Calvo, Guillermo A.; Frenkel, Jacob A. - In: IMF Staff Papers 38 (1991) 2, pp. 268-299
The early stages of transformation of centrally planned economies into market economies are examined. In the transitional phase when an economy is no longer centrally planned, but not yet market based--when it is a "previously centrally planned economy"--expectations play a key role. A model is...