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Economic Transition Phase II: Private Sector Development

  • Stern, Richard E.

    (International Monetary Fund)

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    This paper studies private sector development in transition economies. To address this issue, many economist have focused on the issue of privatization, assuming that privatization is a proxy for private sector development. But as the experience of countries such as Poland has revealed, privatization, though important, is only part of the story. This paper takes a more comprehensive approach and considers the development of the private sector as the nexus of a policy agenda establishing a solid legal and institutional framework and promotes both privatization and the growth of capital markets. Though the analysis focuses on a handful of countries, the main conclusions are applicable to other countries in transition.

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    File Function: First version, 1997
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    Paper provided by Institute for Advanced Studies in its series East European Series with number 51.

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    Length: 28 pages
    Date of creation: Dec 1997
    Date of revision:
    Handle: RePEc:ihs:ihsrop:51
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    1. Mark Gertler & R. Glenn Hubbard & Anil K. Kashyap, 1990. "Interest rate spreads, credit constraints and investment fluctuations: an empirical investigation," Finance and Economics Discussion Series 137, Board of Governors of the Federal Reserve System (U.S.).
    2. Joseph E. Stiglitz, 1991. "Government, Financial Markets, and Economic Development," NBER Working Papers 3669, National Bureau of Economic Research, Inc.
    3. Dornbusch, Rudiger & Reynoso, Alejandro, 1989. "Financial Factors in Economic Development," American Economic Review, American Economic Association, vol. 79(2), pages 204-09, May.
    4. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
    5. Stern, Richard E., 1996. "Policy Analysis of Foreign Direct Investment into the Russian Federation: A Study of the Current State of Affairs and Prospects for the Future," East European Series 34, Institute for Advanced Studies.
    6. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
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