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Back to the Future
Investigates the determinants of long-run economic growth in transition economies. Discusses the limitations of available methods for assessing growth prospects in such countries.
Economies in Transition
The Latin American Development Forum promotes debate and disseminates knowledge and analysis on economic and social development issues in Latin America and the Caribbean. The Institutional Sponsors of this series are the World Bank, United Nations Economic Commission for Latin America and the Caribbean (ECLAC), and Inter-American Development Bank (IADB). The transition economies of the Europe and Central Asia Region faced unprecedented political, economic, and social change after me break-up of the Soviet Union. With assistance from the World Bank and other donors, many countries quickly accomplished a number of reforms, but progress in others has been slower. Much has been achieved--"the private share of GDP in the transition countries is nearly 70 percent, and 8 countries have joined the EU--"but much remains to be completed.
Stabilization and Growth in Transition Economies
This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.
Infrastructure Performance and Reform in Developing and Transition Economies
"Estache, Perelman, and Trujillo review about 80 studies on electricity and gas, water and sanitation, and rail and ports (with a footnote on telecommunications) in developing countries. The main policy lesson is that there is a difference in the relevance of ownership for efficiency between utilities and transport in developing countries. In transport, private operators have tended to perform better than public operators. For utilities, ownership often does not matter as much as sometimes argued. Most cross-country studies find no statistically significant difference in efficiency scores between public and private providers. As for the country-specific studies, some do find differences in p...
Welfare States in Transition
This wide-ranging comparative analysis of contemporary and future changes in welfare states looks at the different trajectories of the welfare states of Europe, North America, the Antipodes, and the emerging scenarios in Latin America, East Asia and Central and Eastern Europe. Leading experts on each of these regions examine the current structures of social protection, consider the causes of the current welfare state crisis and highlight evolving trends for welfare policy. Different welfare states are shown to manifest different forms of crisis. Among the symptoms of crisis, Welfare States in Transition suggests that the effect of popluation ageing is exaggerated, and an at least equally fundamental challenge lies in the revolution of the modern family and the changing economic role of women. The contributors are sceptical about the neo-liberal formula for reform, not only because it increases inequality but also because it does not address the growing need for an active social investment policy to ensure against entrapment in poverty or low-paid jobs.
Socialist Economies and the Transition to the Market
First published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.
Transition Economies
A transition economy is an economy which is changing from a planned economy to a free market. Transition economies undergo economic liberalisation (letting market forces set prices and lowering trade barriers), macroeconomic stabilisation where immediate high inflation is brought under control, and restructuring and privatisation in order to create a financial sector and move from public to private ownership of resources. These changes often may lead to increased inequality of incomes and wealth, dramatic inflation and a fall of GDP. Transition process is usually characterised by the changing and creating of institutions, particularly private enterprises; changes in the role of the state, thereby, the creation of fundamentally different governmental institutions and the promotion of private-owned enterprises, markets and independent financial institutions. This new book presents the latest research from around the world in this field.
Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies
Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced...
Inflation and Stabilization in Transition Economies
A simple model is developed to understand inflationary pressures and stabilization in nonmarket economies. In light of the model, the paper reviews the inflation and stabilization experiences of several transition economies in Eastern Europe and the former Soviet Union. These experiences are then compared to those of high inflation market economies. The paper concludes that, despite significant differences in the economic structure and institutional framework, the inflation and stabilization experiences in transition and market economies are similar in many respects. In particular, monetary accommodation and lack of fiscal discipline are critical in sustaining inflation, and exchange rate-based anchors seem more successful than money anchors in bringing down inflation. On the other hand, wage policies appear to be more critical in reigning inflation in transition economies than in market economies.
Services Policies in Transition Economies
"The authors analyze the extent to which the EU-15 and 16 transition economies used the WTO General Agreement on Trade in Services (GATS) to commit to service sector policy reforms. They compare GATS commitments with the evolution of actual policy stances over time. While there is substantial variance across transition economies on both actual policies and GATS commitments, the authors find an inverse relationship between the depth of GATS commitments and the "quality" of actual services policies as assessed by the private sector. In part this can be explained by the fact that the prospect of EU accession makes GATS less relevant as a commitment device for a subset of transition economies. But for many of the non-EU accession candidates, the WTO seems to be a weak commitment device. One explanation is that the small size of the markets concerned generates weak external enforcement incentives. The authors' findings suggest greater collective investment by WTO members in monitoring and the need for transparency to increase the benefits of WTO membership to small countries. "--World Bank web site.
