From Centrally Planned To Market Economies

Author : Guillermo Calvo,Mr.Jacob A. Frenkel
Publisher : International Monetary Fund
Page : 42 pages
File Size : 53,9 Mb
Release : 1991-02
Category : Business & Economics
ISBN : UCSD:31822006408371

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From Centrally-Planned to Market Economies by Guillermo Calvo,Mr.Jacob A. Frenkel Pdf

This paper deals with the early stages of transformation of centrally-planned economies (CPEs) into market economies during which expectations play a key role. It focuses on the transitional phase during which the economy is not any more a CPE but has not yet become a market economy. During this phase the economy is referred to as a “previously centrally-planned economy” (PCPE). A simple model is developed to analyze the consequences of expected price liberalization. The CPEs undergoing transformation lack depth and breadth of financial markets. The analysis illustrates the benefits from an early development of such markets. It demonstrates the cost of a fine-tuning strategy and the benefits from a quick implementation of price reform. The paper also examines means to reduce “liquidity overhang,” and shows that they involve taxation of one form or another. The consequences of privatization are analyzed and the benefits from an early development of an effective tax system highlighted.

Author : Richard W. T. Pomfret
Publisher : Edward Elgar Publishing
Page : 174 pages
File Size : 54,8 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105110257164

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Constructing a Market Economy by Richard W. T. Pomfret Pdf

Offering a cross-comparative study of the transition regimes of the countries formerly characterized by Soviet central planning, Pomfret (economics, U. of Adelaide) argues that the imposition of the Washington consensus has been a qualified success across the board. A major theme of the work is whether economists were able to accurately predict the economic behavior and results of the transition economies and whether they were able to learn from discrepancies. His analysis of this is surprisingly positive, although the arguments for the immediate benefits of mass privatization are noted to be deficient (in hindsight for Pomfret). Annotation copyrighted by Book News, Inc., Portland, OR

Author : Jacob A. Frenkel
Publisher : Unknown
Page : 36 pages
File Size : 54,9 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291212456

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From Centrally-Planned to Market Economies by Jacob A. Frenkel Pdf

This paper deals with the early stages of transformation of centrally-planned economies (CPEs) into market economies during which expectations play a key role. It focuses on the transitional phase during which the economy is not any more a CPE but has not yet become a market economy. During this phase the economy is referred to as a quot;previously centrally-planned econonyquot; (PCPE). A simple model is developed to analyze the consequences of expected price liberalization. The CPEs undergoing transformation lack depth and breadth of financial markets. The analysis illustrates the benefits from an early development of such markets. It demonstrates the cost of a fine-tuning strategy and the benefits from a quick implementation of price reform. The paper also examines means to reduce quot;liquidity overhang,quot; and shows that they involve taxation of one form or another. The consequences of privatization are analyzed and the benefits from an early development of an effective tax system highlighted.

Author : Marek D?browski
Publisher : World Bank Publications
Page : 56 pages
File Size : 55,5 Mb
Release : 1996
Category : Capitalism
ISBN : 8210379456XXX

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Different Strategies of Transition to a Market Economy by Marek D?browski Pdf

Author : Libor Žídek
Publisher : Unknown
Page : 0 pages
File Size : 55,5 Mb
Release : 2019-05-31
Category : Central planning
ISBN : 1138614386

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Centrally Planned Economies by Libor Žídek Pdf

This book offers a comprehensive analysis of the centrally-planned economy of communist Czechoslovakia. One of the book's key questions is: Why did centrally-planned economies lag behind the developed economies? This book makes a major contribution to the discussion on central planning, as no similar recent publication on the topic exists.

Author : Mr.Andrew T. Hook
Publisher : International Monetary Fund
Page : 50 pages
File Size : 53,6 Mb
Release : 1992-11-01
Category : Business & Economics
ISBN : 9781451851762

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Managing Payment System Risk During the Transition From a Centrally Planned to a Market Economy by Mr.Andrew T. Hook Pdf

The objectives and functions of payments systems in centrally planned economies are described and analyzed. These are compared to those of payments systems in market economies and to the characteristics of an ideal payments system. The dominant role of the state in the centrally planned economies meant that the state underwrote virtually all payments risk. With the withdrawal of the state, however, participants became exposed to credit, liquidity, and operational risks. In the transition, the central bank has a key role to play in payments systems. Areas where rapid improvements are possible are: accounting, clearing, settlement, netting and standardization.

