Geography, geopolitics, and policy in the performance of transition economies
Jeffrey D. Sachs
The Economics of Transition, 2018, vol. 26, issue 4, 841-849
The economic performance of the transition economies as of 2015 is well explained by three variables: (1) years of membership in the EU; (2) physical distance from the heart of the EU economy, taken to be Dusseldorf; and (3) annual revenues from oil and gas production, reflecting natural resource deposits. These three factors account for around 86 percent of the variation in per capita income across the 28 transition economies, and reflect the interplay of domestic policy, geopolitics, geography and natural resources.
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