Starting Positions, Reform Speed, and Economic Outcomes in Transitioning Economies PDF Download
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Author: William Hallagan
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Author: William Hallagan
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Author: WILLIAM HALLAGAN AND ZHANG JUN
Publisher:
ISBN:
Category :
Languages : en
Pages : 12
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Author: Alan Gelb
Publisher:
ISBN:
Category :
Languages : en
Pages :
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December 1997 Initial conditions and economic policy jointly determine the large differences in economic performance among transition economies in Asia, Central and Eastern Europe, and the former Soviet Union. Initial contions dominate in explaining inflation, but economic liberalization is the most important factor determining differences in growth. But reform policy choices are not exogenous. Liberalization depends, in turn, on both initial conditions and political reform. The experience of countries in transition from a planned to a market-oriented economy has varied greatly. The clearest differences are between the East Asian countries, China and Vietnam, and the countries of Central and Eastern Europe (CEE) and the former Soviet Union (FSU). China and Vietnam have contained inflation and benefited from continued high growth in GDP since the beginning of their reforms, while all CEE and FSU countries have experienced large declines in output, and most have experienced hyperinflation. But even in CEE and the FSU, differences are marked. Some countries have lost over half of their GDP, and growth performance in a number of countries is still poor, while others are growing strongly. Some are still suffering from high inflation while others have successfully reduced annual inflation. What determines this divergence of outcomes across transition countries? No study so far has analyzed the interaction of all factors, including initial conditions, political change, and reforms, in a unified framework including CEE, the FSU, China, and Vietnam. De Melo, Denizer, Gelb, and Tenev examine these broader interactions, but focus first on the role of initial conditions, such as initial macroeconomic distortions and differences in economic structure and institutions, which have been emphasized less in the literature. They find that intial conditions and economic policy jointly determine the large differences in economic performance among the 28 transition economies in the sample. Initiate conditions dominate in explaining inflation, but economic liberalization is the most important factor determining differences in growth. But reform policy choices are not exogenous. They depend, in turn, on both initial conditions and political reform, with political reform the most important determinant of the speed and comprehensiveness of economic liberalization. Other findings provide additional insight into these relationships. Results show that liberalization has a negative contemporaneous impact, but a stronger positive effect on performance over time. The results also show that macroeconomic and structural distortions are negatively related to both policy and performance. Regarding the former, unfavorable initial conditions discourage policy reforms but do not diminish their effectiveness once they are implemented. The authors find some evidence that the influence of initial conditions diminishes over time. This is in part because many of the initial conditions are themselves modified in the course of transition. Monetary overhangs are dissipated through inflation, industrial overhang is eroded as plants shut down, and market memory returns through experience. This paper-a product of the Development Research Group-is part of a larger effort in the group to provide a comparative overview of the experience with the transition from central planning to a market economy.
Author: Gerard Turley
Publisher: Routledge
ISBN: 1136909087
Category : Business & Economics
Languages : en
Pages : 506
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Celebrating twenty years of transition from socialism to capitalism, this book is designed to be the core textbook for undergraduate courses in transition economics and comparative economic systems. Given the passage of time, Transition Economics: Two Decades On reviews and accounts for the outcomes in the so-called transition economies and, from an academic perspective, takes the reader through developments and issues in the twenty years of transition from plan to market. Treating its subject matter thematically, the book incorporates much of the transition economics literature and evidence that have evolved over the past two decades. In particular, the authors focus on the most important aspects of economic transition, including: The initial conditions at the outset of transition Paradigms and patterns of transition The main transition policies and economic reforms The performance of transition countries and firms The lessons from transition The textbook covers a wide range of both contemporary microeconomic and macroeconomic issues, in over thirty ex-socialist European and Asian countries, including Russia and China. Transition Economics: Two Decades On is more than just a book about a particular part of the world or the transformation that was experienced at a particular time in history. The authors believe that the study of the economics of transition gives the reader an insight into theories, policies, reforms, legacies, institutions, processes and lessons that have application and relevance, beyond the specific transition from plan to market, to other parts of the world and to other times in history.
Author:
Publisher: World Bank Publications
ISBN:
Category : Asia
Languages : en
Pages : 60
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Author: Stanley Fischer
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 50
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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.
Author: Wendy Carlin,Steven Fries,Mark Schaffer and Paul Seabright
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Author: BAT BATJARGAL
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Author: Ichiro Iwasaki
Publisher: Routledge
ISBN: 0429555520
Category : Business & Economics
Languages : en
Pages : 399
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Book Description
In the last three decades since the fall of the Berlin Wall, there has been a vast amount of study looking at transforming the planned economy to a market economy from both theoretical and empirical aspects. This book provides an overview and insight into transition economies in the recent decades and looks at key economics topics from the so-called “transition strategy debate” to environmental reform. The book also includes an analytical review and meta-analysis of the existing literature. By integrating theoretical discussions and synthesizing empirical findings in a systematic manner, this book may help to enlighten the debate on the timing, speed, and policy sequence of economic transition. The book will particularly appeal to researchers, policy makers, other practitioners, and under- and post-graduate students who are interested in transition economies in Eastern Europe, the former Soviet Union, Southeast Asia, and China. It aims to be read as an advanced reader.
Author: Karsten Staehr
Publisher:
ISBN: 9789516868502
Category : Economic history
Languages : en
Pages : 31
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Book Description
Tiivistelmä.