Author : Mr.Eduardo Borensztein
Publisher : International Monetary Fund
Page : 25 pages
File Size : 42,9 Mb
Release : 1993-03-01
Category : Business & Economics
ISBN : 9781451971873

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The Strategy of Reform in the Previously Centrally-Planned Economies of Eastern Europe by Mr.Eduardo Borensztein Pdf

This paper analyzes some of the lessons that can be drawn from the experience of Eastern Europe in the process of transition to a market economy that is under way, and examines some key challenges currently facing policymakers in these economies. The paper studies the constraints affecting the general strategy of reform--rapid versus gradual--that was adopted, and the output decline initially experienced and its effect on medium-term growth perspectives. The paper also discusses the implementation of mass privatization schemes, and the type and extent of government intervention in the restructuring process. This is a Paper on Policy Analysis and Assessment and the author(s) would welcome any comments on the present text. Citations should refer to a Paper on Policy Analysis and Assessment of the International Monetary Fund, mentioning the authors) and the date of issuance. The views expressed are those of the author(s) and do not necessarily represent those of the Fund.

Author : H.J. Blommestein,B. Steunenberg
Publisher : Springer Science & Business Media
Page : 326 pages
File Size : 50,7 Mb
Release : 2013-04-18
Category : Political Science
ISBN : 9789401583664

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Government and Markets by H.J. Blommestein,B. Steunenberg Pdf

Government and Markets is the first book to tackle systematically and in a multidisciplinary fashion the role of democratic governments during and after the transition from plan to market. The role of governments during the transformation is important for eliminating the obstacles and putting into place the conditions for the emergence of a viable market economy. Moreover, governments need to play a key role in establishing a political-legal order that promotes political liberties and economic freedom. In contrast to other literature on the transformation process in formerly planned systems, this volume focuses also on the creation of autonomous and accountable governments as part of the liberal economic order. Finally, the volume analyzes the role of the legal state in creating a competitive market economy. Government and Markets addresses itself to scholars, politicians policy makers interested in the establishment of a democratic, competitive order in formerly planned political economic systems.

Author : Pradumna Bickram Rana,Naved Hamid
Publisher : Unknown
Page : 280 pages
File Size : 40,9 Mb
Release : 1995
Category : Business & Economics
ISBN : STANFORD:36105009637740

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From Centrally Planned to Market Economies by Pradumna Bickram Rana,Naved Hamid Pdf

Disenchantment with the socialist economic model, coupled with the breakdown of the former Soviet economic bloc, has led to reforms in the transitional economies of Asia. This three-volume book work is a study of economic reforms in the People's Republic of China, the Lao People's Democratic Republic, Mongolia, Myanmar, and Vietnam. It examines economic performance in these countries, including prior reforms and institutional changes, recent economic reforms and the historical and economic forces leading to these transitions, and current economic conditions, including constraints and policy changes. Volume One discusses taxation, money and credit, gradual versus rapid liberalization in socialist foreign trade, agricultural and price reforms, industrial enterprise reform, and financial reforms in these transitional economies. Volume Two examines the People's Republic of China and Mongolia in greater depth. Volume Three completes the series with explorations of the Lao People's Democratic Republic, Myanmar, and Vietnam.

Author : Pawel H. Dembinski
Publisher : Unknown
Page : 272 pages
File Size : 42,7 Mb
Release : 1991
Category : Business & Economics
ISBN : STANFORD:36105035236830

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The Logic of the Planned Economy by Pawel H. Dembinski Pdf

This timely book examines and seeks to explain the inner contradictions of centrally planned economies and shows how the seeds of their collapse had existed within the system from the very start. The author shows how the orthodox ideological principles of the system rendered it inflexible and incapable of reform and thus unable to transform itself into an efficient modern economy. Though the system as such has ceased to exist, it is as yet only the rules that have disappeared--the system's components continue to exist and, the author argues, a proper understanding of the origins and previous functions of each component is necessary if it is to be integrated into the new system.

