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This paper examines factors determining the allocation of bank credit to the enterprise sector, and the implications of this allocation for aggregate supply and macro-economic performance, in the former socialist economies. It first develops a model to explain how changes in demand for money by...
Persistent link: https://www.econbiz.de/10014398762
growth. It is not possible to determine a clear-cut relationship between the index that determines the level of compliance … with structural benchmarks in IMF programs and growth. However, the paper finds a definite, positive relationship between … the index of compliance with performance criteria and growth, even after controlling for the extent of stabilization of …
Persistent link: https://www.econbiz.de/10014399903
privatization, contribute to growth. We also conclude that the faster is the speed of reforms, the quicker is the recovery and the … higher is growth …
Persistent link: https://www.econbiz.de/10014399915
economies. The paper finds that for four widely used measures of economic performance—growth, inflation, the fiscal balance, and …
Persistent link: https://www.econbiz.de/10014399961
We identify structural breaks in economic growth in 140 countries and use these to define ""growth spells:"" periods of … high growth preceded by an upbreak and ending either with a downbreak or with the end of the sample. Growth spells tend to … be shorter in African and Latin American countries than elsewhere. We find that growth duration is positively related to …
Persistent link: https://www.econbiz.de/10014401753
context, maintaining or even raising the region's economic growth will require an offset by the private sector. The analysis … draws lessons from countries that have successfully transitioned from public investment to private investment-led growth … policies could help Benin achieving a smooth transition from public to private sector-led growth …
Persistent link: https://www.econbiz.de/10012795087
What are the relative roles of macroeconomic variables, structural policies, and initial conditions in explaining the time path of output in transition and the large observed differences in output performance across transition economies? Using a sample of 26 countries, this paper follows a...
Persistent link: https://www.econbiz.de/10014400551
Analysis on macroeconomic determinants of protection in the Czech and Slovak Republics, Hungary, and Poland, while subject to many caveats, suggests that appreciation of the real exchange rate was the main macroeconomic determinant of trade policy reversals in the 1990s. This suggests that...
Persistent link: https://www.econbiz.de/10014401207
Persistent link: https://www.econbiz.de/10014402926
This paper attempts to extend the range of countries covered by the IMF’s multilateral real exchange rate indexes based on relative unit labor costs (REER-ULCs) in manufacturing. A data set was assembled that permits calculation of REER-ULCs for 23 newly industrialized, developing, and...
Persistent link: https://www.econbiz.de/10014403305