How I learned to stop worrying and love the crisis

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 postcommunist 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.
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https://halshs.archives-ouvertes.fr/halshs-00933607
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Submitted on : Monday, January 20, 2014 - 5:15:59 PM
Last modification on : Thursday, January 11, 2018 - 6:17:17 AM

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  • HAL Id : halshs-00933607, version 1

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Jan Fidrmuc, Ariane Tichit. How I learned to stop worrying and love the crisis. Economic Systems, Elsevier, 2013, 37, pp.542-554. ⟨halshs-00933607⟩

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