The Output Decline in the Aftermath of Reform: The Cases of Bulgaria, Czechoslovakia, and Romania
Summary:
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?
Series:
Working Paper No. 1992/059
Subject:
Comparative advantage Economic sectors Employment Energy pricing Expenditure Exports Industrial sector International trade Labor
Notes:
Also published in Staff Papers, Vol. 40, No. 1, March 1993.
English
Publication Date:
July 1, 1992
ISBN/ISSN:
9781451965711/1018-5941
Stock No:
WPIEA0591992
Pages:
60
Please address any questions about this title to publications@imf.org