Market Liberalization Policies in a Reforming Socialist Economy

Elias Dinopoulos and Timothy D. Lane
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Elias Dinopoulos: International Monetary Fund
Timothy D. Lane: International Monetary Fund

IMF Staff Papers, 1992, vol. 39, issue 3, 465-494

Abstract: A model of a socialist economy is presented, incorporating bargaining over wages and employment in the socialized sector and shortages that are reflected in the black market. The model is used to analyze the implications of liberalization policies, including trade liberalization, an administered price increase, and provisions allowing for increased direct foreign investment. The results suggest that reforms may have different effects under different trade regimes, that small price reforms may have perverse effects, and that foreign investment in a shortage economy may be immiserizing.

JEL-codes: P21 P31 P33 (search for similar items in EconPapers)
Date: 1992
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