From 1978 to 1992 China experienced gradual liberalization with a fairly stable price level. The more rapid liberalization attempted after 1989 in Eastern Europe, and the former USSR generated much higher inflation. Yet both regions' fiscal policies were similar. As in formerly socialist Europe, in China the share of government revenue in gross national product (GNP) has fallen sharply. Nevertheless, China avoided resorting to the inflation tax. The...
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1994/03/31
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Publicación
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14335
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1
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1
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2010/07/01
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Disclosed
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Gradual versus rapid liberalization in socialist economies : the problem of macroeconomic control
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state sector
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