How I learned to stop worrying and love the crisis
Jan Fidrmuc and
Ariane Tichit ()
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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)
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Published in Economic Systems, Elsevier, 2013, 37, pp.542-554
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Journal Article: How I learned to stop worrying and love the crisis (2013)
Working Paper: How I Learned to Stop Worrying and Love the Crisis (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00933607
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