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External Shocks, Economic Reforms, and the Foreign Trade Behavior of the Soviet Union, China, and Hungary, 1970-1987

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  • Keun Lee
  • William E. James

Abstract

This article finds that the export demand effect of external shocks had the strongest impact on the USSR. The effect was second largest in China and Hungary, and smallest in the NICs. The USSR responded to external shocks in a manner typical of the traditional centrally-planned economy. It was unable to strengthen export promotion and import substitution, and instead relied on external borrowing to adjust. This was not the case with either of the reform economies of China and Hungary. Outward-oriented China relied on exports to pay for imports and foreign borrowing to continue its growth and reform program. Inward-oriented Hungary relied on import substitution and a slowdown of demand to reduce reliance on foreign borrowing.

Suggested Citation

  • Keun Lee & William E. James, 1990. "External Shocks, Economic Reforms, and the Foreign Trade Behavior of the Soviet Union, China, and Hungary, 1970-1987," Working Papers 199025, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:199025
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