Sequencing The Transition

David Newbery

No 294672, Institute for Policy Reform Archive from Institute for Policy Reform

Abstract: The inefficiency of Soviet-type economies results from its monopolized production structure which makes soft budget constraints almost inevitable, as enterprises have bargaining power and must face expropriative tax rates for macroeconomic stability. Systematic reform aims to improve incentives, and if this is to be achieved with macro-stability, enterprises must be demonopolized. Most sequencing issues resolve into three key concerns: ensuring or restoring macroeconomic stability, not ruling out options for subsequent reforms, specifically those intended to increase competition, and maintaining support for completing the reform process.

Keywords: Industrial; Organization (search for similar items in EconPapers)
Pages: 37
Date: 1991-10
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Persistent link: https://EconPapers.repec.org/RePEc:ags:inpora:294672

DOI: 10.22004/ag.econ.294672

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