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The essays in this volume explore the special type of policies that were needed in the post-socialist countries of Eastern Europe and the Former Soviet Union in order to reduce inflation and to stop the fall in output that followed the collapse of Communism. The book contains a number of general studies that discuss the type of reforms needed and how they condition policies and analyze the aggregate relationship between reducing inflation, implementing structural reforms, and renewing the process of growth.
This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.
List of Figures. List of Tables. List of Symbols. List of Country Acronyms. Foreword and Acknowledgements. I. The Transition Economies. II. Saving, by Plan and in the Market. III. Considering the Competing Explanations of Transition in Inflation and Economic Growth. IV. The Inflationary Explosion Following Price Liberalization. V. The Crisis Years. VI. Directed Credits and Financial Repression in Belarus. VII. Stabilization in Transition Economies. VIII. Ukraine in the Stabilization Phase. IX. Georgia: from Crisis to Stabilization .. and Then? X. The Fallout of the Russian Financial C.
Number 95/1 in the Economics Division Working Papers Development Issues. This paper establishes a link between macroeconomic performance indicators and the reform of state-owned enterprises in formerly centrally planned economies. Consideration is given to the formerly centrally planned economies in Europe and China. Includes a glossary, bibliography and a list of recent publications by the Economics Division, Research School of Pacific and Asian Studies, the Australian National University. Frances Perkins is director of the East Asia Analytical Unit, Department of Foreign Affairs and Trade. Martin Raiser is with the Kiel Institute of World Economics at Kiel University.
While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the more and less successful transitions, the latter largely in the former Soviet Union, raises many questions about the relative roles played by adverse initial conditions, external factors, and reform strategies. This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes, highlighting the role of exogenous factors and the macroeconomic and structural policies adopted by the countries. We find that both stabilization policies and structural reforms, particularly privatization, contributed to the growth recovery. We also conclude that the faster is the speed of reforms, the quicker is the recovery and the higher is growth.
What is Transition Economy A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Transition economy Chapter 2: Economy of Moldova Chapter 3: Economy of Togo Chapter 4: Economy of Ukraine Chapter 5: Economy of Uzbekistan Chapter 6: European Bank for Reconstruction and Development Chapter 7: Economy of Tunisia Chapter 8: Shock therapy (economics) Chapter 9: Economy of Canada Chapter 10: Economy of Europe Chapter 11: Economy of the Socialist Federal Republic of Yugoslavia Chapter 12: Balcerowicz Plan Chapter 13: World economy Chapter 14: Economic history of Turkey Chapter 15: Economic history of China (1949-present) Chapter 16: Central Bank of Uzbekistan Chapter 17: Economic history of the Russian Federation Chapter 18: Chinese economic reform Chapter 19: Erik Berglöf Chapter 20: Dollarization of Cuba Chapter 21: World Bank and Poland (II) Answering the public top questions about transition economy. (III) Real world examples for the usage of transition economy in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of transition economy.
This paper analyzes the determinants of growth in 25 transition economies during 1990–97. The paper’s main finding is that macroeconomic stabilization, structural reform, and reduction of government expenditures are key to achieving sustainable growth. Although the initial effect of reforms on output may be negative, over time the best growth performances are in those countries with the greatest progress in implementing reforms. The analysis also confirms that although adverse initial conditions hurt growth, their effect is small compared to the other factors.
Designing a well-functioning intergovernmenal fiscal system is essential to the success of all the transitional economies' major reform goals: privatization, macroeconomic stability, more efficient performance and economic growth, and an adequate social safety net.
This collection of essays discuss the economic policy problems that confront postcommunist countries. Most chapters focus on liberalization of the exchange rate and trade system, macroeconomic stabilization, and institutional reform.
Examines the institutional developments in 28 transition economies over the past two decades and concludes that, contrary to popular belief, institutions were not neglected; while personalities mattered as much as policies for outcomes, getting the basic institutions right was the most important aspect of a successful transition.