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Recovery and Growth in Transition Economies 1990–97; A Stylized Regression Analysis

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  • International Monetary Fund

Abstract

This paper analyzes the determinants of growth in 25 transition economies during 1990–97. The paper’s main finding is that macroeconomic stabilization, structural reform, and reduction of government expenditures are key to achieving sustainable growth. Although the initial effect of reforms on output may be negative, over time the best growth performances are in those countries with the greatest progress in implementing reforms. The analysis also confirms that although adverse initial conditions hurt growth, their effect is small compared to the other factors.

Suggested Citation

  • International Monetary Fund, 1998. "Recovery and Growth in Transition Economies 1990–97; A Stylized Regression Analysis," IMF Working Papers 98/141, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:98/141
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    Cited by:

    1. Leon Podkaminer, 2013. "Development Patterns of Central and East European Countries (in the course of transition and following EU accession)," wiiw Research Reports 388, The Vienna Institute for International Economic Studies, wiiw.
    2. Eicher, Theo S. & Schreiber, Till, 2010. "Structural policies and growth: Time series evidence from a natural experiment," Journal of Development Economics, Elsevier, vol. 91(1), pages 169-179, January.
    3. 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.
    4. Auty, R. M., 2003. "Third time lucky for Algeria? Integrating an industrializing oil-rich country into the global economy," Resources Policy, Elsevier, vol. 29(1-2), pages 37-47.
    5. Vojinović, Borut & Acharya, Sanjaya & Próchniak, Mariusz, 2009. "Convergence Analysis Among the Ten European Transition Economies," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 50(2), pages 17-35, December.
    6. repec:kap:iaecre:v:6:y:2000:i:2:p:127-149 is not listed on IDEAS
    7. Valerie Mercer-Blackman & Anna Unigovskaya, 2004. "Compliance with IMF Program Indicators and Growth in Transition Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(3), pages 55-83, May.
    8. Zhang, Fan, 2013. "The energy transition of the transition economies: An empirical analysis," Energy Economics, Elsevier, vol. 40(C), pages 679-686.
    9. Auty, R. M., 2001. "Transition reform in the mineral-rich Caspian region countries," Resources Policy, Elsevier, vol. 27(1), pages 25-32, March.
    10. Suhrcke, Marc, 2000. "Are reforms from a centrally planned to a market system bad for health?," HWWA Discussion Papers 105, Hamburg Institute of International Economics (HWWA).
    11. Valerie Mercer-Blackman & Anna Unigovskaya, 2004. "Compliance with IMF Program Indicators and Growth in Transition Economies," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 40(3), pages 55-83, May.

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