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Slovenia: The End of a Success Story? When a Partial Reform Equilibrium Turns Bad

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  • Igor Guardiancich

Abstract

During the Great Recession, Slovenia recorded one of the worst economic performances within the EU. Such a decline is surprising as the country was the most stable among the post-socialist states. The article individuates the root cause for the downfall in protracted reform gradualism, which resulted in an inefficient privatisation process. This locked the country into a ‘partial reform equilibrium’ where economic elites extracted rents. Following accession to the EU, the unsustainable lending practices of state-owned banks to corporate organisations and the gridlock in policymaking pushed the country into an economic and political ‘bad equilibrium’. Even though the Slovenian export sector proved to be surprisingly resilient, a massive debt overhang and a huge reform backlog are still weighing down on a healthy recovery.

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  • Igor Guardiancich, 2016. "Slovenia: The End of a Success Story? When a Partial Reform Equilibrium Turns Bad," Europe-Asia Studies, Taylor & Francis Journals, vol. 68(2), pages 205-231, February.
    • Handle: RePEc:taf:ceasxx:v:68:y:2016:i:2:p:205-231
    DOI: 10.1080/09668136.2015.1126805
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    Cited by:

    1. Memduh Alper DEMÄ°R, 2021. "External debt sustainability in the transition economies of southeast Europe: an application by wavelet-based unit root tests," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 12, pages 173-190, June.
    2. Grigaliuniene, Zana & Celov, Dmitrij & Hartwell, Christopher A., 2020. "The more the Merrier? The reaction of euro area stock markets to new members," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 66(C).

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