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Convergence in Transition Countries – Focus on Investment: Central and Eastern Europe, 1970–1996

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  • Saul Estrin
  • Stepana Lazarova
  • Giovanni Urga

    ()

Abstract

Our data on investment in Central and Eastern European economies reveal that, though investment rates were typically high in the 1970s, the marginal efficiency of investment was low. Investment shares begun to decline in the 1980s, before the collapse of the communist system, but there was some recovery in most countries after transition. We use the Kalman filter framework to test for convergence in investment rates. We find some evidence of convergence in Central European countries – former Czechoslovakia, Poland and the countries of the former Yugoslavia. For the remainder of the socialist bloc, however, we were unable to isolate convergence in investment shares. Copyright Kluwer Academic Publishers 2001

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Bibliographic Info

Article provided by Springer in its journal Economics of Planning.

Volume (Year): 34 (2001)
Issue (Month): 3 (October)
Pages: 215-230

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Handle: RePEc:kap:ecopln:v:34:y:2001:i:3:p:215-230

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Web page: http://www.springerlink.com/link.asp?id=113294

Related research

Keywords: convergence; growth models; investment rates; Kalman filter; transition countries;

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  1. Anders Åslund & Peter Boone & Simon Johnson, 1996. "How to Stabilize: Lessons from Post -communist Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 217-314.
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  11. Quah, Danny, 1993. "Galton's Fallacy and Tests of the Convergence Hypothesis," CEPR Discussion Papers 820, C.E.P.R. Discussion Papers.
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