The Evolution of Output in Transition Economies: Explaining the Differences

Andrew Berg, Eduardo Borensztein, Ratna Sahay and Jeromin Zettelmeyer

Chapter 6 in The Economics of Transition, 2007, pp 144-212 from Palgrave Macmillan

Abstract: Abstract Following the universal collapse in measured output at the beginning of transition, the experience of the transition countries of Central and Eastern Europe (CEE) and the countries on the territory of the former Soviet Union has been quite varied. While the output paths of most countries are qualitatively similar — an asymmetric U or V-shape, with a sharp initial decline giving way to gradual recovery after a sometimes protracted ‘bottoming out’ phase1 — countries have differed greatly both in terms of the magnitude of the initial decline and the timing and strength of the recovery. In particular, transition countries in the Baltics, Russia and other countries of the former Soviet Union (BRO) have, on average, experienced sharper declines and slower recoveries than transition countries in Central and Eastern Europe, although there are large differences within these groups as well (Figures 6.1 and 6.2; Table 6.1).2

Date: 2007
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DOI: 10.1057/978-1-349-74092-5_6

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