Democratization, Economic Liberalization, and Transformational Slump: A Cross-Sectional Analysis of Twenty-One Postcommunist Countries

P Dostál
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P Dostál: Department of Human Geography, Faculty of Environmental Sciences, University of Amsterdam, Nieuwe Prinsengracht 130, 1018 VZ Amsterdam, The Netherlands

Environment and Planning C, 1998, vol. 16, issue 3, 281-306

Abstract: In this paper the author provides some empirical evidence to show that those old, new, or restored countries of the former Soviet-dominated bloc which embarked on the early institutional transformation of their political and economic systems in a broad and intensive way experienced more quickly the resumption of economic stability and growth and thus left behind the severe downturn of a transformational slump (that is, economic contraction, hyperinflation, and a highly unbalanced governmental budget). The early postcommunist transformation is examined in terms of a general transformational equation. The author provides a cross-sectional explanation of early differences throughout the twenty-one countries both in the institutional transformation and in the transformational slump. Two complementary LISREL (linear structural equations) models show that a successful early postcommunist transformation means (1) a quick resumption of macroeconomic balance and economic growth resting on (2) genuine democratization and economic liberalization, and (3) higher levels of inherited modernization.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:sae:envirc:v:16:y:1998:i:3:p:281-306

DOI: 10.1068/c160281

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