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

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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Year of publication:	1992-07-01
Authors:	Ostry, Jonathan David ; Borensztein, Eduardo ; Demekas, Dimitri G.
Institutions:	International Monetary Fund (IMF)
Subject:	Czechoslovakia \| Production \| Industry \| correlations \| correlation \| equation \| price liberalization \| dummy variables \| domestic demand \| terms of trade \| estimation of equation \| balance of payments \| principal components analysis \| trade deficit \| trade barriers \| trade liberalization \| statistics \| fixed investment \| time series \| statistic \| external position \| domestic prices \| foreign trade \| international trade \| rate of change \| domestic consumption \| statistical significance \| current account balance \| transport equipment \| producer price index \| standard error \| world market \| samples \| trading arrangements \| aggregate demand \| standard errors \| net exports \| elasticity of substitution \| domestic economy \| econometrics \| unemployment rate \| significance level \| exchange rate regime \| world markets \| import prices \| statistical tests \| current account deficit \| statistical methodology \| current account surplus \| external trade \| partner countries \| domestic subsidies \| world prices \| domestic production \| estimation period \| neighboring countries \| world price \| oil prices \| food industry \| surveys \| price stability \| cross-country variation \| output growth \| number of variables \| domestic producers \| instrumental variables \| export earnings

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Extent:	application/pdf
Series:	IMF Working Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Working Papers Number 92/59 6 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005599534