转型经济transformationeconomies课件.pptVIP

Transformation economies countries of transformation economies Former Soviet Union, Eastern European countries, China etc. Great achievements Soviet Union one of the two superpower Relatively high growth rate in 1950s and 1960s in Soviet Union and Eastern European countries weak points of central planning Slowing growth rate since 1970s Worsening social index Economic reform at the end of 1980s Rebuilding a centrally planned economy Institutional framework Macroeconomic stabilization Real adjustment of firms Institutional framework Law of contract Law of enterprises Property rights Two-tier banking system Macroeconomic stabilization Monetary stabilization inflation; currency reform and convertibility; tight budget restrain; reduction of government budget deficits Real adjustment of firms Start of micro-reforms Implementation of micro-reforms Start of micro-reforms Autonomy of firms Abolition of the government export monopoly Markets instead of central planning Free market entry Implementation of micro-reforms Freeing of prices (on commodity and factor markets) Free trade, no subsidies for tradable goods Commercialization of firms Privatization of enterprises New enterprises The J-curve of transformation A collapse of national output obsolete capital stock; time-costing involving adjustment costs with existing human capital integrated; institutional vacuum at the beginning The sequence of reform steps American economists experience in Latin America as a frame of reference German economists the Erhard reforms of West Germany in 1948 A time pattern of most important steps Figure 10.1 Big bang or gradual adjustment? Figure 10.4 Table 10.1 Some central issues of economic policy Privitization The tightening of the budget restraint Current account deficits inflation Foreign trade aspects of transformation Opening up to foreign trade Efficiency gains from foreign trade Capital inflow Exchange rate policy Real