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Myanmar's two decades of partial transition to a market economy: a negative legacy for the new government

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  • Koji Kubo

Abstract

Despite more than two decades of transition from a centrally planned to a market-oriented economy, Myanmar's economic transition is still only partly complete. The government's initial strategy for dealing with the swelling deficits of the state economic enterprises (SEEs) was to put them under direct control in order to scrutinise their expenditure. This policy change postponed restructuring and exacerbated the soft budget constraint problem of the SEEs. While the installation of a new government in March 2011 has increased prospects for economic development, sustainable growth still requires full-scale structural reform of the SEEs and institutional infrastructure building. Myanmar can learn from the gradual approaches to economic transition in China and Vietnam, where partial reforms weakened further impetus for reforms.

Suggested Citation

  • Koji Kubo, 2013. "Myanmar's two decades of partial transition to a market economy: a negative legacy for the new government," Post-Communist Economies, Taylor & Francis Journals, vol. 25(3), pages 357-370, September.
  • Handle: RePEc:taf:pocoec:v:25:y:2013:i:3:p:357-370
    DOI: 10.1080/14631377.2013.813141
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    References listed on IDEAS

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    1. World Bank, 2002. "Transition, The First Ten Years : Analysis and Lessons for Eastern Europe and the Former Soviet Union," World Bank Publications, The World Bank, number 14042.
    2. McMillan, John & Naughton, Barry, 1992. "How to Reform a Planned Economy: Lessons from China," Oxford Review of Economic Policy, Oxford University Press, vol. 8(1), pages 130-143, Spring.
    3. Stanley Fischer & Ratna Sahay & Carlos A. Végh, 2002. "Modern Hyper- and High Inflations," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 837-880, September.
    4. Gérard Roland, 2004. "Transition and Economics: Politics, Markets, and Firms," MIT Press Books, The MIT Press, edition 1, volume 1, number 026268148x, January.
    5. Sachs, J.D. & Woo, W.T., 1994. "Structural Factors in the Economic Reforms of China, Eastern Europe and the Former Soviet Union," Papers 94-01, California Davis - Institute of Governmental Affairs.
    6. Sean TURNELL, 2011. "Fundamentals of Myanmar's Macroeconomy: A Political Economy Perspective," Asian Economic Policy Review, Japan Center for Economic Research, vol. 6(1), pages 136-153, June.
    7. Oleh Havrylyshyn, 2001. "Recovery and Growth in Transition: A Decade of Evidence," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-4.
    8. Kubo, Koji, 2010. "Natural Gas Export Revenue, Fiscal Balance and Inflation in Myanmar," IDE Discussion Papers 225, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    9. Masahiro Hori & Yu Ching Wong, 2008. "Efficiency Costs of Myanmar’s Multiple Exchange Rate Regime," IMF Working Papers 08/199, International Monetary Fund.
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    Citations

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    Cited by:

    1. Kubo, Koji, 2014. "Deposit dollarization in Myanmar," IDE Discussion Papers 473, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    2. Kubo, Koji, 2015. "Impacts of foreign exchange auctions on the informal market rate in Myanmar," IDE Discussion Papers 532, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    3. Hendrix, Cullen & Noland, Marcus, 2015. "Myanmar: Cross-Cutting Governance Challenges," ADB Economics Working Paper Series 428, Asian Development Bank.
    4. Kubo, Koji, 2015. "Transition from black to official markets for foreign exchange in Myanmar," IDE Discussion Papers 511, Institute of Developing Economies, Japan External Trade Organization(JETRO).

    More about this item

    JEL classification:

    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform

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