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Journal of Economic Perspectives: Vol. 16 No. 1 (Winter 2002)
JEP Volume. 16, Issue 1 | Next Article
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Transition Economies: Performance and Challenges
Article Citation
Svejnar, Jan. 2002. "Transition Economies: Performance and Challenges."
The Journal of Economic Perspectives,
16(1): 3-28.
DOI: 10.1257/0895330027058
DOI: 10.1257/0895330027058
Abstract
I present data and assess the first twelve years of the transition from plan to market. Transformations have taken place, but the income gap between the transition and advanced economies has widened. Transition countries further east have performed worse than those further west, but policies matter. All countries carried out quickly Type I reforms, such as macroeconomic stabilization, price liberalization, small-scale privatization, and breakup of state-owned enterprises. They differed in Type II reforms, such as large-scale privatization and development of banking and legal systems. Countries that developed a functioning legal framework and corporate governance have performed better than others.
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Authors
Svejnar, Jan (University of Michigan, Ann Arbor, Michigan, US and Executive and Supervisory Committee, CERGE-EI, Prague, Czech Republic)
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