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Macroeconomic policies and achievements in transition economies, 1989-1999

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  • Gomulka, Stanislaw

Abstract

The paper discusses the reasons for the observed variation in the sequencing, speed and content of reform policies, in the 1990s, among 25 post-socialist countries of Central Europe and the Former Soviet Union. It argues that these differences, while considerable in the early 1990s, did not amount to as substantially different reform strategies as it was often claimed and, in any case, have for most countries narrowed down considerably in the second half of the 1990s. The transformational recession is interpreted to have been of the stagflation type, related largely to initial, pre-reform crisis conditions. The paper reviews macroeconomic policies and evaluates the progress which the 25 countries have made in terms of a set of criteria proposed for the purpose of such an evaluation, and it discusses the reasons which distinguish the more successful from the less successful. The potential contribution to growth of the technological convergence (catching-up) factor during the first half of the 21st century is also estimated for key transition economies.

Suggested Citation

  • Gomulka, Stanislaw, 2000. "Macroeconomic policies and achievements in transition economies, 1989-1999," LSE Research Online Documents on Economics 20160, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:20160
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    File URL: http://eprints.lse.ac.uk/20160/
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    Citations

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    Cited by:

    1. Iwasaki, Ichiro & Kumo, Kazuhiro, 2016. "Decline and Growth in Transition Economies: A Meta-Analysis," CEI Working Paper Series 2016-9, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    2. Mencinger Joze, 2001. "Why is Transition in Slovenia Often Considered a Success Story," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 11(1), pages 1-16, March.
    3. Erdinc Telatar & Mubariz Hasanov, 2009. "Purchasing Power Parity in transition economies: evidence from the Commonwealth of Independent States," Post-Communist Economies, Taylor & Francis Journals, vol. 21(2), pages 157-173.
    4. Nagy, András, 2001. "Az intézmények átalakulása és a fejlett gazdaságok utolérése [The transformation of institutions and catching up with the developed economies]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 920-949.

    More about this item

    Keywords

    Transition; sequencing; growth convergence; exchange rate regime; disinflation;
    All these keywords.

    JEL classification:

    • N0 - Economic History - - General

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