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Journal of Economic Perspectives: Vol. 16 No. 1 (Winter 2002)

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Transition Economies: Performance and Challenges

Article Citation

Svejnar, Jan. 2002. "Transition Economies: Performance and Challenges." Journal of Economic Perspectives, 16(1): 3-28.

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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