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Economic Transition Phase II: Private Sector Development

Author

Listed:
  • Stern, Richard E.

    (International Monetary Fund)

Abstract

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.

Suggested Citation

  • Stern, Richard E., 1997. "Economic Transition Phase II: Private Sector Development," East European Series 51, Institute for Advanced Studies.
  • Handle: RePEc:ihs:ihsrop:51
    as

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    File URL: http://www.ihs.ac.at/publications/eco/east/ro-51.pdf
    File Function: First version, 1997
    Download Restriction: no

    References listed on IDEAS

    as
    1. Mark Gertler, 1988. "Financial structure and aggregate economic activity: an overview," Proceedings, Federal Reserve Bank of Cleveland, pages 559-596.
    2. 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.
    3. Dornbusch, Rudiger & Reynoso, Alejandro, 1989. "Financial Factors in Economic Development," American Economic Review, American Economic Association, vol. 79(2), pages 204-209, May.
    4. Mark Gertler & R. Glenn Hubbard & Anil Kashyap, 1991. "Interest Rate Spreads, Credit Constraints, and Investment Fluctuations: An Empirical Investigation," NBER Chapters,in: Financial Markets and Financial Crises, pages 11-32 National Bureau of Economic Research, Inc.
    5. Joseph E. Stiglitz, 1991. "Government, Financial Markets, and Economic Development," NBER Working Papers 3669, National Bureau of Economic Research, Inc.
    6. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Agnes Gössinger & Werner G. Raza, 2011. "Bilaterale Entwicklungsfinanzierung in Europa," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 109, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.

    More about this item

    Keywords

    Economic Development; Economic Growth; Economywide Country Studies;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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