An open-economy transition model

Debra Patterson

International Advances in Economic Research, 1999, vol. 5, issue 1, 24-36

Abstract: This paper presents an open-economy general equilibrium model illustrating an economy such as a small eastern European country prior to economic transition. The developed model illustrates some of the inefficiencies inherent in the pre-reform economies, including the price distortions that caused resource wasting queues, as well as government domination of the production process. The model specifically provides a dynamic, analytical framework for considering the impact of government policies in determining the size of the trade balance and pre- and post-reform domestic social welfare. Copyright International Atlantic Economic Society 1999

Date: 1999
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DOI: 10.1007/BF02295028

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