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

Author/Editor:

Jonathan David Ostry ; Eduardo Borensztein ; Dimitri G Demekas

Publication Date:

July 1, 1992

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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. 92/59

Subject:

Czechoslovakia Industry Production

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

Format:

Paper

Pages:

60

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