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Title:How i learned to stop worrying and love the crisis PDF Logo
Authors:Fidrmuc, Jan
Tichit, Ariane
Issue Date:2012
Series/Report no.:CESifo working paper: Fiscal Policy, Macroeconomics and Growth 3720
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 had a positive impact on the subsequent pace of economic reform, economic growth and, with a delay, on investment and institutional change. Episode of high inflation, moreover, translate into lower subsequent inflation. Crises thus appear to serve as catalysts of reform and institutional change and lead to better long-term economic performance.
Subjects:crisis
transition
growth
inflation
reform
institutions
JEL:O11
O47
P27
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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