George K
نویسندگان
چکیده
This thesis investigates whether the economic regime of a country influences the efficacy of shock therapy reform, and if so, how. In this thesis, an economic regime is restricted to be either a mixed or socialist economy, and shock therapy is defined to be a class of rapid economic reforms used to introduce capitalism to a country. Based on existing literature on the subject of shock therapy, several variables are identified as having the potential to impact how successful shock therapy could be given a country’s prevailing economic regime. To ensure that this thesis does not overlook key features that distinguish a mixed economy from a socialist economy, variables are also drawn from two published “freedom indices,” following the statistical variable reduction procedure of Principal Component Analysis. This thesis first builds a structural model of equations from these variables, and then tests it using regression analysis. Based on isolated statistically significant results (p = 10%), this thesis concludes that the economic regime influences the efficacy of shock therapy reform, as measured through nominal – not real – terms, and does so mainly through the following variables: Enterprise Reform, Institutional Framework, and Fiscal Burden. Results suggest, however, that shock therapy is not more appropriate in mixed economies, disconfirming the hypothesis established at the onset of this research. This research ultimately contributes to the study of shock therapy with its unique model; its isolated statistically significant results; its novel method of analyzing data dating to the time of reform for each country, as opposed to using cross-sectional data; its inclusion of countries in Eastern Europe, Asia, and Latin America in the sample space, as opposed to using only one region; and its focus on determining the appropriateness of shock therapy given a particular economic regime, as opposed to posing the more generic question of whether or not shock therapy works.
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K. Adaricheva and M. Bolat have recently proved that if $,mathcal U_0$ and $,mathcal U_1$ are circles in a triangle with vertices $A_0,A_1,A_2$, then there exist $jin {0,1,2}$ and $kin{0,1}$ such that $,mathcal U_{1-k}$ is included in the convex hull of $,mathcal U_kcup({A_0,A_1, A_2}setminus{A_j})$. One could say disks instead of circles.Here we prove the existence of such a $j$ and $k$ ...
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