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Labour and product markets in Czechoslovakia and the ex-GDR: a twin study

Author: Burda, Michael C. INSEAD Area: Economics and Political Science Series: Working Paper ; 91/13/EPS Publisher: Fontainebleau : INSEAD, 1991.Language: EnglishDescription: 41 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The article takes pre-reform similarities between the ex-German Democratic Republic and Czechoslovakia as the basis for a comparison of their subsequently very different approaches to marketising centrally-planned economies. The GRD freed trade in goods and fixed the exchange rate first, then liberalised domestic price setting, and took up privatization and budgetary consequences last; the CSFR is striving to implement the same reforms in reverse order. The study shows that while the exchange rate matters decisively in the short run, institutional aspects of the two countries such as financing constraints, collective bargaining, and unemployment benefits will prove most important for the long term development of the two regions
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The article takes pre-reform similarities between the ex-German Democratic Republic and Czechoslovakia as the basis for a comparison of their subsequently very different approaches to marketising centrally-planned economies. The GRD freed trade in goods and fixed the exchange rate first, then liberalised domestic price setting, and took up privatization and budgetary consequences last; the CSFR is striving to implement the same reforms in reverse order. The study shows that while the exchange rate matters decisively in the short run, institutional aspects of the two countries such as financing constraints, collective bargaining, and unemployment benefits will prove most important for the long term development of the two regions

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