Markets, States, and Democracy: The Political Economy of Post-Communist Transformation

By Beverly Crawford | Go to book overview
with a rapid expansion of exports to convertible currency markets. Since foreign demand substituted, to a degree, for domestic, this would suggest that the aggregate demand was probably less critical in causing a recession than the depth of deflation might suggest. As there was very little change in the export product structure (for evidence, see Rosati, 1993), this could further point to the critical role of supply factors.

References
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