Castanheira, Micael; Roland, Gérard - C.E.P.R. Discussion Papers - 1996
We present in this paper a bench-mark model for the optimal speed of transition from a state-owned to a private market … effect that accelerates the pace of transition, and an income effect, that slows down transition. When the latter effect … especially be the case if such a deviation occurs at an early stage of transition. Lastly, the model sheds some light on …