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How I learned to stop worrying and love the crisis

Jan Fidrmuc and Ariane Tichit ()

Economic Systems, 2013, vol. 37, issue 4, 542-554

Abstract: We investigate the effects of economic crises on the subsequent economic, performance, economic reform, democratization and institutional change. Our analysis is based on a sample of post-communist countries, most of which experienced severe economic, crises during the 1990s. We find that the severity of crisis has a positive impact on the subsequent pace of economic reform, economic growth and, with a delay, on investment and institutional change. Episodes of high inflation, moreover, translate into lower subsequent inflation. Crises thus serve as catalysts of reform and institutional change and lead to better long-term economic performance.

Keywords: Crisis; Transition; Growth; Inflation; Reform; Institutions (search for similar items in EconPapers)
JEL-codes: O11 O47 P27 (search for similar items in EconPapers)
Date: 2013
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Working Paper: How I learned to stop worrying and love the crisis (2013)
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