Synopses & Reviews
Fifteen years ago, twenty-seven countries in Europe and Central Asia embarked on their economic transition paths. For some, the outcome was a considerable success. Several others are still struggling to shed the inheritance of the past and to correct more recent policy mistakes. Why were post-Communist recessions so long in some countries and growth disappointing? Why was fiscal performance so different? Was democracy a factor, which facilitated reforms or rather slowed them down? This book discusses these questions in the context of new empirical evidence, including a critical examination of the main themes in the economics of transition literature.
Table of Contents
Introduction * PART I: WHAT HAPPENED? * The Old Regime and the Opening Balance of Transition * The Transition Programme: Interdependence between the Key Components * Stabilisation * Privatisation: The Trade-offs between Speed, Efficiency and Distribution * Unemployment Paths and Restructuring * PART II: WHY? NEW EMPIRICAL RESULTS * Post-Communist Recessions Re-examined * Liberalisation and Public Finance * The Order of Financial Liberalisation * Democracy and Reforms * Economic Growth * Final Remarks