Institutions, international trade, and the post-socialist transition [electronic resource]
說明
231 p
附註
Source: Dissertation Abstracts International, Volume: 63-06, Section: A, page: 2316
Director: Peter Murrell
Thesis (Ph.D.)--University of Maryland, College Park, 2002
This thesis examines the importance of market institutions, in particular contract enforcement, in the transition from communism to a market economy. This paper extends the model of producer-supplier relationships developed in Blanchard and Kremer (1997), placing it into an open-economy general equilibrium framework. During the transition from socialism, complex production suffers from holdup problems, and resources shift into production that can rely on self-enforcing agreements. Econometric tests find that this reallocation is reflected in the changing commodity composition of international trade. This lends statistical support to the proposition that absence of contract enforcement institutions explains the decline in total output during the transition to a market economy
