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Theoretical Aspects of the Economic Transition: The Case of Romania

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Author Info

  • Cezar Scarlat

    (University ‘Politehnica’ of Bucharest, Romania)

  • Eugen I. Scarlat

    (University ‘Politehnica’ of Bucharest, Romania)

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    Abstract

    For Romania, as for all other ex-communist countries from Eastern Europe, the transition from the rigid centrally planned economic system to the free-market economy, fair competition based, was an amazing experience. From the academic standpoint, the economic reform was a huge research opportunity, as well as having extremely important practical consequences. Based on the case of Romania, the authors have developed an original, bi-dimensional matrix model of this transition process (Scarlat Model), emphasizing the typology of four basic economic systems. Managerial aspects are underlined – both for economic systems and transition process – as well as some stability considerations. Two features of the transition strategy are presented: the transition path and duration of the process. Special attention was paid to assessing the moment by when the economic transition ends. Analysis of the transition path – based on the theory of deterministic chaos (i.e. short-run predictability) – has led to interesting results: a comprehensive research on the evolution of the Romanian currency exchange over a period of sixteen years (1990–2005) revealed three intervals in the Romanian recent history of economic transition and confirmed the diagnostic of transition end. The general model is applied in the case of Romania and some interesting findings are presented, but it is also fully applicable to all Eastern European countries and not only Romania. The EU accessing process is a different type of transition – rigorously planned, regulated and monitored.

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    Bibliographic Info

    Article provided by University of Primorska, Faculty of Management Koper in its journal Managing Global Transitions.

    Volume (Year): 5 (2007)
    Issue (Month): 4 ()
    Pages: 307-331

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    Handle: RePEc:mgt:youmgt:v:5:y:2007:i:4:p:307-331

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    Related research

    Keywords: economy model; economic transition; transition path; deterministic chaos; EU accession;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Manijeh Sabi, 1997. "Banking in transition: Development and current problems in Azerbaijan," Post-Communist Economies, Taylor & Francis Journals, vol. 9(4), pages 491-499.
    2. John Marangos, 2005. "Alternative models of transition and institutional development," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 7(4), pages 390-408.
    3. Aristidis Bitzenis, 2007. "Political and economic alternatives for the Central and East European Region and China," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 9(1), pages 101-122.
    4. Eva Kreuzbergova, 2006. "Banking socialism in transition: the experience of the Czech Republic," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 8(1/2), pages 161-177.
    5. Bartlomiej Kaminski, 1998. "Poland's transition from the perspective of performance in EU markets," Post-Communist Economies, Taylor & Francis Journals, vol. 10(2), pages 217-239.
    6. John Marangos, 2006. "Was there an optimum model of transition?," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 8(1/2), pages 133-160.
    7. Scarlat, E.I. & Stan, Cristina & Cristescu, C.P., 2007. "Self-similar characteristics of the currency exchange rate in an economy in transition," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 379(1), pages 188-198.
    8. Demetrios Giannaros, 2000. "Did the "shock therapy" approach work in the economic restructuring of Eastern Europe? Some evidence from Poland and Russia: a brief review," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 2(1), pages 53-66.
    9. Rafis Abazov, 1997. "Formation of the non-state sector and privatisation in Kazakhstan and Uzbekistan," Post-Communist Economies, Taylor & Francis Journals, vol. 9(4), pages 431-448.
    10. Christian VonHirschhausen, 1998. "Industrial restructuring in Ukraine seven years after independence: From socialism to a planning economy?," Post-Communist Economies, Taylor & Francis Journals, vol. 10(4), pages 451-465.
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    Citations

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    Cited by:
    1. Paula-Elena Diacon, 2012. "The Economic Transition Of Romania From A Behavioural Economics Perspective," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 296-305, September.
    2. Balázs Heidrich & Mónika-Anetta Alt, 2009. "Godfather Management? The Role of Leaders in Changing Organizational Culture in Transition Economies: A Hungarian-Romanian Comparison," Management, University of Primorska, Faculty of Management Koper, vol. 4(4), pages 309-327.

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