Stabilisation, Adjustment and Growth Prospects in Transitional Economies

Cevdet Denizer

Chapter 7 in Turkey and Central and Eastern European Countries in Transition, 2001, pp 139-166 from Palgrave Macmillan

Abstract: Abstract It is now over a decade since the transition from planned to market economy and from single-party to democratic rule began in Eastern Europe and slightly less in the former Soviet Union. It is widely agreed that this political and economic transition, affecting about one fourth of the world’s population, has been a unique and historic experience.2 In Eastern Europe the political regimes changed in a very short time, ending one-party socialism. Further east, the collapse of the Soviet Union resulted in fourteen newly independent states. Output declines were worse than expected and some countries had lost more than half of their GDP by 1995. During the course of the transition inflation has reached thousands of per cent, especially in the former Soviet countries, sharply lowering wages and hence living standards.

Keywords: International Monetary Fund; Transition Economy; Eastern European Country; Baltic Country; Transitional Economy (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-333-97800-9_7

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DOI: 10.1007/978-0-333-97800-9_7

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