| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1643 |
| DP1643 How Will Transatlantic Policy Interactions Change with the Advent of EMU? | |
| Fabio Ghironi | |
| 发表日期 | 1997-05-30 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | This paper presents a model that explains why in the transition economies of Central and Eastern Europe an important output fall has been associated with price liberalization. Its key ingredients are search frictions and Williamsonian relation-specific investment implying that new investments are made only after a new long-term partner has been found. When all firms search for new partners, output may fall because of three effects: a) disruption of previous production links; b) a fall in investment; and c) capital depreciation due to the absence of replacement investment. We show that forms of gradual liberalization like the Chinese ?dual-track? price liberalization may avoid or reduce the transitory output fall. |
| 主题 | International Macroeconomics |
| 关键词 | Asset specificity Search Transition |
| URL | https://cepr.org/publications/dp1643 |
| 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/530783 |
| 推荐引用方式 GB/T 7714 | Fabio Ghironi. DP1643 How Will Transatlantic Policy Interactions Change with the Advent of EMU?. 1997. |
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