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How I learned to stop worrying and love the crisis

Jan Fidrmuc and Ariane Tichit ()

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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 postcommunist 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: cerdi (search for similar items in EconPapers)
Date: 2013
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00933607
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Published in Economic Systems, Elsevier, 2013, 37, pp.542-554

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