Macroeconomic Policies and the Development of Markets in Transition Economies
Presenting the first integrated view of transition based on a unified analytical framework, this book evaluates the experience of several transition economies.Fabrizio Coricelli's view of transition emphasizes the connection between peculiar initial conditions and the effects of market reforms. Taking the starting point of underdeveloped markets and market institutions, he evaluates macroeconomic policies in relation to their impact on the development of markets. Coricelli stresses particularly financial markets, the 'missing' market under the system of central planning. He highlights fundamental trade-offs for economic policy, which can play a crucial role in determining the success of reforms. Intensity and timing of reform measures, he argues, should be adapted to different situations.
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Monetary Policy and Financial Markets
Macroeconomic Constraints and Feedback
Income Distribution and the Dynamics of Reform
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analysis bank credit behavior budget constraint budget deficit Calvo and Coricelli capital stock CEEs Central and Eastern Chadha and Coricelli Coeff Coricelli 1994 costs countries crucial Czech Republic Czechoslovakia default Dependent variable dynamics EBRD economies in transition effects enterprises equilibrium ERBs fast reformers financing fiscal fixed exchange rates Gini coefficient higher Hungary Hungary and Poland implies important income distribution income inequality increase indicators initial conditions input-good inputs interenterprise arrears inventories Kuznets curve labor liquidity liquidity constraint macroeconomic macroeconomic policies market economies ment monetary overhang money demand output decline payables PCPEs pensions percent ployment Poland prereform pressure price liberalization private firms private sector ratio reallocation regression restructuring revenues role Romania Russia slow reformers Social security stabilization programs structure subsidies t-stat Table tion trade credit markets transition economies unem unemploy unemployment benefits unemployment rate wages World Bank