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Institutions Matter in Transition, But so do Policies

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  • International Monetary Fund
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    Abstract

    This paper analyzes the importance of developing market-enhancing institutions for restoring economic growth in transition economies during 1991–98. The paper’s main finding is that the development of an institutional framework has indeed a significant positive impact on growth, but that progress in achieving macroeconomic stabilization and implementing broad-based economic reforms remain the key determinants of growth in transition economies.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=3525
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/70.

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    Length: 26
    Date of creation: 01 Mar 2000
    Date of revision:
    Handle: RePEc:imf:imfwpa:00/70

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    Postal: International Monetary Fund, Washington, DC USA
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    Web page: http://www.imf.org/external/pubind.htm
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    Related research

    Keywords: Economic growth; Transition economies; Stabilization programs; transition countries; equation; economic liberalization; survey; equations; correlation; correlations; explanatory power; liberalization policies; statistical significance; regression analysis; goodness of fit; statistical analysis; causation; predictability; independent variables; price liberalization; principal components analysis; per capita income; outlier; polynomial; surveys; black market premia; correlation analysis; inflation stabilization; political economy; standard deviation; rent-seeking incentives;

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    Cited by:
    1. Staehr, Karsten, 2003. "Reforms and economic growth in transition economies: Complementarity, sequencing and speed," BOFIT Discussion Papers 1/2003, Bank of Finland, Institute for Economies in Transition.
    2. Guido De Blasio & A. Dalmazzo, 2001. "Resources and Incentives to Reform," IMF Working Papers 01/86, International Monetary Fund.
    3. Alex Segura-Ubiergo & Alejandro Simone & Sanjeev Gupta & Qiang Cui, 2010. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," Comparative Economic Studies, Palgrave Macmillan, vol. 52(1), pages 18-37, March.
    4. Kim, Byung-Yeon & Jukka Pirttila, 2003. "The Political Economy of Reforms: Empirical Evidence from Post-Communist Transition in the 1990s," Royal Economic Society Annual Conference 2003 120, Royal Economic Society.
    5. Laura Solanko, 2003. "An empirical note on growth and convergence across Russian regions," Macroeconomics 0308005, EconWPA.
    6. Jan Babetski & Laurence Boone & Mathilde Maurel, 2003. "Exchange Rate Regimes and Supply Shocks Asymmetry: the Case of the Accession Countries," CERGE-EI Working Papers wp206, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
    7. Hans-Jurgen Wagener, 2004. "Good Governance, Welfare, and Transformation," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 1(1), pages 127-143, June.
    8. Crafts, Nicholas & Kaiser, Kai, 2004. "Long-term growth prospects in transition economies: a reappraisal," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 101-118, March.
    9. Kopits, George, 2002. "Central European EU accession and Latin American integration: Mutual lessons in macroeconomic policy design," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 253-277, December.
    10. Grogan, Louise & Moers, Luc, 2001. "Growth empirics with institutional measures for transition countries," Economic Systems, Elsevier, vol. 25(4), pages 323-344, December.
    11. Christoph Walkner, 2004. "Issues in corporate governance," European Economy - Economic Papers 200, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.

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