American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Enterprise Restructuring in Transition: A Quantitative Survey SimeonDjankovWorld Bank PeterMurrellAcademic Council of the IRIS Center, University of Maryland 739 792 We survey the empirical literature analyzing the process of enterprise restructuring in transition economies. The survey provides new insights into the relative effectiveness of different reform policies, and into how this effectiveness varies across regions. We study the effects of privatization, the importance of different types of owners, the effects of foreign and domestic competition, the consequences of soft budgets, and the role of managerial incentives and managerial human capital, with regard to enterprise restructuring. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=1&issue_date=September 2002 10.1257/002205102760273788 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Growth in Transition: What We Know, What We Don't, and What We Should Nauro F.CamposUniversity of Newcastle, CEPR and WDI AbrizioCoricelliUniversity of Siena, CEU, ECFIN and CEPR 793 836 This essay surveys macroeconomic issues that marked the transition from planned to market economy in Central and Eastern European and former Soviet Union countries. We first establish stylized facts of the transition so far. We then critically survey the theoretical literature on transition, discussing explanations for the initial output fall, and mediumterm issues such as optimal speed of transition, disorganization, institutions and sectoral reallocation as source of output dynamics. We review the empirical literature to assess how well it translates the theoretical models and explains the stylized facts. We conclude with suggestions for future research. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=2&issue_date=September 2002 10.1257/002205102760273797 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Modern Hyper- and High Inflations StanleyFischerCitigroup RatnaSahayIMF Carlos A.VéghUCLA 837 880 Since 1947, hyperinflations in market economies have been rare. More common have been longer inflationary processes at rates above 100 percent per annum. This paper examines the main characteristics of such very high inflation episodes. We find that (i) almost 20 percent of countries have experienced such episodes; (ii) higher inflation is more unstable; (iii) in high-inflation countries, the relationship between the fiscal balance and seigniorage is strong; (iv) inflation inertia decreases as average inflation rises; (v) high inflation is associated with poor macroeconomic performance; and (vi) stabilizations that rely on the exchange rate as the nominal anchor are expansionary. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=3&issue_date=September 2002 10.1257/002205102760273805 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Equality, Efficiency, and Market Fundamentals: The Dynamics of International Medical-Care Reform David M.CutlerDepartment of Economics, Harvard University, and NBER 881 906 Public opinion surveys uniformly show low support for medical-care systems in developed countries. The longstanding conflict between equal access to care and efficient service provision partly explains this dissatisfaction. But the trade-off is particularly acute in medical care, as new technologies developed over time have increased the cost of care and made the equity commitment even more expensive. Countries first dealt with rising costs by maintaining equal access and restricting total spending. Efficiency suffered, however. As a result, many countries are considering a move away from spending controls and toward incentive-based medical-care reform. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=4&issue_date=September 2002 10.1257/002205102760273814 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Review of Easterly's The Elusive Quest for Growth RomainWacziarg 907 918 William Easterly's superb book draws on what we have learned from almost two decades of cross-country growth comparisons, providing a critical synthesis of the current state of empirical knowledge on growth. The author emphasizes policy and institution-driven incentives for growth, and also critically surveys evidence for more traditional sources of growth such as factor accumulation. Another contribution of the book is an accessible and detailed description of the vicious cycle of adjustment loans directed by the World Bank and IMF at countries that squander these resources in current consumption rather than investment, leading to stagnant growth, debt crises, debt relief and further adjustment loans. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=5&issue_date=September 2002 10.1257/002205102760273823 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Book Reviews 919 974 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=6&issue_date=September 2002 10.1257/002205102760273832 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article Annotated Listing of New Books 975 1085 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=7&issue_date=September 2002 10.1257/002205102760273841 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 40 3 September 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=40&issue=3&issue_date=September 2002 Journal Article JEL Classification System 1086 1097 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=40&issue=3&article=8&issue_date=September 2002 10.1257/002205102760273850