haku: @author Roland, G. / yhteensä: 10
viite: 5 / 10
| Tekijä: | Castanheira, M. Roland, G. |
| Otsikko: | The optimal speed of transition: a general equilibrium analysis |
| Lehti: | International Economic Review
2000 : FEB, VOL. 41:1, p. 219-239 |
| Asiasana: | Transition economies Equilibrium analysis Benchmarking |
| Kieli: | eng |
| Tiivistelmä: | The authors present a benchmark model for the optimal speed of transition from a state-owned to a private market economy, based on the consumption-savings decision in a closed economy. They abstract from frictions to focus on the macroeconomic conditions for accumulation of private capital and closure or restructuring of state-owned enterprises, and show that hard budget constraint compensate for too slow speed of enterprise closure but that an excess speed of closure may slow down transition because of output contraction effects. |
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