN:: 1018-5941

Pages:: 60

Keywords:: WP; economic activity; supply and demand; price-output correlation; U.S. dollar; output change; economic system; privatization program; output decline; price reform; enterprise manager; Employment; Comparative advantage; Exports; Industrial sector; Energy pricing; Eastern Europe

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 1992: Issue 059

Language:: English

Publication Date:: 01 Jul 1992

DOI:: https://doi.org/10.5089/9781451965711.001

ISBN:: 9781451965711

ISSN:: 1018-5941

Pages:: 60

Keywords:: WP; economic activity; supply and demand; price-output correlation; U.S. dollar; output change; economic system; privatization program; output decline; price reform; enterprise manager; Employment; Comparative advantage; Exports; Industrial sector; Energy pricing; Eastern Europe

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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This paper analyzes the declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic (CSFR), and Romania in the period since the initiation of market-oriented reforms in these countries. The paper reviews developments in the three countries and empirically investigates two questions that are key to the interpretation of the output decline: First, to what extent does the output fall reflect “structural change” (or a reallocation of resources across sectors) rather than a conventional recession? Second, to what extent have demand-side or supply-side forces been dominant in generating the output decline?

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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