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Slow and Steady Wins the Race? An Appraisal of Ten Years of Economic Transition

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  • Francesco Pastore
  • Alina Verashchagina

Abstract

Historically unprecedented transition from a central planned to a market economy during the last decade took different forms and produced different outcomes across former socialist countries of Central and Eastern Europe and of the Commonwealth of Independent States. The Optimal Speed of Transition (OST) models elaborated over the 1990s to explain the process of transition provide a fruitful frame of mind. However, they leave unanswered important features of the reform process, such as the persistent output fall of some former Soviet Union countries. In fact, the OST literature adheres to the emphasis of the Washington Consensus on neglecting initial conditions across countries and the role of institutions in the well functioning of market economies.

Suggested Citation

  • Francesco Pastore & Alina Verashchagina, 2004. "Slow and Steady Wins the Race? An Appraisal of Ten Years of Economic Transition," Economia politica, Società editrice il Mulino, issue 3, pages 437-458.
  • Handle: RePEc:mul:jb33yl:doi:10.1428/18763:y:2004:i:3:p:437-458
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    Cited by:

    1. Anna Maria Ferragina & Francesco Pastore, 2008. "Mind The Gap: Unemployment In The New Eu Regions," Journal of Economic Surveys, Wiley Blackwell, vol. 22(1), pages 73-113, February.
    2. Yulia Gorbunova & Davide Infante & Janna Smirnova, 2012. "New Evidence on FDI Determinants: An Appraisal Over the Transition Period," Prague Economic Papers, University of Economics, Prague, vol. 2012(2), pages 129-149.
    3. Floro Ernesto Caroleo & Francesco Pastore, 2009. "Le cause del(l') (in)successo lavorativo dei giovani," Economia & lavoro, Carocci editore, issue 3, pages 107-107.

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