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Title: How I learned to stop worrying and love the crisis
Authors: Fidrmuc, J
Tichit, A
Keywords: Crisis;Transition;Growth;Inflation;Reform;Institutions
Issue Date: 2013
Publisher: Elsevier Science Inc.
Citation: Economic Systems, 37(4), 542 - 554, 2013
Abstract: 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 post-communist 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.
Description: This is the post-print version of the final paper published in Economic Systems. The published article is available from the link below. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. Copyright @ 2013 Elsevier B.V.
ISSN: 0939-3625
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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