This essay surveys macroeconomic issues that marked the transition from centrally planned to market economy in Central … and Eastern European and former Soviet Union countries. We first establish a set of stylized facts of the transition so … far, namely: (1) output fell, (2) capital shrank, (3) labour moved, (4) trade reoriented, (5) the structure changed, (6 …

Despite strong growth performance in transition economies in the last decade, residents of transition countries report … explanations of this phenomenon. First, we document that the disparity in life satisfaction between residents of transition and non-transition … macroeconomic volatility, and a mismatch of human capital of residents educated before transition which disproportionately affected …

Fundamental changes in institutions during the transition from a centrally planned to a market economy present a … monetary system during the process of transition and develop money demand functions that reflect these institutional changes … mechanisms of macroeconomic control during economic transition, and on theoretical questions in the development and money …

the Soviet trade shock caused by the collapse of the CMEA and of traditional export markets in the Soviet Union. This … shock has three distinct elements: (a) a terms-of-trade deterioration; (b) a market-loss effect; and (c) a removal …-of-import-subsidy effect. Combining these three effects and adding Keynesian multiplier effects, the conclusion is that the Soviet trade shock …

By the end of 1991, Czechoslovakia, Hungary and Poland had achieved a substantial degree of openness to foreign trade …. In all three countries, trade is now demonopolized and licensing and quotas play a very small role. Exchange controls … domestic demand has possibly played an even more important role. Finally, trade liberalization so far appears to have had …