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This paper summarizes the macroeconomic performance of the transition economies. We first review the initial conditions confronting these economies, the reform strategy that was proposed, and the associated controversies that arose a decade ago. We then account for the widely different outcomes,...
Persistent link: https://www.econbiz.de/10014399915
In the 1990s and early 2000s, Belize grew faster than its regional peers. By the mid-2000s, however, economic growth had slowed down to the regional average. A vicious circle of low growth and increasing public debt has been clouding Belize's outlook. This paper applies a growth diagnostic...
Persistent link: https://www.econbiz.de/10012001597
This paper analyzes the relationship between fiscal adjustment and real GDP growth in a panel of 26 transition economies during 1992-2001. Unlike most previous studies using cross-country regressions, the paper finds a positive and statistically significant relationship between fiscal adjustment...
Persistent link: https://www.econbiz.de/10014400282
The transitional recession in countries of Eastern Europe and the Former Soviet Union has lasted much longer than expected. The legacy of the past and recent policy mistakes have both contributed to the slow progress. As structural reforms and gradual institution building have taken hold, the...
Persistent link: https://www.econbiz.de/10014399834
This paper makes use of the IMF’s Database for Monitoring Fund Arrangements (MONA) to investigate whether transition countries that more successfully implement the conditionality of IMF programs tend to show a better performance on recovery and growth. It is not possible to determine a...
Persistent link: https://www.econbiz.de/10014399903
Recent studies have highlighted the adverse impact of corruption on economic performance. This paper advances the hypothesis that corruption is largely a symptom of underlying weaknesses in public policies and institutions, a formulation that provides deeper insights into economic performance...
Persistent link: https://www.econbiz.de/10014399961
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...
Persistent link: https://www.econbiz.de/10014400100
external conditions by strengthening their institutional frameworks and adopting a policy mix that protects trade integration …
Persistent link: https://www.econbiz.de/10012102045
We estimate the respective contributions of institutions, geography, and trade in determining cross-country income … levels using recently developed instruments for institutions and trade. Our results indicate that the quality of institutions … has a strong indirect effect through institutions. Similarly, controlling for institutions, trade has a negative, albeit …
Persistent link: https://www.econbiz.de/10014401492
Persistent link: https://www.econbiz.de/10010441729