Output Decline in Eastern Europe D-79111 Freiburg eight female)

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h fields as aerospace

Output Decline in Eastern Europe D-79111 Freiburg eight female)The first phase of transition to a market economy in Central and Eastern Europe was characterized by a sharp output decline. The fall in real GDP exceeded 20% while real industrial production decreased even by 40%. Output Decline in Eastern Europe aims at providing comprehensive, multi factor explanations for this unique, painful experience. Various hypotheses are analyzed: credit and fiscal policies may have been too tight; the collapse of the CMEA