| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1276 |
| DP1276 Innovation, 'Bank' Monitoring and Endogenous Financial Development | |
| Angel de la Fuente; José Maria Marín Vigueras | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Assessments of the East German transition commonly focus narrowly on the size of financial transfers from the West to the East. Of more relevance to other cases of transformation is the fact that East Germany was immediately brought into the trading and financial system of the world economy and immediately adopted Western legal and administrative structures. In doing so, German union has created a unique environment for transformation in East Germany. In this paper, I review the main elements of German union: monetary union, fiscal union, legal and administrative union, and rapid privatization. I then review the main economic developments since 1990. From a macro-economic perspective, unification has promoted East Germany's fast integration into the Western trading and financial system . These factors may help in the longer run to overcome the huge terms-of-trade shock implied by monetary union and the loss of the traditional external markets. On a politico-economic level, German union has created an environment favourable for a big-bang strategy of reform by reducing the distributional problems reform processes may face and that have led to stalemate in the political process in other transition countries. The East German labour market was drawn into the West German pattern of industrial relations, which traditionally have favoured insider-outsider behaviour. The result has been massive destruction of employment. Thus, the most fatal mistake in the unification process was the immediate extension of labour market regulation that favour insider-outsider behaviour to the East. |
| 主题 | International Macroeconomics |
| 关键词 | East germany Economics of transformation German unification |
| URL | https://cepr.org/publications/dp1276 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530416 |
| 推荐引用方式 GB/T 7714 | Angel de la Fuente,José Maria Marín Vigueras. DP1276 Innovation, 'Bank' Monitoring and Endogenous Financial Development. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
