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The Path of Reform in Central and Eastern Europe: An Introduction

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  • Portes, Richard

Abstract

This paper is the Introduction to a special issue of European Economy on `The Path of Reform in Central and Eastern Europe'. It discusses the sources of the current wave of `Europessimism': exogenous shocks, adjustment costs, sequencing errors, and other policy errors. This analysis may help in assessing the extent to which we are observing a `J-Curve' phenomenon. The paper then considers some key topics in the strategy of reformers: (i) establishing a regime change; (ii) the order, speed and robustness of the chosen sequence of reforms; (iii) the institutional framework and the behaviour of firms; (iv) financial restructuring; (v) nominal and real anchors; (vi) convertibility and exchange rate policy; (vii) trade and debt.

Suggested Citation

  • Portes, Richard, 1991. "The Path of Reform in Central and Eastern Europe: An Introduction," CEPR Discussion Papers 559, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:559
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    Citations

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    Cited by:

    1. Neil Foster-McGregor & Robert Stehrer, 2005. "Modelling GDP in CEECs Using Smooth Transitions," wiiw Working Papers 36, The Vienna Institute for International Economic Studies, wiiw.
    2. Foster, Neil & Stehrer, Robert, 2007. "Modeling transformation in CEECs using smooth transitions," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 57-86, March.
    3. Mathias Dewatripont & Gérard Roland, 1996. "Transition as a process of large-scale institutional change," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(1), pages 1-30, May.

    More about this item

    Keywords

    Eastern Europe; Economic Reforms; Sequencing;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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