Author : Mr.Jacob A. Frenkel,Mr.Guillermo Calvo
Publisher : International Monetary Fund
Page : 19 pages
File Size : 51,5 Mb
Release : 1991-07-01
Category : Business & Economics
ISBN : 9781451848724

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Obstacles to Transforming Centrally-Planned Economies by Mr.Jacob A. Frenkel,Mr.Guillermo Calvo Pdf

This paper identifies obstacles hindering the transformation of centrally-planned economies (CPEs) into well-functioning market economies. The obstacles identified relate to (i) anticipatory dynamics, (ii) monetary overhang and the budget, and (iii) underdeveloped credit markets. It is demonstrated that these obstacles inhibit the effectiveness of price reform, monetary and credit policies, and trade liberalization. The analysis focuses on various ways to remove the obstacles. In this regard, a special examination is made of the implications of “cleaning” the balance sheets of enterprises and banks from nonperforming loans, as well as ways to enhance credibility. The paper concludes with a brief discussion of sequencing, “safety nets,” and their associated obstacles.

Author : Arne Jon Isachsen,Carl Hamilton,Thorvaldur Gylfason
Publisher : Oxford University Press, USA
Page : 272 pages
File Size : 52,6 Mb
Release : 1992
Category : Business & Economics
ISBN : STANFORD:36105002243991

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Understanding the Market Economy by Arne Jon Isachsen,Carl Hamilton,Thorvaldur Gylfason Pdf

Author : Richard Quandt,Dusan Triska
Publisher : Routledge
Page : 332 pages
File Size : 50,9 Mb
Release : 2019-09-03
Category : Political Science
ISBN : 9781000308372

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Optimal Decisions In Markets And Planned Economies by Richard Quandt,Dusan Triska Pdf

Much research into the economics of socialist planned economies has emphasized macroeconomic issues central to setting and meeting macroeconomic goals, and research on the theory of the firm in capitalist economies is not generally relevant to socialist economies. In this volume, leading economists from both East and West fill the gap in the literature by examining in critical detail many different aspects of the microeconomics of the firm in socialist economies.

Author : Barry P. Bosworth,Gur Ofer
Publisher : Brookings Institution Press
Page : 228 pages
File Size : 52,6 Mb
Release : 2000-07-26
Category : Business & Economics
ISBN : 0815791313

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Reforming Planned Economies in an Integrating World Economy by Barry P. Bosworth,Gur Ofer Pdf

The still chaotic states of the former Soviet Union, a growing China, and the divergent nations of Eastern Europe are striving to radically transform their economies. In their quest to become more integrated with the global economy, they are making historic changes to move toward market-based, private-enterprise systems. In this book, Barry P. Bosworth and Gur Ofer provide a balanced assessment of the progress of integration among the formerly centrally planned economies. So far, the results of the reform process range from amazing success in China to economic and political disarray in the states of the former Soviet Union. The authors outline the key issues that any successful reform program must address and the sequence in which these reforms should take place. A volume of Brookings' Integrating National Economies Series

Author : William Jefferies
Publisher : Routledge
Page : 179 pages
File Size : 54,6 Mb
Release : 2014-11-27
Category : Business & Economics
ISBN : 9781317594925

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Measuring National Income in the Centrally Planned Economies by William Jefferies Pdf

In 1991 "Communism" collapsed. The cold war was over and the West had won. Whole cities, Moscow, St Petersburg, Warsaw, Beijing, Budapest and Bucharest, whole countries indeed, were privatised for nothing or next to nothing. This was probably the greatest expansion of the world market in history. And yet, according to national income measurements of the CIA, OECD, World Bank and IMF, this gigantic expansion of market production, led to a decline in market production in the very countries where it was introduced. How to explain this paradox? This book traces the origin of the West’s national income measurements, from their origin in the 1923/4 Balance developed in the USSR, to the USA in the early 1930s via two Soviet exiles, Simon Kuznets and Wassily Leontief, and then back to the USSR again, after a vigorous debate, through a protégé of Kuznets, Abram Bergson. The AFC imputed national incomes to a centrally planned economy, based on physical not income measurements. This book provides a detailed assessment of the failure of the AFC method to measure the real growth of actual market production during the transition period. This book provides a detailed account of the application of national income measurements to the centrally planned economies. It assesses all of the major contributors to this debate, including Colin Clark, Naum Jasny, Alexander Gerschenkron, G.Warren Nutter and Abram Bergson. It provides a new much higher, estimate of the expansion of market production during the transition period, based on an estimate of the actual growth of real market production. It discusses the very significant implications of this re-estimate for contemporary theories of globalisation.