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The Czech Transition: The Importance of Microeconomic Fundamentals

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  • Jan Svejnar
  • Milica Uvalic

Abstract

We examine the case of the Czech Republic, which has been frequently cited as one of the most successful cases of transition economies in Central and Eastern Europe (CEE). Despite the costs related to the break-up of Czechoslovakia in late 1992 and 1993, the immediate consequences were quickly absorbed and the country implemented the most important market-oriented reforms relatively successfully and faster than most other CEE countries. We first identify the initial conditions in the Czech Republic in 1989 and the development strategy adopted at the beginning of the transition.

Suggested Citation

  • Jan Svejnar & Milica Uvalic, 2009. "The Czech Transition: The Importance of Microeconomic Fundamentals," WIDER Working Paper Series RP2009-17, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:rp2009-17
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    File URL: https://www.wider.unu.edu/sites/default/files/RP2009-17.pdf
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    References listed on IDEAS

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    1. de Melo, Martha & Denizer, Cevdet & Gelb, Alan & Tenev, Stoyan, 1997. "Circumstance and choice : the role of initial conditions and policies in transition economies," Policy Research Working Paper Series 1866, The World Bank.
    2. Lubomír Lízal & Jan Svejnar, 2002. "Investment, Credit Rationing, And The Soft Budget Constraint: Evidence From Czech Panel Data," The Review of Economics and Statistics, MIT Press, vol. 84(2), pages 353-370, May.
    3. Sergio Godoy & Joseph E. Stiglitz, 2007. "Growth, Initial Conditions, Law and Speed of Privatization in Transition Countries: 11 Years Later," Studies in Economic Transition, in: Saul Estrin & Grzegorz W. Kolodko & Milica Uvalic (ed.), Transition and Beyond, chapter 4, pages 89-117, Palgrave Macmillan.
    4. Jan Svejnar, 2002. "Transition Economies: Performance and Challenges," Journal of Economic Perspectives, American Economic Association, vol. 16(1), pages 3-28, Winter.
    5. Koldko, Grzegorz W., 1999. "Ten years of post-socialist transition lessons for policy reform," Policy Research Working Paper Series 2095, The World Bank.
    6. Milica Uvalic, 2002. "Privatization Investment Funds in the Czech Republic, Poland, and Slovenia," World Scientific Book Chapters, in: Allan Young & Ivan Teodorovic & Peter Koveos (ed.), Economies In Transition Conception, Status and Prospects, chapter 21, pages 375-403, World Scientific Publishing Co. Pte. Ltd..
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    Cited by:

    1. Giovanni Andrea Cornia & Milica Uvalic, 2012. "Learning from the past: Which of the past/current development strategies are best suited to deal with the ‘quadruple crisis’?," Working Papers 116, United Nations, Department of Economics and Social Affairs.

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