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The J-curve is a Gamma-curve: Initial welfare Consequences of Price Liberalization in Eastern Europe

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  • Bryan Roberts

Abstract

A one-good, representative consumer model of the pre-reform consumer sector of transition economies is developed. An equation is derived that permits empirical estimation of the welfare effect of price liberalization. Empirical estimates are calculated for Poland and Russia. These estimates indicate that the positive benefits of eliminating the highly inefficient distribution system completely offset the negative consequences of the fall in real income suffered as a result of stabilization and reform.

Suggested Citation

  • Bryan Roberts, 1993. "The J-curve is a Gamma-curve: Initial welfare Consequences of Price Liberalization in Eastern Europe," WIDER Working Paper Series wp-1993-114, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-1993-114
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    File URL: https://www.wider.unu.edu/sites/default/files/WP114.pdf
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