By H. Gabrisch, J. Hölscher
This booklet takes a macroeconomic method of the problem of transformation from communist economies into marketplace economies. on the centre of the research stands the function of the nation and the definition inside a dramatically altering surroundings. specific emphasis is given to the rising function of cash and the monetary region.
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Sample text
7) Because consumption equals the supply of the good, we write: U ϭ S(1Ϫex) ϩ wN. 8) reveals that excess demand is costly because it leads to activities that consume real resources. The equation illustrates a situation where the costs of ‘rent-seeking’ behaviour emerge. 1 Utility and real income Excess demand Supply 38 The Successes and Failures of Economic Transition increases. 1). Excess demand can be eliminated by abolishing the price controls and by curbing nominal income. In the first case, P would adjust upwards and balance supply and demand (‘corrective inflation’).
The functions of money were weak, the transmission channels for a typical stabilization policy in market economies – the interest rate, open market Two Competing Concepts of Transition 33 operations, etc. – were ineffective, and currency competition (domestic versus foreign currency) was threatened. The IMF offered financial programming, a concept based mainly on the use of quantitative tools – that is the printing of central bank money and credit for the non-financial sector (see Appendix 2). The starting point for IMF policy recommendations was to create an independent central bank and then control the money supply.
Bouckaert, G. Boudewijn and De Geest Gervit (eds), Encyclopedia of Law and Economics (Northampton, MA: Edgar Elgar), vol. I, 456–489. Kregel, J. E. Matzner and G. Drabher (eds) (1992) The Market Shock: An Agenda for the Economic and Social Reconstruction of Central and Eastern Europe (Vienna: Austrian Academy of Science). Krueger, A. O. ‘The political economy of the rent-seeking society’, American Economic Review 64, 291–303. Laski, K. and A. Bhaduri (1997) ‘Lessons to be drawn from main mistakes in the transition strategy’, in S.