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| Author: | Dobrinsky, R. |
| Title: | Capital accumulation during the transition from plan to market |
| Journal: | Economics of transition
2007 : VOL. 15:4, p. 845-868 |
| Index terms: | transition economies capital accumulation economic growth investment |
| Freeterms: | business investment financing constraints |
| Language: | eng |
| Abstract: | In this study the author shows the forces that drive the process of capital accumulation in the countries undergoing the transition from plan to market. A dynamic and extended version of the neoclassical accelerator model is used to evaluate key drivers of capital accumulation, firm-level investment demand and economic growth in the period 1995-2004. The results highlight the importance of adjustment effects and financing constraints. The role of accelerator is relatively significant while the user cost of capital has relatively minor role. |
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