This paper aims to compare the macroeconomic performance of three European socialist economies (Hungary, Poland, Yugoslavia) with developing and developed countries during the eighties. Using panel data for 87 countries, we measure macroeconomic performance with two frontier efficiency techniques: the stochastic frontier approach, and the time-varying WITHIN model proposed by Cornwell, Schmidt and Sickles (1990). We conclude in favor of the underperformance of socialist countries in relation to developed countries but also to developing countries, which may be explained by the features of the socialist economic system.
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Find related papers by JEL classification: C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
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