Crisis, Stabilization and Growth: Economic Adjustment in Transition Economies

The break-up of the Soviet Union in 1991, following closely on the adoption of market-oriented reforms in Eastern Europe, created a new specialty within economics. The economics of transition encompass phenomena and problems from both microeconomics and macroeconomics, as economists from all disciplines have labored to understand the economic forces at work in the movement from planning to market in these countries. Much has been learned in the subsequent decade, but as the poor macroeconom...