While Serbia had initiated the establishment of the two-tier banking system earlier than most of the South East European (SEE) countries (in 1965), the banking reform actually began later than these countries (after 1999). The main reasons to account for that were: 1) very adverse initial...

The privatization policies implemented in transition economies were based on the neoclassical principles of economic thought. The neoclassical privatization policies contributed to the well-known results of a large reduction in output, high unemployment and inflation and a breakdown of...

Alternative economic paradigms give rise to alternative models of transition, which give rise to alternative privatization processes for transition economies. This is because each transition model is associated with a unique privatization process compatible with the predetermined assumptions and...

Post Keynesian economic analysis recommended a different reform program for transition economies than the orthodox model in the form of shock therapy implemented and imposed by the Washington consensus. In contrast to the dominant view, Post Keynesians recommended gradual price liberalization,...

Alternative models of transition are associated with alternative institutional development processes. Alternative models of transition are based on different methods of economic analysis, political structures, views of 'what is a good society?' and the speed of implementing the transition...

Recognizing that uncertainty plays an important role in decision making, it necessarily follows that the effects of the current devastating drought have significantly influenced the operations of primary producers and strongly impacted upon agricultural investment in Australia. The lack of water...

The aim of this paper is to develop a comprehensive analysis of the shock therapy model of transition. As such the model requires an analysis of what I define as the primary elements: economic analysis, definition of a good society, speed, political structure, ideological structure and initial...

A radical economic change, such as moving from a centrally administered economy to an economy based on market relations, also requires reform of the institutional structure. The shock-therapy process of transition utilises market incentives to internalise the developmental process of...