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German Unification and the Prospects for Catch-up Development

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Part of the Studies in Economic Transition book series (SET)

Abstract

German unification commonly raised expectations of a relatively ‘easier’ process of transformation and catch-up in the new Bundesländer in comparison to other PSEs: with monetary stability being guaranteed by the Bundesbank, coherent institutions set up and functioning right from the start, unrestricted access to Western markets and, not least, immense financial aid from West Germany and the EU, the conditions for a rapid convergence to Western levels of economic welfare appeared to be very promising indeed. Furthermore, within the former CMEA, the GDR used to rank among the most advanced economies.

Keywords

Creative Destruction Shock Therapy Wage Cost Wage Policy Wage Subsidy 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Johannes Stephan 1999

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