Financing the Transition of Previously Centrally Planned Economies: Macroeconomic Effects on Western Europe

30 Pages Posted: 15 Feb 2006

See all articles by Steven Symansky

Steven Symansky

International Monetary Fund (IMF) - Fiscal Affairs Department

Leonardo Bartolini

Deceased

Date Written: December 1994

Abstract

Under alternative assumptions on the likely developments in external financing of PCPE transition, and based on a multi-country, forward-looking model that includes a simplified PCPE block, we simulate the response of PCPEs to a transfer of capital from the industrial countries, and assess the potential implications for Western Europe over the next ten years. Real interest rates in Western Europe are likely to experience only mild upward pressure, and most macroeconomic aggregates are likely to change by substantially smaller magnitudes than typical over the business cycle.

JEL Classification: F34, O52

Suggested Citation

Symansky, Steven and Bartolini (deceased), Leonardo, Financing the Transition of Previously Centrally Planned Economies: Macroeconomic Effects on Western Europe (December 1994). IMF Working Paper No. 94/157, Available at SSRN: https://ssrn.com/abstract=883916

Steven Symansky (Contact Author)

International Monetary Fund (IMF) - Fiscal Affairs Department ( email )

700 19th Street, NW
Washington, DC 20431
United States

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