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Central And Eastern Europe: Economic Conditions Ten Years After The Transformation

Author

Listed:
  • Berensmann, Kathrin

    (Institute of German Economy, Cologne)

  • BeyfuB, Jorg

    (Institute of German Economy, Cologne)

Abstract

Ten years after the start of the transition process in Central and Eastern Europe there are still substantial weaknesses. Even though growth rates have recently been high in most countries the output is still below pre-transition levels and the countries still have great difficulties in reducing their fiscal and current account deficits. On the other hand, there has been sizeable, albeit regionally varying success in monetary stabilization, export growth and the inflow of foreign direct investment. Empirical tests show that macroeconomic progress strongly depends on the implementation and success of microeconomic reforms. In this respect, the countries have so far performed quite differently. While the small CIS countries lag behind in terms of privatization, governance and enterprise restructuring, banking reform and liberalization, most EU-candidate countries have been quite successful in implementing microeconomic reforms and, as a consequence, in strengthening their macroeconomic position.

Suggested Citation

  • Berensmann, Kathrin & BeyfuB, Jorg, 2002. "Central And Eastern Europe: Economic Conditions Ten Years After The Transformation," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 49-61, March.
  • Handle: RePEc:rjr:romjef:v::y:2002:i:1:p:49-61
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    References listed on IDEAS

    as
    1. Albu, Lucian Liviu, 2007. "Underground Economy And Fiscal Policies Modeling," Working Papers of Institute for Economic Forecasting 071202, Institute for Economic Forecasting.
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    More about this item

    Keywords

    transition economy; macroeconomic ranking;

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects

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