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.
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Table of ContentsIntroduction 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