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Transition Economies: Performance and Challenges

Svejnar, Jan

I present data and assess the first twelve years of the transition from plan to market. Transformations have taken place, but the income gap between the transition and advanced economies has widened. Transition countries further east have performed worse than those further west, but policies matter. All countries carried out quickly Type I reforms, such as macroeconomic stabilization, price liberalization, small-scale privatization, and breakup of state-owned enterprises. They differed in Type II reforms, such as large-scale privatization and development of banking and legal systems. Countries that developed a functioning legal framework and corporate governance have performed better than others.

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Also Published In

Title
Journal of Economic Perspectives
DOI
https://doi.org/10.1257/0895330027058

More About This Work

Academic Units
International and Public Affairs
Publisher
American Economic Association
Published Here
January 31, 2014
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